Market by Utilization Type, Component, Connectivity, Industry Vertical, and Regional Outlook | Forecast 2022-2028
A microgrid is a compact power grid that can run
independently or in cooperation with other tiny power grids. It can also be
described as distributed, dispersed, decentralized, district, or embedded
energy generation. When decoupled from the normal wide area synchronous grid
(macrogrid), it operates independently. Moreover, a microgrid effectively
integrates distributed generation (DG) sources, notably renewable energy
sources (RES), and offers emergency power by switching between the island and
linked modes.
According to Triton Market Research’s report, the Global Microgrid Market was valued at $23264.49 million in 2021 and is expected to reach $46211.22 million by 2028, growing at a
CAGR of 10.73% during the forecast
period 2022-2028.
Click here to check out our blog on the Global Microgrid Market
MARKET PERFORMANCE: DRIVERS,
CHALLENGES, AND TRENDS
The
studied market’s growth is primarily supported by an increase in the need for
electricity worldwide.
This increase in global power demand has prompted the capacity expansion of
renewable energy sources and the deployment of microgrids. As per estimates,
the power demand is expected to rise by 40% between 2016 and 2040, according to
the International Energy Agency. In this regard, China is anticipated to have
the highest electricity demand, from 5,320 Terawatt-hour (TWh) electricity
demand in 2016 to a projected increase to 9,230 TWh by 2040. The US Department
of Energy also estimates that the nation’s demand for electricity will soar to
about 40% by 2028.
However,
the high maintenance and installation costs and strict regulatory standards
restrict the studied market’s growth globally. Large-scale use of microgrids, including
planning, building, and implementation, poses a major challenge. Besides this,
a lack of training hinders the long-term survival of microgrids.
The overall cost of microgrids tends to increase
because of numerous components, including distribution, generating systems,
loads, storage devices, and common couplers. Before constructing microgrids in
any specific site, it is vital to consider several factors, such as the load
profile, availability of renewable sources, links to the distribution network,
communication and control systems, etc.
Report scope can be customized per your requirements. Request For Customization
KEY
GEOGRAPHIES COVERED:
●
North America: United States and Canada
●
Europe: United Kingdom, Germany, France, Italy, Spain, the
Netherlands, and Rest of Europe
● Asia-Pacific: China, Japan, India, South Korea, ASEAN Countries,
Australia & New Zealand, and Rest of Asia-Pacific
●
Latin America: Brazil, Mexico, and Rest of Latin America
● Middle East and Africa: Saudi Arabia, Israel, United Arab
Emirates, South Africa, and Rest of Middle East & Africa
SEGMENTATION ANALYSIS -
MICROGRID MARKET:
• Market by Utilization Type:
o Metropolitan
An urban microgrid can be linked to a larger energy grid or operated
separately in island mode. It may function independently and be managed by a
private company or as an integral part of a larger utility. The microgrid’s
consumer base is determined by its business model. A distribution firm that
brings the energy and end-users under its jurisdiction are clients of a
privately held company that sells excess energy back to the grid. In any case,
the existence of users, who consume and generate electricity, is a
typical element of urban microgrids. Urban microgrids help generate electricity
from underutilized resources and different types of waste, ultimately slowing
global warming.
o Semi-Urban
o Rural
• Market by Component:
o Hardware
• Power Generators
• Energy Storage
• Controllers
o Software
o Services
• Market by Connectivity:
o Grid
Connected
Grid connected microgrids are separate networks that share several
traits with a conventional energy grid, such as customers, generators, and
storage. However, they are significantly smaller in scale. While they can link
to the main grid, they are not reliant on it and can occasionally use it as a
backup. This category is expected to expand, mostly in affluent nations where
the emphasis is likely on microgrids connecting to the main grid while
providing autonomy to communities. In South Africa, grid connected microgrid
was commissioned by Ekurhuleni Municipality in 2022, a turning point for
renewable energy projects. Estimates indicate it to be one of the largest
microgrids made from solar PV and lithium-ion battery systems.
o Island
Grid
• Market by Industry Vertical:
o Commercial
& Industrial
o Healthcare
o Educational
Institutes
o Military
& Defense
o Government
& Utilities
o Other
Industry Verticals
COMPETITIVE
LANDSCAPE:
The microgrid market by company profile helps
dive into data about the key players in this industry. The strategic
initiatives for each of the companies considered have been covered in detail.
