GLOBAL MICROGRID MARKET 2022-2028

Energy, Power & Utilities | Utilities

GLOBAL MICROGRID MARKET 2022-2028

Market by Utilization Type, Component, Connectivity, Industry Vertical, and Regional Outlook | Forecast 2022-2028

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A microgrid is a compact power grid that can run independently or in cooperation with other tiny power grids. It can also be described as distributed, dispersed, decentralized, district, or embedded energy generation. When decoupled from the normal wide area synchronous grid (macrogrid), it operates independently. Moreover, a microgrid effectively integrates distributed generation (DG) sources, notably renewable energy sources (RES), and offers emergency power by switching between the island and linked modes.

According to Triton Market Research’s report, the Global Microgrid Market was valued at $23264.49 million in 2021 and is expected to reach $46211.22 million by 2028, growing at a CAGR of 10.73% during the forecast period 2022-2028.


Click here to check out our blog on the Global Microgrid Market

MARKET PERFORMANCE: DRIVERS, CHALLENGES, AND TRENDS

The studied market’s growth is primarily supported by an increase in the need for electricity worldwide. This increase in global power demand has prompted the capacity expansion of renewable energy sources and the deployment of microgrids. As per estimates, the power demand is expected to rise by 40% between 2016 and 2040, according to the International Energy Agency. In this regard, China is anticipated to have the highest electricity demand, from 5,320 Terawatt-hour (TWh) electricity demand in 2016 to a projected increase to 9,230 TWh by 2040. The US Department of Energy also estimates that the nation’s demand for electricity will soar to about 40% by 2028.

However, the high maintenance and installation costs and strict regulatory standards restrict the studied market’s growth globally. Large-scale use of microgrids, including planning, building, and implementation, poses a major challenge. Besides this, a lack of training hinders the long-term survival of microgrids.

The overall cost of microgrids tends to increase because of numerous components, including distribution, generating systems, loads, storage devices, and common couplers. Before constructing microgrids in any specific site, it is vital to consider several factors, such as the load profile, availability of renewable sources, links to the distribution network, communication and control systems, etc.



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KEY GEOGRAPHIES COVERED:                                                                  

      North America: United States and Canada

      Europe: United Kingdom, Germany, France, Italy, Spain, the Netherlands, and Rest of Europe

    Asia-Pacific: China, Japan, India, South Korea, ASEAN Countries, Australia & New Zealand, and Rest of Asia-Pacific

      Latin America: Brazil, Mexico, and Rest of Latin America

   Middle East and Africa: Saudi Arabia, Israel, United Arab Emirates, South Africa, and Rest of Middle East & Africa


SEGMENTATION ANALYSIS - MICROGRID MARKET:

•         Market by Utilization Type:

o        Metropolitan

An urban microgrid can be linked to a larger energy grid or operated separately in island mode. It may function independently and be managed by a private company or as an integral part of a larger utility. The microgrid’s consumer base is determined by its business model. A distribution firm that brings the energy and end-users under its jurisdiction are clients of a privately held company that sells excess energy back to the grid. In any case, the existence of users, who consume and generate electricity, is a typical element of urban microgrids. Urban microgrids help generate electricity from underutilized resources and different types of waste, ultimately slowing global warming.

o        Semi-Urban

o        Rural

•         Market by Component:

o        Hardware

•         Power Generators

•         Energy Storage

•         Controllers

o        Software

o        Services

•         Market by Connectivity:

o        Grid Connected

Grid connected microgrids are separate networks that share several traits with a conventional energy grid, such as customers, generators, and storage. However, they are significantly smaller in scale. While they can link to the main grid, they are not reliant on it and can occasionally use it as a backup. This category is expected to expand, mostly in affluent nations where the emphasis is likely on microgrids connecting to the main grid while providing autonomy to communities. In South Africa, grid connected microgrid was commissioned by Ekurhuleni Municipality in 2022, a turning point for renewable energy projects. Estimates indicate it to be one of the largest microgrids made from solar PV and lithium-ion battery systems.

o        Island Grid

•         Market by Industry Vertical:

o        Commercial & Industrial

o        Healthcare

o        Educational Institutes

o        Military & Defense

o        Government & Utilities

o        Other Industry Verticals

 

COMPETITIVE LANDSCAPE:

The microgrid market by company profile helps dive into data about the key players in this industry. The strategic initiatives for each of the companies considered have been covered in detail.

Collaboration (June 2022) Schneider Electric and Hitachi Energy

Schneider Electric announced its collaboration with Hitachi Energy, a technology firm specializing in grid automation solutions, to provide better customer value and accelerated energy transition.

