Report Ocean has released a market research report on the Microgrid industry, covering 150+ countries and analyzing over 1,00000 published and forthcoming reports per year. The report, prepared by subject matter experts, researchers, and market research professionals, utilizes various methodologies and analytical approaches, including S.W.O.T. and P.E.S.T.E.L. analysis and regression analysis, to forecast market growth. It also examines the industry’s regulations and policies and potential future advancements.
The global microgrid market size was US$ 18.2 billion in 2021. The global microgrid market size is forecast to reach US$ 62.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 15% during the forecast period from 2022 to 2030.
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The microgrid is a self-sustaining, localized energy network that can provide energy to a hospital complex, a college campus, and a business center. It can function autonomously without relying on a centralized grid. It can also function when connected to the main grid, and even when not connected to the main grid, the microgrid acts as an island. It reduces harmful emissions, increases efficiency, and predicts long-term energy costs through the optimal utilization of renewable resources.
Factors Influencing Market Growth
- Increasing demand for reliable and secure power supply in commercial and industrial sectors around the globe, coupled with government initiatives that reduce carbon emissions, is forecast to drive growth for the microgrid market.
- The rapid uptake of software across various end-user segments, including residential, commercial, industrial, government, and healthcare, for managing and controlling distributed energy resources with integrated weather forecasts will support the market during the forecast period.
- The growth of smart cities, increasing consumer demand, and the adoption of ruggedized computers are forecast to drive the growth of the global market in the future.
- The high production costs of rugged devices may slow down the market’s growth.
- With the rise of military and aerospace industries requiring hard and reliable electrical equipment, the microgrid market is forecast to see lucrative growth opportunities.
Impact Analysis of COVID-19
During the COVID-19 pandemic, manufacturing and industrial sectors suffered, as manufacturing and industrial facilities have slowed down, contributing to a decline in significant demand in various industries. COVID-19 has slowed the growth of the microgrid market in 2020. In many countries across the globe, partial or complete lockdowns have contributed to the stagnation of market growth. Various industries were temporarily shut down, which reduced their maintenance requirements.
Regional Insights
The Asia Pacific is forecast to grow at the fastest rate in the microgrid market during the forecast period. Several economies in APAC, such as India, Malaysia, and the Philippines, have experienced high rates of rural electrification, which has led to the growth of the market. Several unconnected islands in Indonesia and the Philippines, along with the lack of proper electrical infrastructure in emerging economies, led to the need for cost-effective microgrids in the region.
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Leading Competitors
The leading prominent companies profiled in the global microgrid market are:
- ABB, Limited
- General Electric
- Siemens
- Eaton Corporation
- Honeywell
- Schneider Electric
- S&C Electric
- Spirae Incorporated
- Exelon Corporation
- Pareto Energy
- Other Prominent Players
Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
Scope of the Report
The global microgrid market segmentation focuses on Connectivity, Type, End-User, and Region.
Segmentation based on Connectivity
- Grid Connected
- Off-grid Connected
Segmentation based on Type
- AC Microgrids
- DC Microgrids
- Hybrid
Segmentation based on End-User
- Commercial & Industrial
- Government
- Healthcare
- Remote
- Others (Utilities, Remote, Military Institutes & Campuses)
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
What our reviews offer:
- Market share assessments for the regional and country-level segments
- Strategic hints for the new entrants
- Covers market facts for 2023, until 2031
- Market tendencies (drivers, opportunities, threats, challenges, funding opportunities, and recommendations)
- Strategic pointers in key enterprise segments based totally on the market estimations
- Competitive landscaping mapping the key frequent trends
- Company profiling with specified strategies, financials, and current developments
- Supply chain tendencies mapping the modern day technological advancements
Microgrid Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Microgrid Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Microgrid Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Microgrid Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Microgrid Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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