SAN FRANCISCO, April 25, 2023 /PRNewswire/ -- The global microgrid market size is anticipated to reach USD 197.88 billion by 2030, expanding at 16.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.
Key Industry Insights & Findings from the report:
- The global microgrid market size was valued at USD 54.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2023 to 2030.
- The Combined Heat & Power (CHP) power source segment dominated the global market and accounted for more than 36.0% of the overall revenue share in 2022. Shifting preference from conventional Separate Heat & Power (SHP) system to energy generation from single fuel is expected to have a substantial impact on the segment growth.
- The grid-connected product segment dominated the global market and accounted for more than 64.0% of the overall revenue share in 2022. The rising popularity of smart micro-grid-connected PV systems to provide electricity to consumers by reducing transmission losses is expected to have a substantial impact.
- North America led the global market and accounted for more than 35.0% of the overall revenue share in 2022. The high adoption rate of captive power generation methods in the industrial and municipal sectors of the U.S. for reducing reliance on the government-controlled power supply is expected to have a substantial impact.
Read full market research report for more latest industry insights, "Microgrid Market Size, Share & Trends Analysis Report By Power Source (CHP, Fuel Cell), By Product (Grid Connected, Hybrid), By Application (Education, Government), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Microgrid Market Growth & Trends
Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.
The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.
Microgrid Market Segmentation
Grand View Research has segmented the global microgrid market based on power source, product, application, and region
Microgrid Market - Power Source Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Natural Gas
- CHP
- Solar PV
- Diesel
- Fuel Cell
- Others
Microgrid Market - Product Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Remote
- Grid Connected
- Hybrid
Microgrid Market - Application Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Government
- Education
- Commercial
- Utility
- Defense
- Others
Microgrid Market - Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players in the Microgrid Market
- ABB
- Siemens AG
- General Electric
- Eaton Corp.
- Exelon
- Honeywell International
- NRG International
- Anarbic
- Pareto
- Spirae
- Northern Power
- Viridity
Check out more related studies published by Grand View Research:
- Industrial Batteries Market - The global industrial batteries market size is projected to reach USD 27.44 billion by 2027 registering a CAGR of 6.0%, according to a new report by Grand View Research, Inc. High demand for back-up power batteries in grid-level energy storage application for solar and wind power projects will boost the market growth during the forecast period. Moreover, increasing usage of these batteries in various applications, such as UPS and motive power, is anticipated to drive the market. Industrial batteries offer benefits, such as reduction in manufacturing cost, high durability, lower maintenance costs, and low discharge rate capability, which is expected to increase their demand further.
- Distributed Energy Generation Market - The global distributed energy generation market size is expected to reach USD 580.8 billion by 2027 registering a CAGR of 11.5%, according to a new report by Grand View Research, Inc. The increasing need for energy and the high costs of grid expansion are the major factors driving the market growth. Low prices of Distributed Energy Generation (DEG) as compared to the conventional power generation methods are expected to provide a boost to the market.
- Europe Carbon Capture Utilization Market - The Europe carbon capture utilization market size is expected to reach USD 3,985.4 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.4% from 2020 to 2028. Increasing applications of CCU in the enhanced oil recovery (EOR) in the oil and gas segment are expected to contribute to the growth of the market. Further, the food and beverages, chemicals, cement, and other industries are anticipated to be the major application segments that are expected to contribute to the growth of the market over the forecast period.
Browse through Grand View Research's Distribution & Utilities Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO80443&Transmission_Id=202304250545PR_NEWS_USPR_____IO80443&DateId=20230425)
Share this article