CHICAGO, July 26, 2023 /PRNewswire/ -- The global microgrid market is projected to reach USD 79.0 billion by 2028 from USD 31.5 billion in 2023; it is expected to grow at a CAGR of 20.1% according to a new report by MarketsandMarkets. Key factors propelling the market growth include the surging demand for decarbonization by governments, increased demand for reliable, uninterrupted power supply, and growing usage of microgrids for rural electrification. Moreover, rising initiatives by the government towards microgrid development will drive the industry's growth in the near future.
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Browse in-depth TOC on "Microgrid Market"
186 - Tables
80 - Figures
293 - Pages
Microgrid Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $31.5 billion |
Estimated Value by 2028 | $79.0 billion |
Growth Rate | Poised to grow at a CAGR of 20.1% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Connectivity, Offering, End User, Type, Power Source, Power Rating and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities in standardizing the scalability of microgrids |
Key Market Opportunities | Digitalization and smart grid integration |
Key Market Drivers | Rising demand for EV charging infrastructure |
Grid-connected segment to grow at a higher CAGR during the forecast period.
During the projected period, the grid-connected category is anticipated to exhibit the most significant compound annual growth rate (CAGR). Grid-connected microgrids comprise numerous generators, distribution systems, and advanced controls. Moreover, these technologies augment the resilience of the grid, improve power quality, mitigate environmental impacts, and enhance grid reliability. Consequently, there is a surge in demand. The primary driver behind the expansion of this segment is the global expansion of utility-based grid networks, alongside the extensive utilization of renewable energy sources like offshore wind.
Software segment to grow at higher CAGR between 2023 and 2028.
Microgrid software is primarily utilized for modeling variable energy sources like solar and wind and managing fluctuating thermal loads. It encompasses a range of software types, including SCADA, energy management, generator and load management, and system reconfiguration software. These software solutions enable microgrids' simulation, optimization, and resource management. Advancements in AI, ML, and data analytics have resulted in the development of sophisticated software tools for microgrid optimization. These tools leverage historical data, adapt to changing conditions, and optimize energy flow within microgrids to minimize costs, reduce carbon footprint, and improve system efficiency.
The 5 MW to 10 MW power rating segment is projected to grow at a faster rate from 2023 to 2028.
The 5 MW to 10 MW power range offers significant growth prospects in the microgrid industry due to its versatility and cost-efficiency. It caters to various applications, including commercial, industrial, and infrastructure projects. Technological advances and declining costs of renewable energy sources and storage systems make microgrids in this power range financially viable. The increasing focus on energy resilience and government support further drives the demand for microgrids within this segment.
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Asia Pacific region is likely to be the fastest-growing region in the global microgrid market during the forecast period.
The Asia-Pacific region's rapid economic growth drives the demand for reliable and sustainable energy solutions. Microgrids are attractive due to increased industrialization, urbanization, and infrastructure development. The region faces unique energy challenges, including remote areas and vulnerability to natural disasters, where microgrids provide localized power generation and resilience. With a large population and growing energy demand, microgrids offer localized and efficient solutions for densely populated areas, industrial zones, and remote communities in the Asia-Pacific region. This market environment fosters innovation and stimulates the growth of the microgrid sector.
Key players in the microgrid companies include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (US), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy Ltd. (Switzerland), HOMER Energy (US), S&C Electric Company (US), and Power Analytics (US).
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