Microgrid Market Size By Connectivity (Grid Connected, Off-Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Nov 2017  |  Report ID: GMI1187  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 300   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Microgrid Market size surpassed USD 4 billion in 2016 and is set to exceed an annual consumption of 7,000 MW by 2024.

China Microgrid Market Size, By Grid Type, 2016 & 2024 (USD Million)

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Rising demand for uninterrupted and reliable electricity supply coupled with ongoing measures toward the integration of sustainable energy technology is set to drive the microgrid market size. Incorporation of distributed power generating systems along with increasing penetration of captive plants across the manufacturing and industrial sector will complement the business scenario. Moreover, positive outlook toward global electrification owing to government aided schemes and growing awareness toward its supply security is projected to enhance the industry outlook.

Regulatory disposition with an aim to stabilize load on the central grid system coupled with introduction of government directives to electrify urban & rural areas is set to positively influence the product adoption. Ongoing R&D activities along with high end innovation in technology and software design and reduction in power generation costs will augment the business landscape.

Microgrid Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 4 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 19.6% 2024 Value Projection: 19 Billion (USD)
Pages: 300 Tables, Charts & Figures: 810
Geographies covered (24): U.S., Canada, Mexico, Germany, France, UK , Russia, Spain, Italy, Denmark, China, Japan, South Korea, India, Australia, Indonesia, Brazil, Argentina, Chile, Saudi Arabia, UAE, South Africa, Iran, Nigeria
Segments covered: Connectivity, Grid Type, Source, Storage, Application and Region
Companies covered (17): ABB Ltd, General Electric, Eaton Corporation, Siemens, Schneider Electric, Caterpillar Inc., Honeywell International, GE Alstom, Homer Energy LLC, Power Analytics Corporation, Advanced Microgrid Solutions, EnSync Inc., Viridity Energy, Inc, Lockheed Martin Corporation, Exelon Corporation, Hitachi Ltd, Emerson Electric Co.
Growth Drivers:
  • North America
  • Renewable energy integration
  • Europe
  • Integration of renewable energy technologies
  • Asia Pacific and Middle East & Africa
  • Growing demand for off grid electricity
  • Government program toward electrification
  • Increasing electricity demand
Pitfalls & Challenges:
  • High capital cost

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By Connectivity

Grid connected is set to grow owing to expansion of utility-based grid networks coupled with large scale deployment of renewable technology including offshore wind. Improved energy efficiency & resiliency, low cost of energy storage and reduction in carbon emissions are the underline parameters driving the product demand. Moreover, the Government of Portugal established Evora project with an aim to offer energy forecast by simultaneously curbing GHG emissions and reducing T&D losses.

 By Grid Type

AC microgrid market size was valued over USD 2 billion in 2016. Lower transmission losses, lesser heat generation and effective & flexible high-end voltage levels are the prime factors driving the product penetration. Moreover, ease of controlling and monitoring properties coupled with simplified electric storage integration is set to enhance the business outlook.

DC is anticipated to witness substantial gains owing to high efficiency, reliability, cost effectiveness and increasing adoption of grid technology across the remote areas. Growing integration of these grids with other distribution generation technologies including solar PV systems will foster the product penetration. In addition, higher resiliency during grid outages, low investment requirement and significant reduction in carbon emissions is set to encourage the adoption of microgrids.

By Power Source

Germany Microgrid Industry Size, By Power Source, 2016 (USD Million)
Germany Microgrid Industry Size, By Power Source, 2016 (USD Million)

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Natural gas will observe substantial gains on account of increasing global and domestic gas demand primarily for power generation. Growing competition from the U.S. shale gas boom and its expanding gas industry is set to encourage investments in tight gas projects thereby enhancing the technology adoption.

Rapid industrialization coupled with the deployment of large-capacity energy generation facilities will augment the penetration for diesel generator sourced microgrid networks. Growing demand for heavy-duty generators across various industrial sectors is set to drive the product adoption. In addition, low overall installation costs in comparison with other auxiliary sources will positively influence the industry scenario.

By Storage Device

Flow battery was worth over USD 200 million in 2016. Numerous research initiatives to drive cost-effective storage technologies will enhance the product demand. Higher efficiency along with longer life cycle further support the development of affordable and energy efficient products.

The lead-acid battery is anticipated to grow owing to development of auxiliary storage technologies along with increasing technical advancements. High gravimetric & volumetric densities coupled with extended life cycle will stimulate the product demand. In addition, mass manufacturing by leading players accompanied by declining product prices is anticipated to strengthen the business outlook.

By Application

Growing focus toward the integration of wide-ranging frequency transmission links along with increasing concern for energy efficiency will stimulate the industrial microgrid market revenue. Rising demand for ultra-high voltage networks along with swelling investments toward electrification programs will further boost the need for effective end consumer distribution networks.

Educational institutes will grow on account of rising funding toward private substations along with accelerating demand for clean energy microgrid owing to greater reliability. Widespread adoption of advanced microgrid software and control technology coupled with ability to offer local generation for efficient distribution among several buildings located within a discrete geographic footprint will positively impact the product demand.

By Region

Saudi Arabia Microgrids Market, By Storage Device, 2016 (USD Million)
Saudi Arabia Microgrids Market, By Storage Device, 2016 (USD Million)

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Denmark microgrid industry will grow on account of increasing energy demand coupled with incorporation of wind energy and solar systems. Introduction of various incentive programs coupled with favourable government policies across energy and infrastructure sector will boost the product installation. For instance, in 2017, funds worth USD 16.5 million were allotted for solar PV projects by Denmark Ministry of Energy.

India is projected to reach over USD 500 million by 2024. Growing investments to provide electricity to rural areas with the objective of achieving 100% electrification rates along with growing concerns toward energy security will foster the product penetration. In addition, advancing economic scenario on account of rapid commercialization and investments across the industrial systems will support the business scenario.

Competitive Market Share

Key microgrid market players include Siemens, Eaton, GE, Schneider, ABB, Homer Energy LLC, Caterpillar, Power Analytics Corporation, Lockheed Martin, Honeywell, EnSync, Viridity Energy, Advanced Microgrid Storage, and Exelon.

Inorganic alliances and partnerships are the key strategic assets by leading industry players. Growing economies of scale along with decreasing capital costs will further lead to business expansion.

 Industry Background

Micro-grid is a small-scale energy supply system designed to power a small community.  It is accessible from proximity sustainable power resources and can function in a controlled and coordinated way. Major application areas include utility, remote locations, military, industrial and commercial sector.

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