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Microgrid Market - Opportunity & Forecast, 2027

Global Microgrid Market Size and Analysis By Type, By Component, By End User, By Consumption Pattern, By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027

Market Overview

The global microgrid market is expected to reach over US$ 40 Bn by 2027 at a CAGR of 10% between 2019 and 2027.

The microgrid is an interconnected grid with control capability which can be disconnected from the traditional grid and can operate autonomously. It is a distribution system with distributed energy sources such as photovoltaics, microturbines, and fuel cells. The benefits of using Microgrid are minimization of overall energy consumption, improved energy efficiency, improvement of reliability of supply, low environmental impact, network operational benefits such as loss reduction, voltage control, congestion relief, and cost-efficient electricity infrastructure.

With the advancement in technology, the role of Microgrids is expanding. It is a promising solution for combatting climate change. As the Microgrid can be used in solar panels, wind farms its importance in clean energy production is evident. Technologies like the Internet of things enable automated energy management that can support multiple components. Microgrids with such technologies optimize price and increase the reliability thereby making it a sound investment. Microgrids have the potential to create sufficient electricity independently. For example, Ships installed with microgrids can generate a lot of energy and can be used for the coastal cities.

However, high-cost installation and maintenance are hindering the market from growth. As the microgrids consist of multiple combinations of energy storage, it has a high proliferation of distributed energy resources requires complex energy controls. There is still preferred over the conventional methods as most of the microgrids are diesel based. However, government policies and environmental benefits will drive the market to grow in the coming years.

Market segmentation

The Global grid market can be segmented based on type, end-users, component, and region.

By type, the global grid market can be divided into Grid-connected, Remote or off the grid. The remote grids market is growing significantly due to the increasing demand for decentralized power grids in the Islands.

By end-user, the global grid market can be categorized into Government utilities, Industrial, Healthcare and others. Government utility has the largest market share.

By component, the global grid market can be divided into Hardware and software. The software segment is likely to grow highest in the forecasted period of 2020-27.

 By consumption pattern, the global grid market can be divided into Urban, Semi-urban and rural.

By Region, the global grid market can be divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.      

Regional analysis

The regionally North American microgrid market is currently dominating the world. The early adoption of technology and increasing consumer acceptance of microgrids are the reasons for the growth.

In the USA, Over 2000 microgrids are installed and operating. The US microgrid market is growing as there is an increasing demand for decentralized microgrids. Microgrids are trending particularly in disaster-prone regions in the United States of America. The hurricane affected regions in the US have realized that Microgrids are an effective solution for their energy needs in crisis time. The consumer acceptance and low cost of electricity are the major drivers of growth in this region.

Asian- Pacific Microgrid market is expected to grow highest in the forecasted period of 2020-2027.  Increasing investments in India, Singapore, China will propel the growth of the microgrid market in the coming years. CleanGrid partners, a Singaporean consortium plans to invest over $60 million in microgrid as part of the Southeast Asia electrification plan. The Electrification plan developed by the Indian Government to focuses on the use of microgrid solutions to achieve power surplus. Southasian country Myanmar has successfully powered its villages through microgrids. More than 40% of the villages in Myanmar have a decentralized energy system.       

Rapid urbanization, Industrialisation and the rising need for electricity are the key factors of growth in this region. Participation from the private sector in terms of mobilizing investments can greatly induce the market in the right way.

Competitor analysis

The major players in the Microgrid market are ABB, Eaton, Exelon Corporation, S&C Electric, Honeywell, Homer Energy and Power Analytics, General Electric, Schneider Electric, Siemens.

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USD $ 4,500.00
Microgrid Market - Opportunity & Forecast, 2027
Report Snapshots

Global Microgrid Market Size and Analysis By Type, By Component, By End User, By Consumption Pattern, By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027

Market Overview

The global microgrid market is expected to reach over US$ 40 Bn by 2027 at a CAGR of 10% between 2019 and 2027.

The microgrid is an interconnected grid with control capability which can be disconnected from the traditional grid and can operate autonomously. It is a distribution system with distributed energy sources such as photovoltaics, microturbines, and fuel cells. The benefits of using Microgrid are minimization of overall energy consumption, improved energy efficiency, improvement of reliability of supply, low environmental impact, network operational benefits such as loss reduction, voltage control, congestion relief, and cost-efficient electricity infrastructure.

With the advancement in technology, the role of Microgrids is expanding. It is a promising solution for combatting climate change. As the Microgrid can be used in solar panels, wind farms its importance in clean energy production is evident. Technologies like the Internet of things enable automated energy management that can support multiple components. Microgrids with such technologies optimize price and increase the reliability thereby making it a sound investment. Microgrids have the potential to create sufficient electricity independently. For example, Ships installed with microgrids can generate a lot of energy and can be used for the coastal cities.

However, high-cost installation and maintenance are hindering the market from growth. As the microgrids consist of multiple combinations of energy storage, it has a high proliferation of distributed energy resources requires complex energy controls. There is still preferred over the conventional methods as most of the microgrids are diesel based. However, government policies and environmental benefits will drive the market to grow in the coming years.

Market segmentation

The Global grid market can be segmented based on type, end-users, component, and region.

By type, the global grid market can be divided into Grid-connected, Remote or off the grid. The remote grids market is growing significantly due to the increasing demand for decentralized power grids in the Islands.

By end-user, the global grid market can be categorized into Government utilities, Industrial, Healthcare and others. Government utility has the largest market share.

By component, the global grid market can be divided into Hardware and software. The software segment is likely to grow highest in the forecasted period of 2020-27.

 By consumption pattern, the global grid market can be divided into Urban, Semi-urban and rural.

By Region, the global grid market can be divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.      

Regional analysis

The regionally North American microgrid market is currently dominating the world. The early adoption of technology and increasing consumer acceptance of microgrids are the reasons for the growth.

In the USA, Over 2000 microgrids are installed and operating. The US microgrid market is growing as there is an increasing demand for decentralized microgrids. Microgrids are trending particularly in disaster-prone regions in the United States of America. The hurricane affected regions in the US have realized that Microgrids are an effective solution for their energy needs in crisis time. The consumer acceptance and low cost of electricity are the major drivers of growth in this region.

Asian- Pacific Microgrid market is expected to grow highest in the forecasted period of 2020-2027.  Increasing investments in India, Singapore, China will propel the growth of the microgrid market in the coming years. CleanGrid partners, a Singaporean consortium plans to invest over $60 million in microgrid as part of the Southeast Asia electrification plan. The Electrification plan developed by the Indian Government to focuses on the use of microgrid solutions to achieve power surplus. Southasian country Myanmar has successfully powered its villages through microgrids. More than 40% of the villages in Myanmar have a decentralized energy system.       

Rapid urbanization, Industrialisation and the rising need for electricity are the key factors of growth in this region. Participation from the private sector in terms of mobilizing investments can greatly induce the market in the right way.

Competitor analysis

The major players in the Microgrid market are ABB, Eaton, Exelon Corporation, S&C Electric, Honeywell, Homer Energy and Power Analytics, General Electric, Schneider Electric, Siemens.

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