The global microgrid market size is projected to reach USD 47.4 billion by 2025 from USD 28.6 billion in 2020, at a CAGR of 10.6%
NEW YORK, Feb. 28, 2020 /PRNewswire/ --
Microgrid market to grow at CAGR of 10.6% from 2020 to 2025
The global microgrid market size is projected to reach USD 47.4 billion by 2025 from USD 28.6 billion in 2020, at a CAGR of 10.6%. Major drivers for the market's growth are rising demand for clean energy, increasing instances of cyberattacks on the energy infrastructures, growing requirement for reliable and secure global power supply, and rising global deployment of microgrids for rural electrification.
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Further, the expansion of renewable energy capacity of countries of APAC and government initiatives to encourage the development of microgrids are the opportunities for microgrid developers.The major restraint for the market is high installation costs.
Technical issues faced during the operation of island mode microgrids and lack of regulatory frameworks related to operations of microgrids pose a significant challenge to this market.
Grid-connected connectivity to hold the largest share of the microgrid industry during the forecast period
The grid-connected segment accounted for a larger share of the microgrid market in 2019. The growth of this segment can be attributed to the expansion of utility-based grid networks, coupled with the large-scale use of renewable sources of energy such as offshore wind.
Grid-connected microgrids offer grid resiliency & improved quality power and have a low impact on the environment. They comprise multiple generators, distribution systems, and sophisticated controls and rely on main power grids for power balance and energy backup.
Among all end-use, remote to hold the largest share of the microgrid market from 2020 to 2025
The growth of this segment of the market can be attributed to the increased adoption of microgrids in remote areas.According to the International Energy Association, approximately 1 billion people in remote areas around the world lack access to electricity owing to the high costs of fossil fuels used for electricity generation and uncertainty in terms of their availability and issues related to their transportation.
Governments of different countries are increasingly investing in the development of electricity infrastructures to provide low-cost and clean electricity.This results in increased demand for microgrids in remote areas.
Microgrids are established in remote areas to generate power, as well as to manage and control distributed energy resources.
Americas to hold the largest share of the global microgrid market during the forecast period
The Americas accounted for the largest share of the microgrid industry in 2019.GE, Honeywell, S&C Electric, and Power Analytics are a few key players based in the Americas that mainly contributed to the growth of the microgrid market in the region.
The microgrid industry in the Americas has been studied for North America and South America. The Americas is considered as one of the technologically-advanced regions for microgrids owing to the presence of a large number of developers of microgrids, along with several initiatives such as Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program undertaken by governments of different countries of the region to promote adoption of microgrids.
Breakdown of primary participants' profile:
• By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
• By Designation: C-Level Executives = 35%, Directors = 30%, and Others = 35%
• By Region: Americas = 40%, Europe = 25%, APAC = 20%, and RoW = 15%
ABB (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Eaton Corporation Inc. (Eaton, Ireland), Schneider Electric SE (Schneider Electric, France), Honeywell International Inc. (Honeywell, US), HOMER Energy LLC (Homer Energy, US), S&C Electric Company (S&C Electric, US), Power Analytics Corporation (Power Analytics, US), and Exelon Corporation (Exelon, US) are a few major players in the microgrid market.
Research Coverage:
Connectivity, offering, pattern, grid type, end-use, and geography are the segments covered in this report. The report gives a detailed view of the market across four main regions: the Americas, Europe, APAC, and RoW.
Reasons to Buy the Report:
• This report includes statistics pertaining to the microgrid market in terms of Connectivity, offering, pattern, grid type, end-use, and geography, along with their respective market sizes.
• Major drivers, restraints, opportunities, and challenges for the microgrid market have been provided in detail in this report.
• The report includes illustrative segmentation, analysis, and forecast for the microgrid market based on its segments and subsegments.
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