The global Microgrid market is estimated to expand at 12.10% CAGR during the forecast period.
A microgrid is a small-scale power supply network designed to provide power for a relatively small group of end-users. It consists of interconnected loads and distributed energy resources within clearly defined electrical boundaries that act as a single controllable entity with respect to the main grid. Moreover, microgrids can function when connected to the main grid as well as when they are not connected to the main grid and act as an electrical island.
Increasing demand for reliable and secured power supply, government initiatives to reduce carbon footprint, widespread industrialization and population growth fueling demand for energy storage systems, convergence of IoT in enhancing microgrid connectivity, and benefits of clean and reasonable energy, drive the market. Utilities, across the globe consider microgrids a building block for a smart grid and focus on microgrid R&D as a key focus area.
Also Read: http://www.marketwatch.com/story/impact-of-covid-19-on-microgrid-market-2020-growth-potential-industry-analysis-by-type-component-power-source-application-share-size-technologies-and-forecast-2023-2020-08-14
Industry Highlights
A microgrid refers to a grid that can manage distributed energy resources and loads, which can be operated in a controlled and coordinated way. The microgrid can be operated while connected with a main grid and can also operate in off-grid mode. These grids are generally located near the power consumption site. These grids are also being equipped with energy storage systems, as batteries become more cost competitive. The entire system of microgrid is being controlled by microgrid controller incorporating demand response so that the demand can be matched to available supply in the safest and most optimized manner.
Market Segmentation
Market Research Future report offers a wide segmental analysis of the microgrid market on the basis of type, component, power source and end-user.
Based on type, the microgrid market is segmented into off-grid and grid connected. Of these, the off-grid segment will have the largest share in the market over the estimated years owing to heavy decline in the cost of wind power sources and solar PV.
Based on component, the microgrid market is segmented into services, software and hardware. Of these, software will domineer the market over the estimated years owing to increasing adoption of software in utilities, municipalities, commercial and industrial sites, and university campuses.
Based on power source, the microgrid market is segmented into fuel cell, diesel, solar PV and natural gas. Of these, natural gas will lead the market over the estimated years.
Based on end-use, the microgrid market is segmented into healthcare and industrial. Of these, industrial will have a major share in the market over the estimated years.
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North America is estimated to be the fastest growing market for microgrid.
Region wise, North America held the largest market share of the global microgrid market in 2017. It is estimated that North America would be the largest market during the forecast period. The global planned and completed microgrid capacity stands at capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity is in North America.
Scope of the Report
This report provides an in-depth analysis of the global microgrid market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Microgrid market by its type, component, power source, end-use, and region
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