Microgrid market projected to grow at a CAGR of 11.97% during forecast period
The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. Increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; and government initiatives to reduce carbon footprint are driving the microgrid market. Major factors restraining the growth of the microgrid market are the high installation and maintenance costs of microgrids, lack of knowledge about procedures to secure license rights for connecting multisite microgrids, and land acquisition and registration procedures creating complications for solar PV plant installations in rural areas.
Government & utilities to hold largest share of microgrid market by 2023
Utility microgrids are usually owned by private or government bodies. Aggressive decline in the prices of renewable resources is one of the major reasons for the growth of microgrids in urban and rural areas. Several major developments have been made in this vertical; for instance, in February 2015, Exelon Corp (US) partnered with Anbaric Transmission (US) to build microgrids in New York, US. Anbaric has experience in competitive markets such as New York and New Jersey in particular, where it has helped develop independent transmission. Also, increasing government initiatives worldwide to maximize the electrification rate is expected to increase the market share of the government & utilities vertical by 2023.
Microgrid market in APAC to grow at highest CAGR between 2018 and 2023
The highest growth of the market in APAC can be attributed to the increasing demand for rural electrification projects and the rapidly growing manufacturing vertical in countries such as India, Taiwan, South Korea, and China. Moreover, investments made by both national and international companies, such as ABB, Siemens, GE, and Schneider Electric, in this region, contribute to the growth of the microgrid market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1-23 %, Tier 2-32%, and Tier 3-45%
- By Designation: C-Level Executives-43%, Directors-27%, and Others-30%
- By Region: Americas-22%, Europe-25%, APAC-43%, and RoW-10%
Companies that provide a range of customized solutions to customers are expected to emerge as game changers.
This report profiles the following key microgrid manufacturers in this market:
1. ABB (Switzerland)
2. General Electric (US)
3. Eaton (Ireland)
4. Siemens (Germany)
5. Schneider Electric (France)
6. Honeywell (US)
7. Homer Energy (US)
8. S&C Electric (US)
9. Power Analytics (US)
10. Exelon Corporation (US)
This report covers the microgrid market based on grid type, offering, vertical, and region. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies, such as product launches and developments, related to the microgrid market.
Key Benefits of Buying This Report
- This report segments the overall market comprehensively and provides the closest approximations of the global microgrid market size and that of subsegments across verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities pertaining to the microgrid market.
- This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market.
- The competitive landscape section includes competitor ecosystem, and new product developments in the microgrid market.