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Microgrids Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2020 | 3572 Views
 
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A microgrid is a localized group of electricity sources and loads that is synchronized with the major traditional power grid. Microgrid in the island mode can be disconnected from the major grid and operated autonomously. Microgrid, also known as small-scale power grid, can be combined with various renewable solar, wind powered, and waste-to-energy sources. Moreover, they can be powered by batteries or solar panels. Microgrids connected to main power source are more reliable source of electricity, as these make power grid less susceptible to localized disaster.

 

Market scope and structure analysis

                                              Report Metric

                                                                                                       Details

  Market size available for years

  2019–2027                     

  Base year considered

  2019                              

  Forecast period

  2020–2027                     

  Forecast unit

  Value (USD)           

  Segments covered

  Connectivity, Power Sources, Power Storage, Application, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA

  Companies covered

Lockheed Martin, ABB Ltd., General Electric, Eaton Corporation, Siemens, Exelon Corporation, S&C Electric, Microgrid Energy LLC, Schneider Electric, and Honeywell

 

COVID-19 scenario analysis 

The outbreak of the COVID-19 pandemic has negatively impacted the global microgrids to a notable extent. 

  • Owing to the lockdown imposed in different countries, the requirement of power has declined drastically, as most of the industrial and commercial operations have halted.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Increase in demand for reliable and uninterrupted power supply coupled with integration of clean and renewable energy sources in local power grid has led to the growth of microgrid market. In addition, industry players across different countries are investing significantly in the development of infrastructure to provide low cost and clean electricity in remote areas, thus fueling the demand. However, high installation cost of microgrids and lack of regulatory frameworks for microgrids operation are expected to hinder the growth. On the contrary, with the introduction of distributed energy resources in power system, microgrids are expected to achieve environmental and environmental benefits through utilizing automation, thus creating lucrative opportunities for the market.

Microgrid is expected to be a multi-billion-dollar market, and is expected to grow at a significant rate during the forecast period. At present, the market is led by North America, owing to rapid industrialization and electrification. However, Asia-Pacific is anticipated to witness high growth potential, owing to the presence of emerging economies.

Global microgrids market trends 

Requirement of safe power sources in special sectors

Owing to modernization in communication technologies, such as wireless and cloud computing, the traditional power systems are susceptible to cyber-attacks. High priority sectors, such as the defense services and research labs require a secure network with round-the-clock power supply from an independent external power station. This has led to increase in demand for microgrids across the globe, thereby augmenting the growth of the market.

Less pollution and minimal wastage of energy 

Rise in concern from different countries around the globe regarding greenhouse gas emission boosts the demand for renewable and clean energy sources. Efficient microgrid systems with the potential of battery energy storage devices can reduce the percentage of CO2 footprint, thus augmenting the market growth, globally. In addition, lower transmission loss in microgrids as compared to conventional power grids is expected to boost the market growth. For instance, microgrids generate power locally and reduce dependence on long distance transmission lines, thereby minimizing transmission losses.

Key segments covered

                                                      Segment

                                                                                                             Subsegment

  Connectivity

  • Grid Connected
  • Off-grid

  Power Sources

  • Diesel Generators
  • Natural Gas
  • Solar PV
  • Others

  Power Storage

  • Lithium-ion
  • Lead Acid
  • Others

  Application

  • Healthcare
  • Educational Institutes
  • Defense
  • Industrial/Commercial
  • Remote
  • Others

 

Key benefits of the report

  • This study presents the analytical depiction of the global microgrids industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global microgrids market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global microgrid market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global microgrids market research report:

  • Which are the leading market players active in the global microgrids market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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