Microgrid Market size is set to surpass USD 73 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising demand for electricity across various facilities in line with rising shift toward sustainable energy development. The growing penetration of reliable & efficient power supply sources along with continuous development of advanced solutions will drive the industry dynamics. In addition, favorable government laws & mandates toward electrification across the remote locations coupled with extensive research & development activities for the development of distributed energy resources will positively impact the business scenario.
The COVID – 19 outbreak has marginally affected the industry owing to the rising number of infected cases across various regions along with strict government-imposed lockdowns a decline in the industrial operations. However, with the restart of various facilities, the industry is expected to grow on account of government efforts toward the renewable energy integration in line with the introduction of innovative & modern technological solutions for power generation.
Continuous production innovations coupled with large-scale deployment of low-emission energy solutions
Off grid connectivity segment is poised to showcase substantial gains during the forecast period, credited to the continuous development of modern and smart solutions for energy supply along with extensive product deployment. For instance, in January 2021, Hitachi Energy Ltd., deployed its first microgrid solution for continuous supply of power for a mining operation project for off grid at the Indonesia’s facility, Indo Tambangraya Megah’s (ITM) also known as Indominco Mandiri (IMM) in Indonesia. The intelligent & smart system uses solar power and offers sustainable & cost-effective power supply. Additionally, rapid industrialization and commercialization coupled with rising demand for off grid electricity will stimulate the industry potential.
Browse key industry insights spread across 660 pages with 1195 market data tables & 29 figures & charts from the report, “Microgrid Market Size Report By Connectivity (Grid Connected, Off Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Power Source (Diesel Generators, Natural Gas, Solar PV, CHP), By Storage Device (Lithium-Ion, Lead Acid, Flow Battery, Flywheel), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Positive outlook toward clean environment along with extensive renewable integration
AC microgrid market is slated to register significant growth during the forecast timeframe, due to the rising shift toward the adoption of enhanced & effective energy solutions along with favorable government plans & programs toward the growth renewables. The ability to supply low transmission loss, effective high end voltage levels across the network, and minimum heat generation in line with its compatibility with grid network and not require inverters for power supply will impact the product demand. Growing requirement for uninterrupted & reliable power supply across various commercial facilities in line with rising electrification rate across the emerging nations will fuel the industry growth.
Increasing deployment of resilient & reliable power supply solutions in line with robust infrastructural development
The diesel generators segment is anticipated to witness substantial gains during the forecast timeline, impelled by the growing requirement for continuous power across various industrial & commercial sectors. Favorable investments for the development of efficient energy solutions to cater to rural areas with minimum grid connectivity along with increased dependency on efficient backup power generation systems will boost the demand for diesel generations. Increasing measures to ensure energy-efficient power supply across various operations in line with rising electricity demand to cater to the real-time electricity service across the life sustaining facilities will led to the deployment of these systems.
Shifting inclination toward large-scale renewable development in line with rising demand for resilient power supply
The microgrid market from educational institutes sector is predicted to observe a 22% growth rate till 2030. The increasing penetration of distributed energy sources pertaining to rapid commercialization and industrialization along with significant development of advanced & efficient solutions will sway the business trend. Shifting focus toward renewable energy integration in line with favorable government programs to promote the growth of sustainable electrical network across the developing economies will complement the industry demand. Moreover, substantial investments by private & public sector institutes toward the expansion & enhancement of grid infrastructure will accelerate the industry landscape.
Stringent government norms & measures to decrease carbon footprint along with shifting focus on clean energy deployment
Europe microgrid market is estimated to witness robust growth owing to increasing concerns toward carbon emissions in line with ongoing government regulations and initiatives including feed in tariff and subsidies to achieve the carbon reduction targets. Furthermore, substantial integration of renewable energy technologies coupled with continuous development of electric grid infrastructure will proliferate the industry expansion. Moreover, the ongoing deployment of distributed power generation systems to maintain the grid stability will augment the market statistics.
Strategic collaboration & partnerships among major players coupled with continuous product deployment
Major companies operating in the market are Exelon Corporation, S&C Electric Company Lockheed Martin Corporation, Heila Technologies, Toshiba Corporation, General Electric, Schneider Electric, Honeywell International, Inc., Hitachi Energy Ltd., General Microgrids, Tesla, Siemens, ABB, Eaton, and Caterpillar.