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), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI1187  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 430   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Microgrid Market size exceeded USD 8 billion in 2019 and is estimated register over 24% CAGR between 2020 and 2026. Increasing demand for uninterrupted and reliable power supply in line with growing electrification rate primarily across the emerging economies will boost the product demand. Rising penetration of captive power generation on account of rapid industrial development across the remote areas will fuel the industry landscape. In addition, increasing R&D investments toward the development of advanced electrical infrastructure for monitoring and controlling of growing power demand will also push the business dynamics.
 

Microgrid Market

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Microgrid Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 8.2 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 24.3% 2026 Value Projection: 9.1 (GW)
Pages: 430 Tables, Charts & Figures: 833
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,
Companies covered (15): Eaton Corporation, Siemens Ag, GE Alstom, Schneider Electric SE, ABB, Caterpillar Inc, Homer Energy LLC, Lockheed Martin Corporation, Hitachi, Honeywell International, Exelon Corporation, Toshiba Corporation, Advanced Microgrid Solutions, Viridity Energy, Inc, Tesla
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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Integration of sustainable energy technologies followed by development of Tier II & III cities will propel the industry scenario

Grid connected microgrid market is estimated to grow on account of declining component prices and rising investments toward integration of sustainable power technologies. Growing consumer inclination toward security of supply along with development Tier II & III cities backed by government aided policies will provide opportunities for business expansion.
 

Continuing modernization and automation of small scale industries followed by rapid expansion of power distribution infrastructure will escalate the product adoption. Ongoing technological advancements including development of advance energy storage technologies, power generating systems and software will augment the business landscape.
 

Expansion of HVDC networks will augment the DC microgrid industry trends

Microgrid Market By Grid Type

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The DC microgrid market is set to exceed USD 9 billion by 2026. The growing need for quick fault clearance facility coupled with the increasing demand for HVDC systems will drive the product deployment. Favourable regulatory and consumer outlook toward the expansion of HVDC lines will drive the demand for effective microgrid systems for the entailed end consumer.
 

In addition, ongoing government schemes including feed-in tariffs and similar reforms will escalate the demand for grid-integrated renewable establishments.
 

Shifting trends toward gas-based electricity generating systems will boost the natural gas-based microgrid industry

Favorable government norms toward the integration of efficient and sustainable power generation sources will foster the natural gas-powered microgrid infrastructure. Sturdy upsurge in the domestic & international gas demand primarily for electricity generation has instituted a positive industry scenario. Moreover, ongoing consumer awareness toward energy transition driven by concerns over fuel diversification has reinforced an extensive business platform.
 

Diesel generator is anticipated to surpass 3 GW by 2026. Rapid industrialization along with the deployment of large-capacity power generation facilities will boost the demand for diesel generator sourced microgrid networks. In addition, increasing demand for community-based grid deployment across residential establishments will drive the product adoption. Increasing government commitments in line with favorable electrification policies have further nourished the technological growth.
 

Lithium-ion microgrid market will grow on account of ongoing deployment of renewable energy technologies

Lithium-ion segment is projected to achieve over 25% through 2026. Large scale deployment of sustainable energy technologies including hydro, solar, and wind energy has augmented the development of these systems. Extensive research & development activities coupled with technological innovations followed by government funded schemes will facilitate the business outlook. These units integrate key advantages including low cost of energy storage, improved efficiency & resiliency and reduction in emissions which makes them preferable over other alternatives.
 

Ongoing sustainable energy reforms across residential & commercial establishments will accelerate the product demand

Rapid urbanization along with favorable government reforms across residential & commercial establishments will drive the microgrid market statistics. Sustainable on-site generation technologies coupled with smart control networking initiatives will boost the technology adoption. In addition, growing community-based electrification demand along with increasing public and private funding toward the adoption of decentralized generation units will complement the industry outlook.
 

The global economy has been hit hard by an unexpected outbreak of the novel coronavirus, also called COVID-19. According to the World Health Organization (WHO), the virus has impacted more than 100 countries and has also caused lockdowns in a few nations, in turn, limiting the industry growth. However, rapid growth in the expansion of healthcare and remote sector have led to the expansion & enhancements of the electric grid infrastructure.
 

Asia Pacific market is set to dominate the overall industry scenario

Asia Pacific Microgrid Market By Power Source

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Asia Pacific and North America holds over 75% of the market share in 2019. Supportive regulatory reforms and growing investments toward rural electrification across developing countries including India, Philippines and Malaysia will support the business trends. The regulatory authorities are focusing toward achieving 100% electrification rate, energy security and renewable energy integration to provide long term benefits.
 

Japan microgrid market demand is projected to grow at a rate of 25% through 2026. Growing infrastructural investments coupled with flourishing residential sector will augment the business landscape. Increasing power demand along with by replacement and expansion of electrical grid network will energize the industry scenario. The deployment of distributed energy technologies including rooftop solar PV on account of ongoing initiatives including FIT’s and tax rebate will positively impact the business landscape.
 

North America microgrid industry is set to grow owing to regulatory incentives, high utility prices, and vulnerability to grid outages. Advancements toward grid reliability during extreme weather events, environmental concerns, local revenue opportunities or cost management, and increased autonomy are few factors driving the technological adoption across the region.
 

Product development and ongoing mergers and acquisition will act as a crucial point for market participants

The key players are directing toward high-tech advancements along with merger and acquisitions to meet the prevailing competition in the industry. The eminent companies are laying prominence on backward integration and economies of scale for sustaining quality standards. Major market participants operational across microgrid market includes Siemens, Eaton, GE Alstom, Schneider Electric, ABB, Homer Energy, Honeywell International, Hitachi, Lockheed Martin, Exelon, Toshiba, Advanced Microgrid Solutions, Viridity Energy Solutions, Caterpillar, and Tesla.
 

Microgrid market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

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 Device

  • Lithium-ion
  • Lead acid
  • Flow battery
  • Flywheels
  • Others

By Application

  • Healthcare
  • Educational institutes
  • Military
  • Utility
  • Industrial/commercial
  • Remote
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Russia
    • Spain
    • Italy
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Iran
    • Nigeria
  • Latin America
    • Brazil
    • Argentina
    • Chile
       

Frequently Asked Questions (FAQ) :

In 2019, the global market size crossed USD 8 billion and may exhibit 24% CAGR through 2026, driven by rising demand for uninterrupted power supply.
The DC microgrid business may exceed USD 9 billion by 2026, owing to rising demand for quick fault clearance facility and HVDC systems.
Diesel-based segment size may exceed 3 GW by 2026, driven by robust industrialization and implementation of large-capacity power generation facilities.
Japan market share may depict 25% through 2026, owing to the rise in infrastructural investments and the expanding residential sector.?

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 430
  • Tables: 797
  • Charts / Figures: 36
  • Companies covered: 15
  • Countries covered: 24

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