Global Microgrid Market, By Grid Type (AC Microgrid, DC Microgrid, and Hybrid), Connectivity (Grid Connected and Remote/Island), Offering (Hardware, Software and Services), Vertical (Healthcare, Educational Institutions, Industrial, Military and Electric Utility), Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar, Fuel Cells, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights of Microgrid Market
Growing focus on the technological advancements by the major manufacturers, rising up gradation of existing infrastructure with advanced systems, rising demand for stable and safe global power supply are the major factors attributable to the growth of microgrid market. Data Bridge Market Research analyses that the microgrid market will exhibit a CAGR of 12.06% for the forecast period of 2021-2028. Therefore, the microgrid market value would rocket up to USD 176.54 billion by 2028.
Microgrids are a managed network of linked charges and a combination of technologies such as electricity generation, transmission and distribution. A microgrid is a localized group of electricity sources and sinks which can also operate through off-grid and remote areas in disconnected mode. A microgrid is an independent energy system can connect and disconnect from the grid to enable it to operate in both grid-connected or island-mode.
Rising globalization and growth in the demand for secure and reliable power supply will emerge as the major market growth driving factor. Growing awareness about the advantages of clean energy storage, surging focus of the government on reducing the carbon footprint, increasing instances of cyber-attacks on electricity infrastructures and widespread industrialization will further aggravate the market value. Growing expenditure to undertake research and development proficiencies and extension of APAC countries' clean energy capacities serves as a catalyst will further carve the way for the growth of the market.
However, dearth of knowledge and technological expertise will act as a growth restraint for the market. Technological challenges faced during service of island style microgrids and high installation and maintenance costs will further dampen the growth rate of the market. Large scale technological limitations in the underdeveloped economies and lack of knowledge about procedures to secure license right for connecting multisite microgrids will further challenge the market growth rate.
This microgrid market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on microgrid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Microgrid Market Scope and Market Size
The microgrid market is segmented on the basis of grid type, connectivity, offering, vertical and power source. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- Based on grid type, the microgrid market is segmented into AC microgrid, DC microgrid and hybrid.
- Based on connectivity, the microgrid market is segmented into grid connected and remote/island.
- Based on offering, the microgrid market is segmented into hardware, software and services.
- Based on vertical, the microgrid market is segmented into healthcare, educational institutions, industrial, military and electric utility.
- Based on power source, the microgrid market is segmented into natural gas, combined heat and power, diesel, solar, fuel cells and others.
Microgrid Market Country Level Analysis
The microgrid market is segmented on the basis of grid type, connectivity, offering, vertical and power source.
The countries covered in the microgrid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America region dominates the microgrid market and will continue to flourish its trend of dominance during the forecast period. This is because of the increasing expenditure for research and development proficiencies in this region and early adoption of microgrid solutions in North America. Asia-Pacific region is projected to undergo substantial during the forecast period and will score the highest CAGR owing to the rising favourable norms and incentives from various governments to improve the renewable energy blend, rise in the use of stand-alone sources of energy and abundant availability of raw materials.
The country section of the microgrid market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Microgrid Market Share Analysis
The microgrid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to microgrid market.
Some of the major players operating in the microgrid market are ABB, GENERAL ELECTRIC COMPANY, Siemens, Eaton., Schneider Electric, Honeywell International Inc., HOMER Energy LLC, S&C Electric Company, Power Analytics Corporation, Exelon Corporation, Lockheed Martin Corporation, TOSHIBA CORPORATION, ZBB Energy Corporation, Consert Inc., Landis+Gyr, Viridity Energy, Inc., Chevron Corporation., Microgrid Energy, Microgrid Labs, OMRON Corporation, Texas Instruments Incorporated and Cognex Corporation among others.
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