Microgrid Market Projected to Reach USD 60.25 Billion, with a CAGR of 12.24% by 2030 – Report by Market Research Future (MRFR)
Microgrid Market Growth Boost by Rising Technology and Growing Demand In Healthcare, Military, And Government Sectors
New York, US, May 22, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Microgrid Market Information by Type, Component, Power Source, End Use, and Region – Forecast till 2030”, Microgrid Market could thrive at a rate of 12.24% between 2021 and 2030. The market size will be reaching around USD 60.25 Billion by the end of the year 2030
Microgrid Market Overview
Microgrid refers to a local energy system that can operate independently or in conjunction with the main power grid. It typically consists of distributed energy resources (DERs) such as solar panels, wind turbines, and batteries, along with control systems and software that optimize the use of these resources. Microgrids are designed to provide reliable and resilient power supply to critical infrastructure such as hospitals, military bases, and data centers, as well as to remote communities that are not connected to the main power grid.
The applications of microgrids are diverse, ranging from emergency backup power supply to long-term energy sustainability. They can be deployed in various settings such as commercial and industrial facilities, military bases, and remote communities. Microgrids can also help reduce carbon emissions and increase energy efficiency by optimizing the use of renewable energy sources and reducing reliance on fossil fuels.
Market Competitive Landscape:
The affluent companies in the Microgrid Market include
- ABB
- GE
- Eaton
- Schneider Electric
- Honeywell
- Caterpillar
- S&C Electric
- Power Analytics Corporation
- Siemens
- Microgrid Energy
- Among others.
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January 2021
Schneider Electric announced the expansion of its EcoStruxure Microgrid Advisor software platform. The platform offers real-time monitoring and control of microgrid systems, enabling operators to optimize the use of DERs and improve the performance and efficiency of microgrids.
Microgrid Market COVID 19 Analysis
The COVID-19 pandemic had mixed impacts on the Microgrid Market. While the disruptions in global supply chains and reduced economic activity have slowed down market growth, the increased demand for reliable power supply in healthcare facilities and remote communities has also created new opportunities for microgrid providers. In the post-COVID scenario, the market is expected to continue growing, driven by the increasing focus on resilience, sustainability, and energy security.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 60.25 Billion |
| CAGR during 2022-2030 | 12.24% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Power Source, End-Use, and Region |
| Key Market Opportunities | Growing demand for microgrids in Healthcare, Military, and Government sectors Increasing government investment in microgrid projects |
| Key Market Dynamics | Increasing demand for secure and reliable power supply Advantages of clean energy storage Government initiatives to reduce carbon footprint |
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Microgrid Market USP Covered:
Market Drivers:
The Microgrid Market refers to the market for small-scale, localized energy systems that can operate independently or in conjunction with the larger power grid. In recent years, the market for microgrids has been growing steadily, and it is expected to continue to experience significant growth in the coming years. This growth is driven by several factors that are contributing to the increasing demand for microgrid solutions.
One of the primary market-driving factors is the need for a reliable and resilient power supply, particularly in critical infrastructure and remote communities. Microgrids are often deployed in areas that are prone to power outages or where the existing power infrastructure is unreliable. By providing a localized energy solution, microgrids can help ensure that critical services, such as hospitals, data centers, and emergency response systems, have access to uninterrupted power.
Another factor driving the growth of the microgrid market is the growing focus on renewable energy and energy efficiency. As more organizations and communities seek to reduce their carbon footprint and lower their energy costs, there is a growing demand for microgrids that can integrate and optimize the use of distributed energy resources (DERs). DERs include solar panels, wind turbines, and energy storage systems, among others. Microgrids can help manage these resources more efficiently and effectively, reducing waste and improving energy efficiency.
The need to reduce carbon emissions and increase energy security is also driving the deployment of microgrids in various settings. As climate change becomes an increasingly urgent concern, there is a growing push to transition away from fossil fuels and towards cleaner energy sources. Microgrids can play a crucial role in this transition by enabling the integration of renewable energy sources and reducing reliance on traditional power grids, which are often powered by fossil fuels. In addition, microgrids can help improve energy security by providing localized energy solutions that are less vulnerable to disruptions in the larger power grid.
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Market Restraints:
The high initial cost of microgrid installation and lack of standardized regulations for interconnection and operation pose significant challenges to market growth. Additionally, the availability of alternative energy storage solutions and the slow pace of grid modernization in some regions can hinder the adoption of microgrids.
Microgrid Market Segmentation
By Type
The Type in the market includes Grid Connected & Off-Grid.
By Component
The Component in the market includes Hardware, Software, & Services.
By Power Source
The Power Source in the market includes Natural Gas, Solar PV, Diesel, and Fuel Cell.
By End Use
The End Use in the market includes Industrial, Healthcare.
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Microgrid Market Regional Insights
North America is the largest market for microgrids, driven by the increasing adoption of renewable energy and the need to improve the resilience of the power grid against natural disasters and cyber-attacks. Europe is also a significant market for microgrids, with a growing focus on energy efficiency and the integration of renewable energy. The Asia-Pacific region is expected to experience significant growth in the coming years, driven by the increasing demand for reliable power supply in remote communities and the growing adoption of renewable energy.
Related Reports:
Microgrid Monitoring Market Research Report Information by Type, Product, Application, and Region – Forecast till 2030
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Microgrid Controller Market Research Report Information By Connectivity, By Offering, By Vertical, And By Region –Market Forecast Till 2032
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