Acquisition (January 2022) Eaton Corporation Plc and Royal Power Solutions

Eaton Corporation announced the acquisition of Royal Power Solutions, a US-based manufacturer of high-precision electrical connectivity components for electric vehicles, energy management, industrial, and mobility markets. This step was to capitalize on aerospace, eMobility, and electrical businesses.

Product Launch (May 2022) Schneider Electric

Schneider Electric launched a new EV charging solution for efficient, resilient, sustainable, mobile, and net-zero buildings.

Business Divestitures (August 2021) Eaton Corporation Plc

Eaton Corporation announced the completion of sales of its hydraulics business to Danfoss A/S, a Danish industrial company. The company’s hydraulics division accounted for sales of $1.8 billion in 2020 and included hydraulics components, systems, and services for industrial and mobile equipment.

 

KEY BENEFITS OF THE REPORT:

      Triton Market Research has a collective experience of 25-30 years in the industry, with its analysts and experts encompassing the most infallible research methodology for its market intelligence and industry analysis.

 

      Our research methodology helps in achieving a broader consensus of the market size, shape, and industry trends within each industry segment.

 

      The strategy adopted in designing the research methodology includes the amalgamation of the information assembled from primary and secondary sources, with the assistance of analytical tools to construct the forecast and predictive models.

 

      The scope of the market report comprises the current scenario of the global microgrid market, along with the detailed overview of the industry outlook, market dynamics, segmentation analysis, regional outlook, and competitive landscape for the period 2022-2028.


FAQs:

Q 1) What can be the biggest challenge for the microgrid market?

Factors such as high installation and maintenance costs can prove to be the biggest challenge for the microgrid market, especially in developing economies.

Q 2) What is the promising end-use that will prove a key investment pocket in the microgrid market?

The growing use of solar microgrids, especially for rural electrification, is likely to be a promising key investment pocket in the global microgrid market in the coming years. 