Collaboration (June 2022)
Schneider Electric and Hitachi Energy
Schneider Electric announced its collaboration with Hitachi Energy, a
technology firm specializing in grid automation solutions, to provide better
customer value and accelerated energy transition.
Acquisition (January 2022)
Eaton Corporation Plc and Royal Power Solutions
Eaton Corporation announced the acquisition of Royal Power Solutions, a
US-based manufacturer of high-precision electrical connectivity components for
electric vehicles, energy management, industrial, and mobility markets. This
step was to capitalize on aerospace, eMobility, and electrical businesses.
Product Launch (May 2022)
Schneider Electric
Schneider Electric launched a new EV charging solution for efficient, resilient,
sustainable, mobile, and net-zero buildings.
Business Divestitures (August
2021) Eaton Corporation Plc
Eaton Corporation announced the completion of sales of its hydraulics
business to Danfoss A/S, a Danish industrial company. The company’s hydraulics
division accounted for sales of $1.8 billion in 2020 and included hydraulics
components, systems, and services for industrial and mobile equipment.
KEY BENEFITS OF THE REPORT:
●
Triton Market Research has a collective experience of 25-30 years
in the industry, with its analysts and experts encompassing the most infallible
research methodology for its market intelligence and industry analysis.
●
Our research methodology helps in achieving a broader consensus of
the market size, shape, and industry trends within each industry segment.
●
The strategy adopted in designing the research methodology
includes the amalgamation of the information assembled from primary and
secondary sources, with the assistance of analytical tools to construct the
forecast and predictive models.
●
The scope of the market report comprises the current scenario of
the global microgrid market, along with the detailed overview of the industry
outlook, market dynamics, segmentation analysis, regional outlook, and
competitive landscape for the period 2022-2028.
FAQs:
Q 1) What can be the biggest
challenge for the microgrid market?
Factors such as high installation and maintenance costs can prove to be
the biggest challenge for the microgrid market, especially in developing
economies.
Q 2) What is the promising
end-use that will prove a key investment pocket in the microgrid market?
The growing use of solar microgrids, especially for rural
electrification, is likely to be a promising key investment pocket in the
global microgrid market in the coming years.
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VIEW REPORT1. GLOBAL
MICROGRID MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE MICROGRID MARKET
2.2. KEY
INSIGHTS
2.2.1. GROWING
USE OF MICROGRIDS IN SOLAR ENERGY
2.2.2. INCREASE
IN SMART CITIES INITIATIVES
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. KEY
MARKET STRATEGIES
2.6.1. PRODUCT
LAUNCHES
2.6.2. COLLABORATIONS
2.6.3. BUSINESS
DIVESTITURES
2.6.4. ACQUISITIONS
2.7. MARKET
DRIVERS
2.7.1. COMBATING
POWER OUTAGES DURING SEVERE WEATHER USING MICROGRIDS
2.7.2. GROWING
ELECTRICITY CONSUMPTION WORLDWIDE
2.8. MARKET
CHALLENGES
