Global Micro Grids Market to Reach $46.5 Billion by 2026

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Micro Grids - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
What's New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to our digital archives and MarketGlass Research Platform
• Complimentary updates for one year

Edition: 7; Released: February 2022
Executive Pool: 22231
Companies: 55 - Players covered include ABB Ltd; AMS; Caterpillar; Eaton Corporation Inc.; GE Grid Solutions; General Microgrids; Heila Technologies; Hitachi ABB Power Grids; HOMER Energy LLC; Honeywell International Inc.; Lockheed Martin Corporation; Power Analytics Corporation; S&C Electric Company; Schneider Electric SE; Siemens AG; Spirae, LLC; Tesla, Inc.; Toshiba Corporation and Others.
Coverage: All major geographies and key segments
Segments: Connectivity (Grid Connected, Off-Grid Connected); End-Use (Remote, Commercial & Industrial, Government, Educational Institutes, Military, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Middle East; Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Micro Grids Market to Reach $46.5 Billion by 2026
Microgrid refers to a local energy grid featuring control capability, enabling the microgrid to disconnect from the conventional grid and operate independently. Being a self-reliant energy system, a microgrid while continuing to operate by remaining connected to the main grid, and break off and start functioning independently whenever a power crisis occurs. With traditional utilities stretched to the breaking point due to rapid population growth, urbanization and demands of the digital age, microgrids are the future of smart and distributed energy generation and distribution. Growing complexity of ICT infrastructures and widespread deployment of high density computing infrastructures have reduced the tolerance of business processes and systems to power outages. With the potential risk of power failures being IT system breakdown, loss of critical data, inability to provide customer services and business losses, among others, demand for sophisticated power distribution solutions will remain strong thus benefiting the adoption of microgrids. There is increased establishment of microgrids in areas rich in green sources of power such as photovoltaic (PV) and wind power. Independent microgrids are also growing in popularity because unlike grid connected systems there are no complex government permits and cooperation with utilities required.

Amid the COVID-19 crisis, the global market for Micro Grids estimated at US$32.1 Billion in the year 2022, is projected to reach a revised size of US$46.5 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Grid Connected, one of the segments analyzed in the report, is projected to grow at a 10.2% CAGR to reach US$35.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Off-Grid Connected segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 33.2% share of the global Micro Grids market. As investments in renewable energy rises, the demand for both grid connected and off-grid connected segments are expected to witness strong demand.

The U.S. Market is Estimated at $7.1 Billion in 2022, While China is Forecast to Reach $12.1 Billion by 2026
The Micro Grids market in the U.S. is estimated at US$7.1 Billion in the year 2022. The country currently accounts for a 22.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$12.1 Billion in the year 2026 trailing a CAGR of 10.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 7.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.8% CAGR while Rest of European market (as defined in the study) will reach US$13.2 Billion by the end of the analysis period. Frequent power outages have become an unfortunate norm globally. While the phenomenon is more rampant across developing economies, developed regions are not alien to power outages, with the US experiencing more outages in comparison to other developed nations. The rise in microgrids established with the purpose of ensuring grid independence and leveling out power inconsistencies will therefore drive demand for microgrids. Renewable microgrids are especially important for developing countries like India with vast geographic lands and poor electrification in rural areas. Solar microgrids are especially on the rise in developing countries where a large of portion of the population has no access to a power grid.

Moving Towards Low-Carbon Future with Microgrids
Utilities are required to implement next-generation solutions to manage energy issues and reduce carbon emissions. The strategy encompasses efforts to increase the share of renewables in the energy mix, adoption of microgrids, change in energy consumption behavior and deployment of smart meters to ensure high visibility into energy consumption. Utilities are increasingly investing in digitalization to push energy efficiency and integration of various renewable energy resources by exploiting microgrids and smart power grids. In addition, energy consumers are making efforts to reduce carbon footprint by changing consumption behavior and generating their own energy. These endeavors point towards a promising future for the microgrid technology.

Microgrids are garnering considerable attention over the last several years owing to aggressive and ambitious programs launched by governments and organizations to reduce carbon emissions to mitigate climate change. With continuously declining costs and solutions to address various integration challenges, distributed microgrids along with renewable energy has emerged as a viable option to decentralize the power grid. Distributed generation and microgrids are also gaining from ongoing concerns associated with grid operations. In addition, the drive towards carbon neutrality is prompting governments, municipalities, organizations and institutions to rely on emerging solutions, including microgrids, for reducing carbon emissions. In the recent years, an increasing number of countries and states have announced programs to achieve net-zero carbon emissions by the year 2050.

Microgrids intended to use renewables, optimized designs, advanced controls, and energy storage options are perfect fit for the situation marked by increasing commitments to reduce carbon emissions and ensure energy security. Microgrids with renewable energy generation sources present a highly viable option to cut carbon emissions. A microgrid with mixed assets such as renewable energy holds significant relevance and positive impact on carbon reduction endeavors. The implementation of industrial-use microgrid supported by renewable capacity can result in marked reduction in greenhouse gas emissions. The replacement of standard microgrids with renewables-powered microgrids holds significant potential to reduce carbon emission and help industries in contribution to sustainability efforts. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel 
https://www.strategyr.com/Panelist.asp 

Connect With Us on LinkedIn 
https://www.linkedin.com/company/global-industry-analysts-inc./ 

Follow Us on Twitter 
https://twitter.com/marketbytes 

Journalists & Media 
[email protected]

SOURCE Global Industry Analysts, Inc.