As per the latest study conducted by Market Research Future (MRFR), the global microgrid market is likely to increase from USD 18.74 Bn in 2017 to more than USD 33 Bn by 2023, reflecting a double-digit CAGR. There is a shift from centralized energy systems to more dynamic power distribution system such as microgrid, which is a typical decentralized power generation model. This is partly due to the continuous evolution of industries, which is necessitated development of power solution that are future-ready. Microgrid Market systems is highly advanced and has is preferred solution for overcoming energy consumption issues faced by industries. Moreover, they are environmental viable and reduce energy wastage and thereby likely to draw substantial commercial interest in the years to come.
The need for secure and reliable power supply has increased significantly in recent years. Electrification of localities being a symbol of development, remains a major agenda in several emerging economies. Power consumption has continued to grow in recent years, due to rapid urbanization and industrialization in fast-developing countries such as China, Brazil, India and Mexico. As the world population becomes larger, power consumption is also expected to increase. The aforementioned factors are likely to make a positive influence on the global microgrid market.
Emergence of Internet of Thinks and development of larger connected ecosystems has increased the reliance on uninterrupted power supply, which is aptly supported by microgrid. Many of the modern enterprise are shifting to microgrids to support operations. In order to create a sustainable power supply system, large-scale sector such as healthcare, defence and automotive are converging there IoT ecosystems with microgrids.
Globally the market for Microgrid Market is expected to grow at the rate of more than 10% from 2018 to 2022
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The traditional modes of power generation are falling short of required capacity, as demand is growing at an overwhelming rate whereas a shy increase is noticed in generation capacity. At the same time, cost of power generation has also increased substantially hence there is greater need for alternative option. In advanced countries, the adoption of microgrid is relatively faster as compare to developing countries. Lack of awareness and poor infrastructure are two of the major reasons behind the sluggish expansion of microgrid in the developing countries. However, market opportunities are expected to increase in Asia Pacific (APAC) and the Middle East & Africa (MEA) as many of the countries in these regions are witnessing tremendous urbanization and investments towards bolstering the power generation capacity.
The study covers the market across Europe, Asia Pacific, North America, Latin America, and the Middle East. The market in North America is expected to remain highly attractive over the next several years. Local policymakers in the region are focusing towards development of sustainable power generation models, which is paving the way for the market. Also, US and Canada are early adopters of microgrid, which makes them important investment destinations for players. The microgrid market is projected to exhibit a healthy growth in North America over 2023. Europe also holds a key position in the global microgrid market. EUs efforts to promote adoption of clean technology and use of eco-friendly solutions of generating power is likely to drive the installation of microgrids across the region.
Global Microgrid Market: Competitive Landscape
Leading companies profiled in the report include Eaton PLC (US), Siemens AG (Germany), S&C Electric Company (US), Exelon Corporation (US), Honeywell International Inc. (US), General Electric Company (US), Power Analytics Corporation (US), Microgrid Energy LLC (US), ABB Ltd (Switzerland), Schneider Electric (France), Tesla Inc. (US), General MicroGrids Inc. (US)¸ Powerhive Inc. (US), Go Electric (US), Anbaric Development Partners (US), Dajie (China), Spirae Inc (US), Advanced Microgrid Solutions (US), Gram Power (India) and Pareto Energy Ltd (US).
Microgrid – Segmentation
By component, the market is segmented into hardware, software, and services. Hardware is further segmented into switchgear, relays, transformers, inverters, uninterrupted power supply (UPS), and others. Services is further segmented into design and implementation service, monitoring & control services, and operations & maintenance services
By type, the market is segmented into off-grid, smart grid, hybrid grid, and others.
By consumption, the market is segmented into urban, semi-urban, rural, and others
By end-user, the market is segmented into healthcare, education, industrial, military & defence, electric utility, and others
Microgrid – Regional Analysis
The regional analysis of global microgrid market is being studied for region such as Asia–Pacific, North America, Europe and rest of the world. North America dominates the global microgrid market during the forecast period. US among other countries in North America hold the largest market share for microgrid product due expanding microgrid limit among other provincial economies. Additionally, the developing industrialization and necessity of viable jolt in the area is fuelling North America predominance in the microgrid market. In Europe, with increasing investment by government & key companies to improve energy security and reliability is one of the factor for the growth for microgrid market in the region. Similarly, Asia-pacific is the fastest growing region due to presence of economies such as China, Japan, India, South Korea and others. The Asia-Pacific region is growing due to growing government initiatives for creating awareness about renewable energy sources among the consumers and high demand of microgrid machines in military & defense sector is fuelling the market.
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- Raw material providers
- Microgrid system manufacturers
- Energy storage providers
- Hardware providers
- Research & consultancy
- Government & utilities
- End-user sectors
- Technology investors
Get More Details @ https://www.marketwatch.com/press-release/microgrid-market-2019-global-trends-sales-revenue-emerging-technologies-regional-trends-opportunity-assessment-and-comprehensive-research-study-till-2023-2019-01-29
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