2.8.1. HURDLES
POSED BY REGULATORY FRAMEWORK
2.8.2. HIGH
MAINTENANCE AND INSTALLATION OF MICROGRIDS
2.9. MARKET
OPPORTUNITIES
2.9.1. RISING
USE OF INTERNET OF THINGS (IoT) IN MICROGRIDS
2.9.2. RISE
IN CLEAN ENERGY INTEGRATION BY GOVERNMENT AND PRIVATE SECTOR
3. GLOBAL
MICROGRID MARKET OUTLOOK - BY UTILIZATION TYPE
3.1. METROPOLITAN
3.2. SEMI-URBAN
3.3. RURAL
4. GLOBAL
MICROGRID MARKET OUTLOOK - BY COMPONENT
4.1. HARDWARE
4.1.1. POWER
GENERATORS
4.1.2. ENERGY
STORAGE
4.1.3. CONTROLLERS
4.2. SOFTWARE
4.3. SERVICES
5. GLOBAL
MICROGRID MARKET OUTLOOK - BY CONNECTIVITY
5.1. GRID CONNECTED
5.2. ISLAND
GRID
6. GLOBAL
MICROGRID MARKET OUTLOOK - BY INDUSTRY VERTICAL
6.1. COMMERCIAL
& INDUSTRIAL
6.2. HEALTHCARE
6.3. EDUCATIONAL
INSTITUTIONS
6.4. MILITARY
& DEFENSE
6.5. GOVERNMENT
& UTILITIES
6.6. OTHER
INDUSTRY VERTICALS
7. GLOBAL
MICROGRID MARKET – REGIONAL OUTLOOK
7.1. NORTH AMERICA
7.1.1. MARKET
BY UTILIZATION TYPE
7.1.2. MARKET
BY COMPONENT
7.1.2.1. MARKET
BY HARDWARE
7.1.3. MARKET
BY CONNECTIVITY
7.1.4. MARKET
BY INDUSTRY VERTICAL
7.1.5. COUNTRY
ANALYSIS
7.1.5.1. UNITED
STATES
7.1.5.2. CANADA
7.2. EUROPE
7.2.1. MARKET
BY UTILIZATION TYPE
7.2.2. MARKET
BY COMPONENT
7.2.2.1. MARKET
BY HARDWARE
7.2.3. MARKET
BY CONNECTIVITY
7.2.4. MARKET
BY INDUSTRY VERTICAL
7.2.5. COUNTRY
ANALYSIS
7.2.5.1. UNITED
KINGDOM
7.2.5.2. GERMANY
7.2.5.3. FRANCE
7.2.5.4. ITALY
7.2.5.5. SPAIN
7.2.5.6. THE NETHERLANDS
7.2.5.7. REST
OF EUROPE
7.3. ASIA-PACIFIC
7.3.1. MARKET
BY UTILIZATION TYPE
7.3.2. MARKET
BY COMPONENT
7.3.2.1. MARKET
BY HARDWARE
7.3.3. MARKET
BY CONNECTIVITY
7.3.4. MARKET
BY INDUSTRY VERTICAL
7.3.5. COUNTRY
ANALYSIS
7.3.5.1. CHINA
7.3.5.2. JAPAN
7.3.5.3. INDIA
7.3.5.4. SOUTH
KOREA
7.3.5.5. ASEAN
COUNTRIES
7.3.5.6. AUSTRALIA
& NEW ZEALAND
7.3.5.7. REST
OF ASIA-PACIFIC
7.4. LATIN
AMERICA
7.4.1. MARKET
BY UTILIZATION TYPE
7.4.2. MARKET
BY COMPONENT
7.4.2.1. MARKET
BY HARDWARE
7.4.3. MARKET
BY CONNECTIVITY
7.4.4. MARKET
BY INDUSTRY VERTICAL
7.4.5. COUNTRY
ANALYSIS
7.4.5.1. BRAZIL
7.4.5.2. MEXICO
7.4.5.3. REST
OF LATIN AMERICA
7.5. MIDDLE
EAST AND AFRICA
7.5.1. MARKET
BY UTILIZATION TYPE
7.5.2. MARKET
BY COMPONENT
7.5.2.1. MARKET
BY HARDWARE
7.5.3. MARKET
BY CONNECTIVITY
7.5.4. MARKET
BY INDUSTRY VERTICAL
7.5.5. COUNTRY
ANALYSIS
7.5.5.1. UNITED
ARAB EMIRATES
7.5.5.2. SAUDI
ARABIA
7.5.5.3. ISRAEL
7.5.5.4. SOUTH
AFRICA
7.5.5.5. REST
OF MIDDLE EAST & AFRICA
8. COMPETITIVE
LANDSCAPE
8.1. HITACHI
LTD
8.2. SCHNEIDER
ELECTRIC
8.3. DUKE
ENERGY CORPORATION
8.4. EXELON
CORPORATION
8.5. SIEMENS
AG
8.6. FAIRBANKS
MORSE
8.7. NATIONAL
GRID PLC
8.8. S&C
ELECTRIC COMPANY
8.9. BLOOM
ENERGY
8.10. CUMMINS
INC
8.11. FUELCELL
ENERGY INC
8.12. GENERAL
ELECTRIC COMPANY
8.13. POWER
ENGINEERS INCORPORATED
8.14. NRG
ENERGY INC
8.15. EATON
CORPORATION PLC
9. RESEARCH
METHODOLOGY & SCOPE
9.1. RESEARCH
SCOPE & DELIVERABLES
9.2. SOURCES
OF DATA
9.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL MICROGRID
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 2: VENDOR SCORECARD
TABLE 3: LIST OF PRODUCT
LAUNCHES
TABLE 4: LIST OF
COLLABORATIONS
TABLE 5: LIST OF BUSINESS
DIVESTITURES
TABLE 6: LIST OF ACQUISITIONS
TABLE 7: GLOBAL MICROGRID
MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 8: GLOBAL MICROGRID
MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 9: GLOBAL MICROGRID
MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 10: GLOBAL MICROGRID
MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 11: GLOBAL MICROGRID
MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 12: GLOBAL MICROGRID
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 13: NORTH AMERICA
MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 14: NORTH AMERICA
MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 15: NORTH AMERICA
MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 16: NORTH AMERICA
MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 17: NORTH AMERICA
MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 18: NORTH AMERICA
MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 19: EUROPE MICROGRID
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 20: EUROPE MICROGRID
MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 21: EUROPE MICROGRID
MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 22: EUROPE MICROGRID
MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 23: EUROPE MICROGRID
MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 24: EUROPE MICROGRID
MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 25: ASIA-PACIFIC
MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 26: ASIA-PACIFIC
MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 27: ASIA-PACIFIC
MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 28: ASIA-PACIFIC
MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 29: ASIA-PACIFIC
MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 30: ASIA-PACIFIC
MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 31: LATIN AMERICA
MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 32: LATIN AMERICA
MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 33: LATIN AMERICA
MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 34: LATIN AMERICA
MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 35: LATIN AMERICA
MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 36: LATIN AMERICA MICROGRID
MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 37: MIDDLE EAST AND
AFRICA MICROGRID MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 38: MIDDLE EAST AND
AFRICA MICROGRID MARKET, BY UTILIZATION TYPE, 2022-2028 (IN $ MILLION)
TABLE 39: MIDDLE EAST AND
AFRICA MICROGRID MARKET, BY COMPONENT, 2022-2028 (IN $ MILLION)
TABLE 40: MIDDLE EAST AND
AFRICA MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
TABLE 41: MIDDLE EAST AND
AFRICA MICROGRID MARKET, BY CONNECTIVITY, 2022-2028 (IN $ MILLION)
TABLE 42: MIDDLE EAST
AND AFRICA MICROGRID MARKET, BY INDUSTRY VERTICAL, 2022-2028 (IN $ MILLION)
FIGURE
1: RENEWABLE ELECTRICITY GENERATION, BY SOURCE, IN 2018-2020
FIGURE
2: MARKET ATTRACTIVENESS INDEX
FIGURE
3: GLOBAL MICROGRID MARKET, BY UTILIZATION TYPE, 2021 & 2028 (IN %)
FIGURE
4: GLOBAL MICROGRID MARKET, BY METROPOLITAN, 2022-2028 (IN $ MILLION)
FIGURE
5: GLOBAL MICROGRID MARKET, BY SEMI-URBAN, 2022-2028 (IN $ MILLION)
FIGURE
6: GLOBAL MICROGRID MARKET, BY RURAL, 2022-2028 (IN $ MILLION)
FIGURE
7: GLOBAL MICROGRID MARKET, BY COMPONENT, 2021 & 2028 (IN %)
