“The microgrid market is likely to grow at a CAGR of 12.45% between 2016 and 2022”
The microgrid market was valued at USD 16.58 billion in 2015 and is expected to reach USD 38.99 billion by 2022, at a CAGR of 12.45% during the forecast period. The market growth can be attributed to several factors such as growing demand for automated grid system and enhancement in microgrid connectivity through integration of IoT. The major restraints for the microgrid market are the high initial cost of installation and land acquisition and registration complications for solar PV installation in rural areas.
“The market for healthcare is expected to grow at a high rate during the forecast period”
Hospitals are an essential facility leveraging the advantages of the microgrid. The microgrid system provides significant economic and environmental benefits to the most advanced healthcare facilities. It has the ability to optimize the energy consumption for any type of facility, and this brings particular value to public facilities such as hospitals, which use mass quantities of power to maintain daily operations without risking an outage. The increasing need for uninterrupted power supply in the healthcare vertical is the key factor contributing to the growth of this market.
“The market in APAC is expected to grow at the highest rate during the forecast period”
Rise in microgrid installations in Africa and APAC for rural electrification projects and rapidly growing mining vertical in the Indian market, along with investments made by both national and international companies such as ABB, Siemens, GE, and Schneider Electric, are some of the key factors contributing to the growth of the microgrid market in APAC. The countries considered in APAC are China, Japan, India, Australia, and Rest of APAC. The Americas holds the largest share of the microgrid market as there is strong support for microgrid development from the U.S. and Canadian governments. Additionally, many big players and the start-ups in this region are investing more for technological enhancement of microgrid.
Breakdown of primary participants’ profile by different parameters:
- By Company Type: Tier 1-50%, Tier 2-33%, and Tier 3-17%
- By Designation: C Level-50%, Director Level-33%, and Others-17%
- By Region: Americas-67%, Europe-16%, and APAC-17%
The key players operating in this market are ABB Ltd. (Switzerland), General Electric (U.S.), Eaton Corporation PLC (Ireland), Siemens AG (Germany), Exelon Corporation (U.S.), Schneider Electric (France), Caterpillar Inc. (U.S.), Power Analytics Corporation (U.S.), HOMER Energy LLC (U.S.), and S&C Electric Company (U.S.).
In this report, various segments such as offering, connectivity, grid type, vertical, and geography have been covered. The report also discusses the drivers, restraints, opportunities, and challenges for the market. It gives a detailed view of the market across four main regions: the Americas, Europe, APAC, and RoW. Porter’s five forces analysis has been included in the report, along with the description of each force and its impact on the market.
Reasons To Buy the Report:
- This report includes the statistics pertaining to the microgrid market in terms of offering, connectivity, grid type, vertical, and geography, along with their respective market size (in terms of value for the hardware segment).
- Porter’s five forces analysis, value chain analysis, and key strategies adopted by the market players have been provided for the microgrid market.
- Major drivers, restraints, opportunities, and challenges for the microgrid market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the microgrid market based on its segments and subsegments.