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Microgrid Market Segmentation by Connectivity (Grid Connected, and Off-Grid Connected); by Offering (Hardware, and Software & Services); by Application (Institutional Sites, Commercial Facilities, Remote Off-Grid Communities, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Microgrid Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    April 2021: Schneider Electric announced the start of construction of the first ever joint resiliency project for implementing an advanced microgrid for serving 4 critical facilities in New Britain, Connecticut.

Global Microgrid Market Highlights 2022 – 2030

The global microgrid market is estimated to garner a sizeable revenue and grow at a CAGR of ~17% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing deployment of renewable energy resources in microgrids, increasing number of construction projects, and the rising need of power for carrying out daily activities. In 2020, the multi-family residential construction rose by 1 percent since the last year, whereas commercial construction witnessed a hike by 2 percent in that year. In addition to these, escalating number of cyberattacks on energy infrastructure around the world, and surge in demand for clean energy are also expected to drive market growth in the upcoming years. Furthermore, increase in collaborative contracts among prominent market companies and hike in the number of product launches are projected to offer lucrative opportunities for market growth in the near future.

Microgrid Market

The market is segmented by application into institutional sites, commercial facilities, remote off-grid communities, and others, out of which, the remote off-grid communities segment is anticipated to hold the largest share in the global microgrid market on account of the growing adoption of microgrid in remote areas for fulfilling the energy requirements, and rising governmental investments to develop electricity infrastructure for providing clean electricity. Additionally, on the basis of connectivity, the grid connected segment is projected to acquire the largest share during the forecast period, which can be ascribed to the high reliability of grid-connected microgrids in remote or island areas, and their ability to offer enhanced quality power and high grid resilience. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Microgrid Market Regional Synopsis

On the basis of geographical analysis, the global microgrid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rapid rate of rural electrification in several Asian countries, namely India, Malaysia, and the Philippines, and rising development activities to improve the electricity infrastructure. For instance, Maharashtra Energy Development Agency issued a tender for a 29.4 KW microgrid project for Maharashtra, India in 2019. The worth of the project is evaluated to exceed INR 6,140,000 and provide electricity to more than three villages in that region. Moreover, the market in North America is predicted to gather the largest share during the forecast period in view of the increasing number of microgrid projects, and growing emphasis of governments to build a clean future and support the natural resources sectors in the region. In addition, the presence of major market players is also assessed to boost the growth of the market in the region.

The global microgrid market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global microgrid market includes the following segments:

By Connectivity

  • Grid Connected
  • Off-Grid Connected

By Offering

  • Hardware
  • Software & Services

By Application

  • Institutional Sites
  • Commercial Facilities
  • Remote Off-Grid Communities
  • Others

Growth Drivers

  • Rising Deployment of Renewable Energy Resources in Microgrids
  • Increasing Number of Construction Projects

Challenges

  • Technical Issues Faced While Operating Island Mode Microgrids

Top Featured Companies Dominating the Market

  • General Electric Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Siemens AG
  • Eaton Corporation Inc.
  • Schneider Electric SE
  • Honeywell International Inc.
  • ABB, Ltd.
  • S&C Electric Company
  • Power Analytics Corporation
  • Exelon Corporation
  • HOMER Energy LLC

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