Microgrid Market Analysis:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
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, 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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