According to the latest research report by IMARC Group, the global microgrid market size reached US$ 25.9 Billion in 2021. Looking forward, the market expects to reach US$ 49.2 Billion by 2027, exhibiting at a CAGR of 11.2% during 2022-2027.
A microgrid is a low-voltage electricity distribution network with the potential of operating autonomously and in parallel with the main power grid. It assists in providing power backup during emergencies like main grid failure and natural calamity. It can be powered using distributed generators or renewable sources, such as solar panels, small hydro, geothermal, and combined heat and power (CHP) systems, which help reduce overall electricity generation costs. As it is a reliable and eco-friendly source of electricity, it is gaining traction around the world.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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With the growing instances of cyber-attacks, there is a rise in the need for security of networks and continuous power supply across research labs and the defense sector. This, in confluence with the advantages offered by microgrids like the ability to perform under island mode, is propelling the growth of the market. Besides this, numerous technological advancements, such as the introduction of control and dispatch strategies, improvement in load management and integration with inverter interfaced distributed generation systems, are contributing to the market growth. Furthermore, governing agencies of different countries are undertaking initiatives to generate a minimum percentage of electricity from renewable energy sources. Other major factors, including the increasing utilization of microgrids in electrification projects, coupled with the shifting inclination towards more localized and distributed generation systems, are anticipated to drive the market.
The competitive landscape of the market has also been examined with the detailed profiles of the key players operating in the microgrid industry. These players include
Lockheed Martin Corporation (LMT) ,
Eaton Corporation, PLC (ETN),
ABB Ltd (ABB),
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Insights on Market Segmentation:
Breakup by Energy Source
1. Natural Gas
2. Combined Heat and Power
3. Solar Photovoltaic (PV)
5. Fuel Cell
Breakup by Application
1. Remote Systems
2. Institution and Campus
Breakup by Region
1. North America
2. Asia Pacific
4. Middle East and Africa
5. Latin America
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.