A microgrid is an energy grid system used to control power capability especially during the energy crisis like storms, and power outages. It connects to the grid which maintains voltage at the same level as the main grid. It provides power backup for emergency cases, reduces power generating cost, and connects to local resource when required unless traditional grid system.
The growing demand of Microgrid Market system by military & defense sector, and other industrial sectors, increasing requirement of secured and reasonable power generating & supplies, and rising adoption of green technology by end-user industries as well as consumers are included in some of the driving factors of microgrid market.
According to Market Research Future Analysis, The Global Microgrid market is estimated to reach USD 30 billion by 2022 growing with approximately 10% CAGR during forecast period 2016-2022.
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Key Players for Microgrid Market:
Market Research Future (MRFR) recognizes the following companies as the key players in the global Microgrid market include Lockheed Martin Corporation (U.S.), ABB, Ltd. (U.S.), Anbaric (U.S.), S&C Electric Company (U.S.), Homer Energy LLC (U.S.), Microgrid Energy LLC (U.S.), Power Analytics Corporation (U.S.), Siemens AG (Germany), Eaton Corporation PLC (Ireland), General Electric Company (U.S.) and others.
Regional Analysis of Microgrid Market:
North America is expected to dominate the Microgrid market during the forecast period 2016-2022. U.S. among all other countries in North America holds the largest market share for microgrid products due to its increasing microgrid capacity among other regional economies. Also, the growing industrialization & requirement of effective electrification in the region is fuelling North America dominance in the microgrid market. In Europe, with growing investment by government & key players to improve energy security and reliability is increasing the growth for microgrid market in the region. Furthermore, Asia-Pacific is expected to be the fastest growing Microgrid market during the forecast period 2016-2022 due to rising government initiatives for creating awareness about renewable energy sources and high demand of microgrid machines in military & defense sector.
Segments for Microgrid Market:
Global Microgrid Market can be segmented as follows:
Segmentation by Types: off-grid, smart grid, hybrid grid, and others.
Segmentation by End-Users: Healthcare, education, industrial, military & defense, electric utility and others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
“Among the wide application in end-user sectors, military & defense is expected to occupy largest market share due to its high demand in the sector to produce low cost and reliable green energy. Especially the U.S. based army is showing interest in adopting this smart grid technology as this would reduce the energy issue occurred because of the frequent climate change over there. However, high installation cost, and economic constraints is expected to hinder the growth of microgrid market in the forecast period 2016-2022”
According to the report, geographically, North America is expected to boost the market growth of microgrid products and software system in the forecast period 2016-2022. Rising concern about environment safety and actively implementing government environment protection policies into industrial manufacturing and operational process especially by countries namely U.S. and Canada among others has projected to increase the market share of North America in microgrid market in near future. Also, the growing demand of microgrid system in military & defense to reduce their power cost, and to reduce carbon pollution in the environment. Europe, on the other hand, has considered to support North America in generating high revenue for Microgrid market as the region generates around two-third of power by using renewable energy storage systems which derives probability of large number of installation of microgrid system in the region in near future. Also, Asia-Pacific is expected to be the fastest growing region in microgrid market due to growing investment by major market players namely ABB Ltd., Siemens AG, and General Electric because of huge investment by regional government to initiate rural electrification projects in the region.
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- Raw material providers
- Microgrid system manufacturers
- Energy storage providers
- Hardware providers
- Research & consultancy
- Government & utilities
- End-user sectors
- Technology investors
Table of Content
1. Executive Summary
2. Research Methodology
2.1. Scope of the Study
2.1.2. Research Objective
2.2. Research Process
2.2.1. Primary Research
2.2.2. Secondary Research
2.3. Market Size Estimation
2.4. Forecast Model
List of Tables
Table 1 Global Microgrid Market, By Type
Table 2 Global Microgrid Market, By End-User
Table 3 Global Microgrid Market, By Regions
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