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Table of Content

1. GLOBAL MICROGRID MARKET - SUMMARY

2. INDUSTRY OUTLOOK

2.1. IMPACT OF COVID-19 ON THE MICROGRID MARKET

2.2. KEY INSIGHTS

2.2.1. GROWING USE OF MICROGRIDS IN SOLAR ENERGY

2.2.2. INCREASE IN SMART CITIES INITIATIVES

2.3. PORTER’S FIVE FORCES ANALYSIS

2.3.1. THREAT OF NEW ENTRANTS

2.3.2. THREAT OF SUBSTITUTES

2.3.3. BARGAINING POWER OF BUYERS

2.3.4. BARGAINING POWER OF SUPPLIERS

2.3.5. THREAT OF COMPETITIVE RIVALRY

2.4. MARKET ATTRACTIVENESS INDEX

2.5. VENDOR SCORECARD

2.6. KEY MARKET STRATEGIES

2.6.1. PRODUCT LAUNCHES

2.6.2. COLLABORATIONS

2.6.3. BUSINESS DIVESTITURES

2.6.4. ACQUISITIONS

2.7. MARKET DRIVERS

2.7.1. COMBATING POWER OUTAGES DURING SEVERE WEATHER USING MICROGRIDS

2.7.2. GROWING ELECTRICITY CONSUMPTION WORLDWIDE

2.8. MARKET CHALLENGES

2.8.1. HURDLES POSED BY REGULATORY FRAMEWORK

2.8.2. HIGH MAINTENANCE AND INSTALLATION OF MICROGRIDS

2.9. MARKET OPPORTUNITIES

2.9.1. RISING USE OF INTERNET OF THINGS (IoT) IN MICROGRIDS

2.9.2. RISE IN CLEAN ENERGY INTEGRATION BY GOVERNMENT AND PRIVATE SECTOR

3. GLOBAL MICROGRID MARKET OUTLOOK - BY UTILIZATION TYPE

3.1. METROPOLITAN

3.2. SEMI-URBAN

3.3. RURAL

4. GLOBAL MICROGRID MARKET OUTLOOK - BY COMPONENT

4.1. HARDWARE

4.1.1. POWER GENERATORS

4.1.2. ENERGY STORAGE

4.1.3. CONTROLLERS

4.2. SOFTWARE

4.3. SERVICES

5. GLOBAL MICROGRID MARKET OUTLOOK - BY CONNECTIVITY

5.1. GRID CONNECTED

5.2. ISLAND GRID

6. GLOBAL MICROGRID MARKET OUTLOOK - BY INDUSTRY VERTICAL

6.1. COMMERCIAL & INDUSTRIAL

6.2. HEALTHCARE

6.3. EDUCATIONAL INSTITUTIONS

6.4. MILITARY & DEFENSE

6.5. GOVERNMENT & UTILITIES

6.6. OTHER INDUSTRY VERTICALS

7. GLOBAL MICROGRID MARKET – REGIONAL OUTLOOK

7.1. NORTH AMERICA

7.1.1. MARKET BY UTILIZATION TYPE

7.1.2. MARKET BY COMPONENT

7.1.2.1. MARKET BY HARDWARE

7.1.3. MARKET BY CONNECTIVITY

7.1.4. MARKET BY INDUSTRY VERTICAL

7.1.5. COUNTRY ANALYSIS

7.1.5.1. UNITED STATES

7.1.5.2. CANADA

7.2. EUROPE

7.2.1. MARKET BY UTILIZATION TYPE

7.2.2. MARKET BY COMPONENT

7.2.2.1. MARKET BY HARDWARE

7.2.3. MARKET BY CONNECTIVITY

7.2.4. MARKET BY INDUSTRY VERTICAL

7.2.5. COUNTRY ANALYSIS

7.2.5.1. UNITED KINGDOM

7.2.5.2. GERMANY

7.2.5.3. FRANCE

7.2.5.4. ITALY

7.2.5.5. SPAIN

7.2.5.6. THE NETHERLANDS

7.2.5.7. REST OF EUROPE

7.3. ASIA-PACIFIC

7.3.1. MARKET BY UTILIZATION TYPE

7.3.2. MARKET BY COMPONENT

7.3.2.1. MARKET BY HARDWARE

7.3.3. MARKET BY CONNECTIVITY

7.3.4. MARKET BY INDUSTRY VERTICAL

7.3.5. COUNTRY ANALYSIS

7.3.5.1. CHINA

7.3.5.2. JAPAN

7.3.5.3. INDIA

7.3.5.4. SOUTH KOREA

7.3.5.5. ASEAN COUNTRIES

7.3.5.6. AUSTRALIA & NEW ZEALAND

7.3.5.7. REST OF ASIA-PACIFIC

7.4. LATIN AMERICA

7.4.1. MARKET BY UTILIZATION TYPE

7.4.2. MARKET BY COMPONENT

7.4.2.1. MARKET BY HARDWARE

7.4.3. MARKET BY CONNECTIVITY

7.4.4. MARKET BY INDUSTRY VERTICAL

7.4.5. COUNTRY ANALYSIS

7.4.5.1. BRAZIL

7.4.5.2. MEXICO

7.4.5.3. REST OF LATIN AMERICA

7.5. MIDDLE EAST AND AFRICA

7.5.1. MARKET BY UTILIZATION TYPE

7.5.2. MARKET BY COMPONENT

7.5.2.1. MARKET BY HARDWARE

7.5.3. MARKET BY CONNECTIVITY

7.5.4. MARKET BY INDUSTRY VERTICAL

7.5.5. COUNTRY ANALYSIS

7.5.5.1. UNITED ARAB EMIRATES

7.5.5.2. SAUDI ARABIA

7.5.5.3. ISRAEL

7.5.5.4. SOUTH AFRICA

7.5.5.5. REST OF MIDDLE EAST & AFRICA

8. COMPETITIVE LANDSCAPE

8.1. HITACHI LTD

8.2. SCHNEIDER ELECTRIC

8.3. DUKE ENERGY CORPORATION

8.4. EXELON CORPORATION

8.5. SIEMENS AG

8.6. FAIRBANKS MORSE

8.7. NATIONAL GRID PLC

8.8. S&C ELECTRIC COMPANY

8.9. BLOOM ENERGY

8.10. CUMMINS INC

8.11. FUELCELL ENERGY INC

8.12. GENERAL ELECTRIC COMPANY

8.13. POWER ENGINEERS INCORPORATED

8.14. NRG ENERGY INC

8.15. EATON CORPORATION PLC

9. RESEARCH METHODOLOGY & SCOPE

9.1. RESEARCH SCOPE & DELIVERABLES

9.2. SOURCES OF DATA

9.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1: GLOBAL MICROGRID MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 2: VENDOR SCORECARD

TABLE 3: LIST OF PRODUCT LAUNCHES

TABLE 4: LIST OF COLLABORATIONS

TABLE 5: LIST OF BUSINESS DIVESTITURES

TABLE 6: LIST OF ACQUISITIONS

TABLE 7: GLOBAL MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 8: GLOBAL MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 9: GLOBAL MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 10: GLOBAL MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 11: GLOBAL MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 12: GLOBAL MICROGRID MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 13: NORTH AMERICA MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 14: NORTH AMERICA MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 15: NORTH AMERICA MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 16: NORTH AMERICA MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 17: NORTH AMERICA MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 18: NORTH AMERICA MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 19: EUROPE MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 20: EUROPE MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 21: EUROPE MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 22: EUROPE MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 23: EUROPE MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 24: EUROPE MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 25: ASIA-PACIFIC MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 26: ASIA-PACIFIC MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 27: ASIA-PACIFIC MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 28: ASIA-PACIFIC MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 29: ASIA-PACIFIC MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 30: ASIA-PACIFIC MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 31: LATIN AMERICA MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 32: LATIN AMERICA MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 33: LATIN AMERICA MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 34: LATIN AMERICA MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 35: LATIN AMERICA MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 36: LATIN AMERICA MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 37: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 38: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)

