Microgrid Market worth $42.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 10, 2021 /PRNewswire/ -- According to the new market research report "Microgrid Market with COVID-19 Impact Analysis by Connectivity (Grid Connected, Off-grid Connected), Offering (Hardware, Software, Services), End Use (Commercial & Industrial, Remote, Utilities), Pattern, Type, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the global Microgrid Market is estimated to grow from USD 24.6 billion in 2021 to USD 42.3 billion by 2026 at a CAGR of 11.4% during 2021–2026. The growth of the microgrid market is driven by factors such as rising focus on decarbonization by various end users and government, increasing demand for uninterrupted power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures. Initiatives by governments of different countries to encourage the development of microgrids are also fueling the growth of the market.
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Microgrids are localized groups of interconnected loads and distributed energy sources that are connected with main power grids and operate in sync with them. These grids can also work off-grid in a disconnected mode in remote areas. Any small-scale localized station with its own power generation resources and loads, as well as definable power supplying boundaries, qualifies as a microgrid. Microgrids can be used as backup or supplementary power sources for main grids to cater to the increased electricity requirements of end users.
The hardware segment to hold the largest market share in 2026
The hardware segment of the microgrid market is estimated to register the largest market share in 2026, by offering. The key drivers for the growth of the microgrid market for the hardware segment include the growing number of microgrid projects worldwide, decreasing costs of energy storage and renewable sources of energy, and increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions.
The controllers for microgrid hardware segment to register higher CAGR during the forecast period
The microgrid market for controllers segment is projected to register the higher CAGR during the forecast period, by hardware type. Smart meters are expected to witness increased demand globally due to the growing requirement for record maintenance by utility companies for monitoring and billing purposes. Smart meters enable remote data collection for billing and offer improved power quality (PQ).
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The grid connected segment to hold the largest market share in 2026
The grid connected segment of the microgrid market is estimated to register the largest market share in 2026, by connectivity. Grid connected microgrids comprise multiple generators, distribution systems, and sophisticated controls. They offer a number of benefits, such as grid resiliency, improved power quality, and low impact on the environment, thereby leading to increased demand. The growth of this segment can be attributed to the expansion of utility-based grid networks globally, coupled with the large-scale harnessing of renewable sources of energy, including offshore winds.
The commercial & industrial segment to register higher CAGR during the forecast period
The microgrid market for the commercial & industrial segment is estimated to grow at the highest CAGR during the forecast period, by end use. The growth of this segment can be attributed to the consistent requirement for uninterrupted electricity supply to carry out smooth industrial operations to lower downtime, improve the efficiency of the workforce, and reduce equipment damages. Increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions is also driving the growth of the microgrid market for commercial & industrial end use.
Americas to hold the largest market share in 2020
The Americas accounted for the largest share of the microgrid market in 2020. The presence of a large number of microgrid developers and government initiatives, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program, to promote the adoption of microgrids has given the region prominence in the microgrid market.
Key players in the microgrid market include ABB (Switzerland), General Electric (US), Siemens (Germany), Eaton Corporation (Ireland), Schneider Electric (France), Honeywell (US), HOMER Energy (US), S&C Electric (US), Power Analytics (US), Exelon Corporation (US), Pareto Energy (US), Anbaric Transmission (US), Tesla (US), Spirae (US), General MicroGrids (US), Gram Power (US), Powerhive (US), Advanced Microgrid Solutions (US), Go Electric (US), DAJIE (UK), Canopy Power (Singapore), Green Energy Corp (US), PowerSecure, a subsidiary of Southern Company (US), Viridity Energy by Ormat Technologies (US), and Ferroamp (Sweden). These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, and acquisitions to increase their market share.
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