Microgrid Market Production, Share, Demand, Applications and Opportunities 2023

Microgrid Key Companies

The prominent players in the market of microgrid market is – Lockheed Martin Corporation (US), ABB, Ltd. (US), Anbaric (US), S&C Electric Company (US), Homer Energy LLC (US), Microgrid Energy LLC (US), Power Analytics Corporation (US), Siemens AG (Germany), Eaton Corporation PLC (Ireland), General Electric Company (US) and others.

Microgrid – Overview

A microgrid system is a type of discrete energy systems that includes appropriated energy sources, and power loads and provides power to residential, commercial, industrial & government consumers. The main purpose of microgrid is to provide affordable energy for rural and urban areas during emergency. The microgrid can be charged through batteries, distributed generator, and renewable source of energy. The microgrid systems are the compact version of traditional power grid as it provides efficient power and can be integrated with renewable sources of energy such as solar, wind, geothermal, and others. The microgrid even operates independently during the time of the primary grid failure.

The advantages of Microgrid Market system over conventional power grid system includes power quality, dependability and security for end user, improves the coordination of distributed and renewable power sources, limit carbon footprints, and generate clean energy without affecting the environment, reduces the greenhouse gas emission. This is one of the major factors that is driving the microgrid market globally. Similarly, rising awareness among the consumer about the renewable sources of energy is also fuelling the market growth. The increase in the pollution is a major challenge faced by many countries. To reduce these challenges, governments of different nations are taking initiative to generate power through renewable source of energy such as utilization of solar panels to convert solar energy into electricity and reduce the pollution caused by production through conventional technique. This will eventually reduce the pollution to a certain level caused due to traditional power grid. According to Victoria State Government, it will contribute USD 10 million to develop and implement projects utilizing microgrid models, the project will be completed by the year 2021. This will result to provide more reliable source of power. However, high cost for installation of microgrid and economic constraints is projected to hinder the growth of microgrid market.

Microgrid Segmentation

By component, the market is segmented into hardware, software, and services. Hardware is further segmented into switchgear, relays, transformers, inverters, uninterrupted power supply (UPS), and others. Services is further segmented into design and implementation service, monitoring & control services, and operations & maintenance services

By type, the market is segmented into off-grid, smart grid, hybrid grid, and others.

By consumption, the market is segmented into urban, semi-urban, rural, and others

By end-user, the market is segmented into healthcare, education, industrial, military & defense, electric utility, and others

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MicrogridRegional Analysis

The regional analysis of global microgrid market is being studied for region such as Asia–Pacific, North America, Europe and rest of the world. North America dominates the global microgrid market during the forecast period. US among other countries in North America hold the largest market share for microgrid product due expanding microgrid limit among other provincial economies. Additionally, the developing industrialization and necessity of viable jolt in the area is fuelling North America predominance in the microgrid market. In Europe, with increasing investment by government & key companies to improve energy security and reliability is one of the factor for the growth for microgrid market in the region. Similarly, Asia-pacific is the fastest growing region due to presence of economies such as China, Japan, India, South Korea and others. The Asia-Pacific region is growing due to growing government initiatives for creating awareness about renewable energy sources among the consumers and high demand of microgrid machines in military & defense sector is fuelling the market.

Industry News

In November 2016, Siemens and the US-based LO3 Energy formed a strategic alliance

The US-based LO3 Energy and Siemens formed a strategic alliance for the development of microgrid. The primary intention of this partnership is to develop microgrid that permits energy trading by block-chain technology.

In November 2016, ABB Ltd. and IIT Madras formed a strategic partnership

For enhancing the performance of microgrid and its consumption for increasing electricity supply to remote areas ABB Ltd. and IIT Madras formed a strategic alliance. This initiative is expected to play a significant role in increasing the usage of the product in isolated locations of India over the next eight years. The formation of strategic partnerships with research institutes is expected to remain a key critical success factor over the next eight years.

Table of Contents

1 Executive Summary

2 Scope of The Report

2.1 Market Definition

2.2 Scope of The Study

2.3 Research Objectives

2.4 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

Continued…

List of Figures

Figure 1 Global Microgrid Market Segmentation

Figure 2 Forecast Methodology

Figure 3 Porter’s Five Forces Analysis of Global Microgrid Market

Figure 4 Value Chain of Global Microgrid Market

Figure 5 Share of Global Microgrid Market In 2017, By Country (In %)

Continued…

Target Audience:

  • Raw material providers
  • Microgrid system manufacturers
  • Energy storage providers
  • Hardware providers
  • Research & consultancy
  • Government & utilities
  • End-user sectors
  • Technology investors

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