Microgrid Market Worth USD 206.1 billion by 2031 Globally, at a CAGR of 11.3 % | Transparency Market Research (Industry Analysis, Share, Size, Demand)
Renewable energy sources such as solar and wind power and environmental concerns to drive demand for microgrid market.
Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The market for microgrid was worth US$ 63.5 billion in 2020. A CAGR of 11.3% is predicted for the market between 2021 and 2031. According to TMR, Microgrid sales will reach US$ 206.1 billion by 2031.
A microgrid allows for decentralized power production, making it easier for businesses, communities, and even individuals to generate their electricity. As a result, power plants become less dependent on power, and overall energy resilience is enhanced.
Solar and wind power are great renewable energy sources for microgrids. A microgrid can facilitate the integration of intermittent energy sources with clean and more sustainable solutions as the world shifts towards cleaner, more sustainable solutions.
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A microgrid can increase the resilience and reliability of an energy system. As a result of earthquakes, cyberattacks, and cyberwarfare, microgrids are capable of providing uninterrupted power to critical infrastructure.
Microgrids can now store excess energy generated by microgrids for later use thanks to improvements in energy storage technologies, such as advanced batteries. As a result, microgrid systems are more stable and reliable.
Microgrids can be better managed and controlled by integrating smart grid technologies. Improved energy efficiency is achieved by monitoring, automating, and optimizing energy consumption in real time. Microgrids are an alternative solution to extending the main grid in remote or off-grid areas. Energy access in developing regions will be significantly improved due to this. The development of microgrids was encouraged by supporting policies and providing funding by many governments and organizations.
Global Microgrid Market: Key Players
Companies invest in research and development to expand their product portfolios. A manufacturer aims to maintain its market position by launching new products, acquiring companies, forming partnerships, and cooperating with others.
- Siemens AG
- General Electric
- S&C Electric Company
- ABB Group
- Schneider Electric SE
- Engie Group
- Honeywell International Inc.
- Echelon Corporation
- Pareto Energy Limited
- Toshiba Corporation
- Duke Energy Corporation
- Power Analytics Corporation
Key Findings of Market Report
- A rise in renewable energy sources is expected to fuel the market during the forecast period.
- Based on connectivity, grid-tied is projected to drive microgrid market growth.
- Microgrids in the market are expected to be driven by industrial and community applications.
- Microgrids are expected to be in high demand in developing regions like India and China in the Asia Pacific region.
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Global Microgrid Market: Growth Drivers
The microgrid enhances energy resilience by generating and distributing power locally. The need for this is particularly crucial in areas with a high risk of natural disasters or areas with problems with grid reliability. Smart grids and control systems, along with advances in energy storage, have led to greater feasibility and efficiency in microgrid deployment. Microgrids can provide reliable, locally sourced energy sources because of the increasing transportation electrification.
Microgrids are becoming more popular due to the trend towards decentralized energy systems. As a result, distribution and transmission losses can be reduced. Solar and wind energy can be integrated into microgrids well. Managing intermittent power sources better and blending energy sources more sustainably are two benefits they provide.
Using microgrids to optimize energy use, reduce peak demand charges, and participate in demand response programs can help businesses and communities save money. Policy incentives, regulations, and government incentives have been crucial in fostering microgrid development. These measures often include incentives, tax credits, and reduced regulations.
Microgrids have become popular to ensure a consistent and secure power supply due to concerns about the security of the centralized power grid. Rural area with no grid connection is particularly suited for a microgrid. For these communities, they provide a sustainable and independent energy solution. To reduce their carbon footprint and demonstrate their environmental responsibility, many companies are implementing microgrids as part of their sustainability initiatives.
Global Microgrid Market: Regional Landscape
Asia Pacific region is expected to lead the demand for microgrids in the market. Developing renewable energy sources is becoming a more important part of the Asia-Pacific region’s energy mix due to the growing energy demand and environmental concerns. Solar and wind power can be integrated into microgrids at a smaller scale, making energy infrastructures more sustainable and resilient.
Building resilient energy infrastructure is becoming increasingly important as natural disasters continue to occur in the Asian region, such as earthquakes, typhoons, and floods.
Enhanced resilience of the energy system can be achieved by combining microgrids with the main grid or operating independently.
Most rural areas and remote areas of Asia-Pacific do not have reliable access to electricity. These microgrids can promote economic development in rural areas and improve quality of life by promoting rural electrification.
Key Developments
- In November 2023, Tampa-based Block Energy signed a $4.2 million deal with a Florida new home subdivision to install 77 microgrids connected by solar arrays. In Lakeland, Florida, a new community will be called Myrtlebrook.
- In November 2023, The federal government and Hydro-Québec are investing another C$3.7 million to make Lac-Mégantic, a town in Quebec’s Estrie region severely damaged by a runaway oil train a decade ago, a model for other communities two years after commissioning a smart microgrid.
Global Microgrid Market: Segmentation
- By Connectivity
- Grid-tied (Grid-connected)
- Off-grid
- By Application
- Campus & Institution
- Community & Utility
- Commercial & Industrial
- Defense & Military
- Remote Island
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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