TABLE 39: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)

TABLE 40: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

TABLE 41: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)

TABLE 42: MIDDLE EAST AND AFRICA MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)    

List of Figures

FIGURE 1: RENEWABLE ELECTRICITY GENERATION, BY SOURCE, IN 2018-2020

FIGURE 2: MARKET ATTRACTIVENESS INDEX

FIGURE 3: GLOBAL MICROGRID MARKET, BY UTILIZATION TYPE, 2021 & 2028 (IN %)

FIGURE 4: GLOBAL MICROGRID MARKET, BY METROPOLITAN, 2022-2028 (IN $ MILLION)

FIGURE 5: GLOBAL MICROGRID MARKET, BY SEMI-URBAN, 2022-2028 (IN $ MILLION)

FIGURE 6: GLOBAL MICROGRID MARKET, BY RURAL, 2022-2028 (IN $ MILLION)

FIGURE 7: GLOBAL MICROGRID MARKET, BY COMPONENT, 2021 & 2028 (IN %)

FIGURE 8: GLOBAL MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

FIGURE 9: GLOBAL MICROGRID MARKET, BY HARDWARE, 2021 & 2028 (IN %)

FIGURE 10: GLOBAL MICROGRID MARKET, BY POWER GENERATORS, 2022-2028 (IN $ MILLION)

FIGURE 11: GLOBAL MICROGRID MARKET, BY ENERGY STORAGE, 2022-2028 (IN $ MILLION)

FIGURE 12: GLOBAL MICROGRID MARKET, BY CONTROLLERS, 2022-2028 (IN $ MILLION)

FIGURE 13: GLOBAL MICROGRID MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)

FIGURE 14: GLOBAL MICROGRID MARKET, BY SERVICES, 2022-2028 (IN $ MILLION)

FIGURE 15: GLOBAL MICROGRID MARKET, BY CONNECTIVITY, 2021 & 2028 (IN %)

FIGURE 16: GLOBAL MICROGRID MARKET, BY GRID CONNECTED, 2022-2028 (IN $ MILLION)

FIGURE 17: GLOBAL MICROGRID MARKET, BY ISLAND GRID, 2022-2028 (IN $ MILLION)

FIGURE 18: GLOBAL MICROGRID MARKET, BY INDUSTRY VERTICAL, 2021 & 2028 (IN %)

FIGURE 19: GLOBAL MICROGRID MARKET, BY COMMERCIAL & INDUSTRIAL, 2022-2028 (IN $ MILLION)

FIGURE 20: GLOBAL MICROGRID MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)

FIGURE 21: GLOBAL MICROGRID MARKET, BY EDUCATIONAL INSTITUTIONS, 2022-2028 (IN $ MILLION)

FIGURE 22: GLOBAL MICROGRID MARKET, BY MILITARY & DEFENSE, 2022-2028 (IN $ MILLION)

FIGURE 23: GLOBAL MICROGRID MARKET, BY GOVERNMENT & UTILITIES, 2022-2028 (IN $ MILLION)

FIGURE 24: GLOBAL MICROGRID MARKET, BY OTHER INDUSTRY VERTICALS, 2022-2028 (IN $ MILLION)

FIGURE 25: GLOBAL MICROGRID MARKET, BY REGIONAL OUTLOOK, 2021 & 2028 (IN %)

FIGURE 26: UNITED STATES MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 27: CANADA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 28: UNITED KINGDOM MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 29: GERMANY MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 30: FRANCE MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 31: ITALY MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 32: SPAIN MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 33: NETHERLANDS MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 34: REST OF EUROPE MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 35: CHINA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 36: JAPAN MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 37: INDIA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 38: SOUTH KOREA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 39: ASEAN COUNTRIES MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 40: AUSTRALIA & NEW ZEALAND MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 41: REST OF ASIA-PACIFIC MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 42: BRAZIL MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 43: MEXICO MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 44: REST OF LATIN AMERICA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 45: UNITED ARAB EMIRATES MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 46: SAUDI ARABIA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 47: ISRAEL MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 48: SOUTH AFRICA MICROGRID MARKET 2022-2028 (IN $ MILLION)

FIGURE 49: REST OF MIDDLE EAST & AFRICA MICROGRID MARKET 2022-2028 (IN $ MILLION)

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