Market Outline Market Research Future (MRFR) projects that the global Microgrid Market Size 2020 can record a decent CAGR of 12.10% from 2018 to 2023 (forecast period). Overview Microgrids have gained massive favor in commercial markets in recent years, driven by technological advancements, declining costs, increasing recognition of their benefits as well as a proven track record. They are used to enhance the reliability as well as the resilience of electrical grids in a bid to administer the addition of distributed clean energy resources such as solar and wind photovoltaic (PV) generation. This way, it helps bring down fossil fuel emissions and provide electricity in locations that are unserviceable by centralized electrical infrastructure. The microgrid market forecast by MRFR reveals various trends and opportunities that can gain traction in the coming years. Growth Boosters and Main Barriers Advancing demand for reliable as well as uninterrupted power supply combined with the surge in favorable measures pertaining to the integration of clean energy sources is boosting the growth of the microgrid market. Rising penetration of captive power generating sources because of the rapid industrial development across remote areas also benefits the market. Also, the growth in electrification programs implemented by government-aided schemes coupled with the mounting awareness towards the security of supply can give rise to numerous opportunities for business expansion among players. Falling component prices and increasing investments in the integration of sustainable energy technologies can shape the industry dynamics positively. Frequent technological advancements for developing advanced distributed power generating systems, energy storage systems, and software can also complement the market outlook in the following years. Some more growth-inducing factors in the microgrid deployment market include reduced costs of microgrid control technologies, the rising popularity of privately generated clean energy, and intensifying efforts to elevate the energy grid resilience. More and more electric companies are deploying microgrids in order to enhance the resiliency, offer cleaner energy, provide the customers with more data regarding their energy use, facilitate greater energy efficiency, and deliver highly advanced products and services for future customer needs and demands. Market Opportunities Exposed Grid Vulnerabilities Can Boost the Adoption of Microgrids Power outages have almost tripled in the past ten years, impacting more communities and businesses around the world. The existing grid infrastructure is vulnerable, is aging and is not equipped to reliably serve everyone. This situation is giving way to the demand for advanced microgrids that can facilitate uninterrupted electricity supply. Moreover, increasing investments in solar energy can also emerge as a significant opportunity in the market during the review period.
Market Segmentation Microgrid market research conducted by MRFR analysts identifies the top segments as type, component, power source, and end-user. The types of microgrid are grid-connected as well as off-grid. Off-grid type is garnering more attention in the market, compared to its counterpart, thanks to the rising use of renewable energy resources. The component-wise segments are software as well as hardware. The hardware segment can attain the largest portion of the microgrid market, while the software segment can note the fastest growth rate. The software segment is racing at great speed owing to the rising adoption across a variety of end-user segments like university campuses, industrial & commercial sites, utilities, and municipalities. Depending on the power source, the segments are natural gas, solar PV, diesel, fuel cell, and others. The prime end-users in the global market are educational institutes, industrial, military, healthcare, government and utilities, and others. Regional Insight Asia Pacific (APAC), North America, the Middle East and Africa (MEA) and Europe are the regions where the microgrid market analysis has been carried out by MRFR. In 2017, North America led the global market and can continue to remain at the top during the review timeframe. Favorable government rules pertaining to the integration of renewable energy technologies coupled with the ongoing projects attempting to electrify remote areas can foster the market share in the region. In APAC, rising deployment of sustainable energy sources to bring down the dependency on the existing electric networks can bolster the industry dynamics in the near future. Growing investments in clean energy sources can boost the business landscape. Additionally, the rising industrialization, as well as urbanization across emerging countries like India and China and the presence of advanced HVAC and heavy load machinery systems within the industrial sector, can also help the microgrid market size expand in the region. Leading Players Leading companies in the global market for microgrid market are GE (US), Siemens (Germany), Schneider Electric (France), Honeywell (US), Exelon Corporation (US), ABB (Switzerland), Eaton (Ireland), Microgrid Energy LLC (US), S&C Electric (US), Power Analytics Corporation (US), to name a few. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR),
Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com