Microgrid Market Analysis:
The microgrid market is a rapidly growing sector in the energy industry, driven by a variety of factors such as increasing demand for reliable and resilient power supply, the need to reduce carbon emissions and the advancement of technology. A microgrid is a local energy system that can operate independently or in conjunction with the main power grid. It is typically composed of distributed energy resources, such as solar panels, wind turbines, and batteries, that can generate, store, and distribute electricity to meet the energy needs of a specific location or community.
Microgrid Market is projected to be worth USD 60.25 Billion by 2030, registering a CAGR of 12.24% during the forecast period (2022 - 2030). Increasing demand for secure and reliable power supply is expected to drive the Microgrid Market globally throughout forecast period.
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COVID-19 Impact on the Worldwide Market
COVID-19 has had an impact on the global economy by bringing numerous sectors to a halt. Companies in the power sector are facing a number of issues as a result of a decrease in resources and labor. The objective for deploying distributed energy resources has almost come to a halt as a result of the pandemic and containment efforts.
Several corrective steps, however, are being implemented to boost microgrid growth post COVID-19. Solar Energy Industries Association (SEIA), Advanced Energy Economy (AEE), Institute for Local Self-Reliance (ILSR), and Alliance for Rural Electrification (ARE), for example, are taking steps to get microgrid projects back on track. These associations' ideas for clean energy and expanding microgrids come at a time when nearly 100,000 advanced energy workers in the United States are out of employment. Proposals to strengthen distributed energy are emerging, however, as the US government develops a stimulus package in reaction to COVID-19-induced unemployment.
Furthermore, this package is likely to provide some assistance, particularly for the DER and microgrid markets. The package is intended to not only safeguard the survival of the power industry but also to stimulate the overall economy. Solar, microgrids, and other DER investment can help the economy recover by saving homeowners and businesses, creating jobs, and lowering carbon emissions.
Furthermore, COVID-19 mitigation measures for microgrids are appropriate for grid edge technologies that provide improved diagnostics and remote operations, spurring additional investment. Furthermore, long utility sales cycle times are projected to reduce the pandemic's detrimental influence on investment plans. For example, in May 2020, SimpliPhi Power, a lithium-ion energy storage company, worked with the non-profit Footprint Project to bring a sustainable energy microgrid field hospital to the Matamoros migrant camp in Mexico.
Market Segmentation
The global microgrid market has been segmented into type, component, power source, and end-use.
- By type, the global microgrid market has been segmented into Grid Connected and Off-Grid.
- By component, the global microgrid market has been segmented into Hardware, Software, & Services.
- By power source, the global microgrid market has been segmented into Natural Gas, Solar PV, Diesel, Fuel Cell.
- By end-use, the global microgrid market has been segmented into Industrial and Healthcare.
Regional Analysis
North America to Dominate the Global Market
North America held the greatest share of the microgrid market. The existence of a significant number of microgrid developers, as well as government measures to promote the adoption of microgrids, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) project, has given the region significance in the microgrid industry.
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Key Players
The key players in the global microgrid market are ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Exelon Corporation (US), S&C Electric (US), Power Analytics Corporation (US), Siemens (Germany), and Microgrid Energy LLC (US), among others.
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