Microgrid Market by Connectivity (Grid Connected, Remote/Island), Grid Type (AC, DC, Hybrid), Offering (Software, Hardware, Services), Power Applications, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global microgrid market is expected to grow from USD 28.6 billion in 2019 to USD 57.9 billion by 2027, at a CAGR of 10.6 % during the forecast period 2020-2027. The APAC region stands as a promising market for microgrids and is expected to grow at the highest CAGR of during the forecast period. North America is the largest market for microgrids. It’s usage in various sectors like military, industrial, government, utilities, healthcare and education are driving growth. Many cities are also looking towards microgrids to provide a stable supply of electricity. The SPIDERS (Smart Power Infrastructure Demonstration for Energy Reliability and Security) project of the United States Department of Defence investigates the use of microgrids to provide power to vital military installations in the event of an attack. These are the key factors driving growth in the Americas, which consist of North and South America both.
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Key players in the global microgrid market are Siemens AG, Exelon Corporation, General Electric, S&C Electric, Honeywell Corporation, Duke Energy Corporation, Tesla, Homer Energy, Schneider Electric, Power Analytics Corp., ABB Ltd., Eaton Corporation, Spirae Inc., and Anbaric Development Partners among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global microgrid market.
On February 2020 Siemens Ireland had announced its plans to partner with Innovation Green to develop a 100% renewable microgrid which would be used to power a campus. This campus in the midlands region aspires to create jobs in an environmentally friendly way.
The type segment includes grid-connected and remote/island. The grid-connected segment is said to dominate the market in the next few years. Due it relying on the main power grid, it is more reliable than remote/island microgrids. Its environmental impact is also lower. The offering segment is sub-segmented into software, hardware and services from which the software segment is said to witness the highest CAGR. The power segment includes diesel, natural gas, solar, fuel cells, combined heat and power. The solar segment is expected to rule with highest CAGR. Solar energy is in tremendous demand, making the solar segment to be the fastest-growing category in the microgrid market. Based on applications, the remote segment holds the highest share of the global microgrid market because of rising usage of microgrids in remote areas as a clean energy source.
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About the report:
The global microgrid market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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