FIGURE
8: GLOBAL MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)
FIGURE
9: GLOBAL MICROGRID MARKET, BY HARDWARE, 2021 & 2028 (IN %)
FIGURE
10: GLOBAL MICROGRID MARKET, BY POWER GENERATORS, 2022-2028 (IN $ MILLION)
FIGURE
11: GLOBAL MICROGRID MARKET, BY ENERGY STORAGE, 2022-2028 (IN $ MILLION)
FIGURE
12: GLOBAL MICROGRID MARKET, BY CONTROLLERS, 2022-2028 (IN $ MILLION)
FIGURE
13: GLOBAL MICROGRID MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)
FIGURE
14: GLOBAL MICROGRID MARKET, BY SERVICES, 2022-2028 (IN $ MILLION)
FIGURE
15: GLOBAL MICROGRID MARKET, BY CONNECTIVITY, 2021 & 2028 (IN %)
FIGURE
16: GLOBAL MICROGRID MARKET, BY GRID CONNECTED, 2022-2028 (IN $ MILLION)
FIGURE
17: GLOBAL MICROGRID MARKET, BY ISLAND GRID, 2022-2028 (IN $ MILLION)
FIGURE
18: GLOBAL MICROGRID MARKET, BY INDUSTRY VERTICAL, 2021 & 2028 (IN %)
FIGURE
19: GLOBAL MICROGRID MARKET, BY COMMERCIAL & INDUSTRIAL, 2022-2028 (IN $
MILLION)
FIGURE
20: GLOBAL MICROGRID MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)
FIGURE
21: GLOBAL MICROGRID MARKET, BY EDUCATIONAL INSTITUTIONS, 2022-2028 (IN $
MILLION)
FIGURE
22: GLOBAL MICROGRID MARKET, BY MILITARY & DEFENSE, 2022-2028 (IN $
MILLION)
FIGURE
23: GLOBAL MICROGRID MARKET, BY GOVERNMENT & UTILITIES, 2022-2028 (IN $
MILLION)
FIGURE
24: GLOBAL MICROGRID MARKET, BY OTHER INDUSTRY VERTICALS, 2022-2028 (IN $
MILLION)
FIGURE
25: GLOBAL MICROGRID MARKET, BY REGIONAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE
26: UNITED STATES MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
27: CANADA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
28: UNITED KINGDOM MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
29: GERMANY MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
30: FRANCE MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
31: ITALY MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
32: SPAIN MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
33: NETHERLANDS MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
34: REST OF EUROPE MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
35: CHINA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
36: JAPAN MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
37: INDIA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
38: SOUTH KOREA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
39: ASEAN COUNTRIES MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
40: AUSTRALIA & NEW ZEALAND MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
41: REST OF ASIA-PACIFIC MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
42: BRAZIL MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
43: MEXICO MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
44: REST OF LATIN AMERICA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
45: UNITED ARAB EMIRATES MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
46: SAUDI ARABIA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
47: ISRAEL MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
48: SOUTH AFRICA MICROGRID MARKET 2022-2028 (IN $ MILLION)
FIGURE
49: REST OF MIDDLE EAST & AFRICA MICROGRID MARKET 2022-2028 (IN $ MILLION)