India, Pune, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global microgrid market was valued USD 7.76 billion in 2021. The global market size is expected to grow from USD 8.74 billion in 2022 and reach USD 23.49 billion by 2029, exhibiting a CAGR of 15.2% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, "Microgrid Market, 2022-2029."
According to our analysts, the factors such as rising applications of microgrids in several industries such as healthcare and military bolstered product to boost the growth of market during forecast period.
Key Industry Development:
May 2022: Tangent Energy Solutions was purchased by Caterpillar to deliver distributed energy resources that manage, monitor, and monetize onsite energy assets, including renewable energy generation, storage, and natural gas.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2029 CAGR | 15.2% |
| 2029 Value Projection | USD 23.49 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 8.74 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 266 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Rising Product Applications in Several Industries to Fuel Market Development |
| Low Electrification Rate of Grid Connectivity Drives 50 MW Segment |
Drivers and Restraints
Rising Product Applications in Several Industries to Fuel Market Development
The rising applications of microgrids in several industries, such as healthcare and military, has propelled the global microgrid market growth. Furthermore, the rising demand for green sources of energy in combating pollution levels worldwide and its capability of providing ultimate power back up in military services have bolstered the product demand. Meanwhile, the high cost associated in converting microgrids to hybrid system could impede the market growth.
COVID-19 Impact-
Lack of Skilled Professionals to Operate the Technology Impede Market Growth
A vivid impact of COVID-19 was observed on the global market during the pandemic. Due to lack of skilled professionals to operate the technology, halt in industrial units, and disruptions in the supply chain, various crucial raw materials used in manufacturing microgrids were on hold, affecting the product demand significantly. All these factors caused a delay in production of necessary parts, which resulted in an increase in prices.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/microgrid-market-100406
Segments-
Low Electrification Rate of Grid Connectivity Drives 50 MW Segment
Based on capacity, the market is classified into above 50 MW, 20 MW -50 MW, 10 MW- 20 MW, 5 MW -10 MW, and less than 5 MW. The above 50 MW segment will dominate due to low electrification rate of grid connectivity compared to the other capacity segments.
Decreasing Cost of Energy Storage Spurs CHP Segment
On the basis of power source, the market is segregated into natural gas, solar PV, CHP, diesel generators, and others. The CHP segment is expected to rule due to its decreasing costs of energy storage.
Rising Inclination Toward Reliable Power Generation Units Will Favor Market Development
In terms of application, the market is divided into remote areas, military, utility distribution, commercial & industrial, educational institutes, and others. The educational institutions segment will likely maintain leadership due to the rising inclination toward adopting safe and reliable power generation units.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
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Regional Insights
Rising Demand for Electricity Nurtures Growth in Asia Pacific
Asia Pacific held a strong grip on the global microgrid market share and is expected to lead the market during the projected period due to the rising demand for electricity and continuous network connectivity with an aim to provide smooth industrial operations.
North America is expected to showcase exponential growth during the forecast period due to the availability of stable, affordable, reliable power in Germany and other countries.
Latin America is seen to have decent demand due to the growing adoption of advanced technologies such as Big Data, AI, and IoT across the region.
Competitive Landscape
Several Giants are Investing in Innovation to Strengthen their Position
Leading firms such as ABB and Honeywell will likely invest in product developments, contracts, and collaboration to enhance their current services with an aim to shape the competitive landscape.
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List of the Companies Profiled in the Market:
- ABB (Switzerland)
- Eaton Corp (Ireland)
- Honeywell (U.S.)
- Schneider Electric (France)
- Siemens (Germany)
- Spirae, LLC (Colorado)
- Power Analytics Corporation (U.S.)
- Toshiba Corporation (Japan)
- GE (U.S.)
- HOMER Energy (Colorado)
- S&C Electric (Chicago)
- Caterpillar (U.S.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Microgrid Market
- Global Microgrid Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Capacity
- Less than 5 MW
- 5 MW -10 MW
- 10 MW- 20 MW
- 20 MW -50 MW
- Above 50 MW
- Market Analysis, Insights and Forecast – By Power Source
- Diesel Generator
- Natural Gas
- Solar PV
- CHP
- Others
- Market Analysis, Insights and Forecast – By Application
- Educational Institutes
- Remote Areas
- Military
- Utility Distribution
- Commercial & Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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