$ 42.3 Billion Microgrid Market by Connectivity, Supply, End Use, Model, Type – Global Forecast to 2026

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DUBLIN, September 02, 2021– (BUSINESS WIRE) – The report “Global Microgrid Market Forecast to 2026” has been added to ResearchAndMarkets.com offer.

The global microgrid market is expected to grow from USD 24.6 billion in 2021 to USD 42.3 billion by 2026 at a CAGR of 11.4% during 2021-2026.

The growth of the microgrid market is driven by factors such as the increasing attention to decarbonization by various end users and governments, the increasing demand for uninterrupted power supply, the increasing adoption of microgrids for the rural electrification and increasing cases of cyberattacks against energy infrastructure. The initiatives of the governments of different countries to encourage the development of micro-grids are also fueling the growth of the market.

Segment connected to the network to register a higher CAGR during the forecast period

The grid connected segment of the micro-grids market is expected to register the highest CAGR during the forecast period, by connectivity. They offer a number of advantages, such as network resilience, better power quality and low environmental impact, leading to increased demand. The growth of this segment can be attributed to the expansion of distribution networks on a global scale, coupled with the large-scale exploitation of renewable energy sources, including offshore wind turbines.

Hardware segment is expected to hold the largest share of the market during the forecast period

The hardware segment of the micro-grids market is estimated to register the largest market share in 2026, by offering. Microgrid equipment includes generators, energy storage and distribution systems, and controllers. The main drivers for the growth of the microgrid market for the hardware segment include the increasing number of microgrid projects around the world, decreasing costs of energy storage and renewable energy sources, and increasing government initiatives to promote the use of clean energies and minimize greenhouse gases (GHGs).

Microgrid hardware segment controllers register higher CAGR during forecast period

The controllers segment of the micro-grid hardware market is expected to register the highest CAGR during the forecast period, by type of hardware. Smart meters are expected to experience increased demand globally due to the growing demand for record maintenance by utility companies for monitoring and billing purposes. Smart meters allow remote data collection for billing and provide better power quality (PQ).

The remote segment is estimated to hold the largest share of the market during the forecast period

The remote segment of the micro-grid market is expected to register the largest market share in 2026, by end use. The main factors driving the demand for microgrids for rural electrification are growing government support and the ramping up of the deployment of microgrid projects in remote areas.

Governments of different countries are investing more and more in the development of electrical infrastructure to provide clean and low cost electricity. This translates into increased demand for microgrids in remote areas to generate electricity, as well as to manage and control distributed energy resources.

APAC is expected to become the fastest geographic market between 2021 and 2026

APAC is expected to experience the highest CAGR in the micro-grid market during the forecast period. The growth of the ICCA market can be attributed to the high rate of rural electrification in several economies such as India, Malaysia and the Philippines.

The large number of non-electrified islands in Indonesia and the Philippines, and the lack of appropriate power infrastructure in emerging economies have led to the demand for profitable microgrids in the region. This is expected to contribute to the growth of the APAC microgrid market during the forecast period.

The main players presented in this report:

The microgrid market is dominated by a few established players such as ABB (Switzerland), General Electric Company (US), Siemens (Germany), Eaton Corporation (Ireland) and Schneider Electric (France).

Market dynamics

Conductors

  • Growing focus on decarbonization by various end users and governments

  • Growing demand for uninterrupted and reliable power supply

  • Growing adoption of microgrids for rural electrification

  • Increased cases of cyber attacks on energy infrastructure

Constraints

Opportunities

  • Growing number of micro-grid projects for different verticals

  • Growing Energy Demand and Need for Renewable Energy Expansion in the APAC Region

  • Growing investor interest in the Eaas business model to minimize costs

  • Government support to encourage the development of micro-grids

Challenges

Industry trends

Trends / disruptions affecting customer activity

Key technology trends

Case studies: microgrid market

  • GE: University of Ontario Institute of Technology (Canada)

  • GE: Navy Shipyard Project in Philadelphia (United States)

  • Homer Energy: Ace Natural, New York (United States)

  • S&C Electric: Half Moon Ventures, Minster, Ohio (United States)

  • S&C Electric: Ergon Energy, Queensland (Australia)

Pricing and regulatory landscape

Companies mentioned

  • Abb (Hitachi Abb power grids)

  • Advanced Micro-Grid Solutions (Ams)

  • Anbaric transmission

  • Canopy power

  • Dajie

  • Eaton Company

  • Exelon Company

  • Ferroamp

  • General Electric (Ge)

  • General microgrids

  • Go electric

  • Gram Power

  • Green energy company

  • Homer’s energy

  • Honeywell

  • Pareto energy

  • Power analysis

  • Powerful beehive

  • Powersecure, Inc, a subsidiary of Southern Company

  • S&C Electric

  • Schneider Electric

  • Siemens

  • Spirea

  • You’re here

  • Viridity Energy by Ormat Technology

For more information on this report, visit https://www.researchandmarkets.com/r/e23064

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210902005351/en/

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