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Microgrid Market Will Reach Height of USD 17.51 Billion By 2024

Global Microgrid Market is anticipated to reach USD 17.51 billion by 2025. The Microgrid is a combination of generation, distribution, transmission, and electricity and used on a small scale as compared to the conventional Microgrid. Microgrids produce power, and in doing so, decrease necessity of long distance transmission lines and cut transmission damages.

The factors that propel the growth of the microgrid industry include increasing demand for reliable and secure power supply worldwide, government initiatives to reduce carbon footprint, and the compensations of clean and cheap energy storage. On the other hand, there are factors that may hamper the growth of the market including massive investment essential for integrating existing systems with microgrid, high primary cost of installation, solar PV installation in rural areas, and technical barriers. Microgrid Market is anticipated to grow at a significant CAGR of 17.0% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

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Microgrid industry may be explored by type, offering, consumption pattern, verticals, and geography. The market may be explored by type as Remote/Island/Off-Grid, and Grid Connected. The “Remote/Island-Grid” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 due to forthcoming installation of new schemes in Russia, and Arctic circle.

The Microgrid Market could be explored based on offering as Services, Hardware, and Software. The “Software” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 due to high acceptance of software across commercial and industrial sites, university campuses, utilities, and municipalities. The industry may be analyzed by consumption pattern as Semi-urban, Rural/Island, and Urban/Metropolitan.

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Microgrid industry may be categorized by verticals as Healthcare, Educational Institutes, Military, Industrial, Government & Utilities may be subdivided into Rural Electrification and Urban Electrification, and Other verticals may comprise Data Centers, Telecom Infrastructure (Cellphone Towers), and Electric Vehicles. The “Healthcare” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 owing to growing need for continuous power supply in the healthcare domain, and Next-generation microgrids offer healthcare services the ideal power source for sustaining operator involvement although enhancing energy consumption.

North America accounted for the major share of the Microgrid Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes growing number of new solar PV microgrids for effectiveness in West and Northeast regions of the U.S. is anticipated to have an optimistic influence.

Some of the key players that fuel the growth of the microgrid industry comprise Exelon, GE, Lockheed Martin Corporation, Siemens AG, Lockheed Martin Corporation, Power Analytics, ABB Group, Schneider Electric, Honeywell International Inc, Toshiba Corporation, Echelon Corporation, and ZBB Energy Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.