Researchstore.biz launched a study titled “Global Microgrid Market by Type (AC Microgrid, DC Microgrid, Hybrid), Connectivity (Grid Connected, Remote/Island), Offering (Hardware, Services, Software), Power Source (Natural Gas, Solar, Fuel Cells, Combined Heat and Power, Diesel, and Others), Application (Healthcare, Industrial, Military, Electric Utility, and Educational Institutions), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global microgrid market is expected to grow from USD 17.05 Billion in 2017 to USD 38.74 Billion by 2025 at a CAGR of 10.27% during the forecast period from 2018-2025. Major drivers that fuel the growth of microgrid market are:
- Increased demand for automated grid systems
- Reduction in carbon footprint
- Integration of IoT with microgrid
- Low cost and clean energy storageMarket Summary:
A microgrid is a small-scale power grid that is used to provide power for various purposes. The conventional electrical distribution system offers power generation and transmission to individual consumer or industries whereas microgrid can be used to provide power to whole area or cities based on the requirement. The microgrid can be connected as both grid-connected as well as remote/island modes and can be of various designs and sizes. It can be connected to the other grid or can operate as standalone system to generate energy for later crisis such as blackouts, power outages, or storms.
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Increased demand for automated grid systems and reduction in carbon footprint is anticipated to drive microgrid market:
Increased demand for automated grid systems, reduction in carbon footprint are the key driving factors for the microgrid market. In addition, low cost and renewable energy will lead to the growth of the microgrid market in a couple of years. High installation and maintenance cost of microgrid and land acquisition & registration procedures for installations in rural areas may limit the growth of the market. However, the integration of IoT with microgrid in various industries is expected to boost the microgrid market over the forecast period.
The global microgrid market is segmented on the basis of type, connectivity, offering, power source, application, and regions.
DC microgrid segment valued around USD 6.61 Billion in 2017
Type segment includes AC microgrid, DC microgrid, and hybrid. DC microgrid segment is anticipated to grow with the highest CAGR over the forecast period. Here, contributing factors are cost efficiency and uses of power sources like solar, diesel, fuel cells to provide power sources for various requirements. The increasing use of distributed generations and energy storages is the key factor to drive the demand of DC microgrid segment.
Software segment is anticipated to grow with highest CAGR of 12.19% over the forecast period
Offering segment is divided into hardware, software, service. Software helps in controlling the microgrid by using the applications installed in systems, smartphones, or tablets. This convenience of accessing the microgrid even if we are apart from microgrid location is playing the chief role in shaping business growth, disrupting industry verticals and acting as a catalyst for business modernization.
Healthcare segment held the largest market share of 26.97% in 2017
Application segment covers healthcare, educational institutions, industrial, military, and electric utility. Healthcare segment is anticipated to grow with the highest CAGR as microgrid devices allow the emergency power backup service. The healthcare needs immediate power backup as the life-saving devices used in hospitals wholly relay on the power.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region valued around USD 5.94 Billion in 2017. The technological advancement, adoption of automated grid systems, and the presence of major players are some of the factors that led to the growth of the microgrid market in this region.
The major players for microgrid market include Exelon, Lockheed Martin Corporation, ABB Group, Power Analytics, Toshiba Corporation, ZBB Energy Corporation, Echelon Corporation, Siemens AG, Honeywell International Inc., Pareto Energy, Homer Energy, Caterpillar Inc., Advanced Microgrid Solution, Green Energy Corporation, General Electric Company, NREL Sustainable Power System, Schneider Electric, and others.
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