Microgrid Market 2019 Global Size, Growth Factors, Share Report, Sales Revenue and Forecast to 2023

Microgrid Market Overview

The global Microgrid market is estimated to expand at 12.10% CAGR during the forecast period.

A microgrid refers to a grid that can manage distributed energy resources and loads, which can be operated in a controlled and coordinated way. The microgrid can be operated while connected with a main grid and can also operate in off-grid mode. These grids are generally located near the power consumption site. These grids are also being equipped with energy storage systems, as batteries become more cost competitive. The entire system of microgrid is being controlled by microgrid controller incorporating demand response so that the demand can be matched to available supply in the safest and most optimized manner.

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Increasing demand for reliable and secured power supply, government initiatives to reduce carbon footprint, widespread industrialization and population growth fueling demand for energy storage systems, convergence of IoT in enhancing microgrid connectivity, and benefits of clean and reasonable energy, drive the market. Utilities, across the globe consider microgrids a building block for a smart grid and focus on microgrid R&D as a key focus area.

Leading Players

The key players of global Microgrid market are ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Exelon Corporation (US), S&C Electric (US), Power Analytics Corporation (US), Siemens (Germany), and Microgrid Energy LLC (US), among others.

Industry Segmentation

The microgrid market has been segmented based on type into grid connected and off-grid.

On the basis of type, the market is segmented as grid-connected and off-grid. Off-grid sub-segment is estimated to dominate the market during the forecast period. Due to the increasing use of renewable energy resources, the need for a remotely operated grid is increasing. Rising small-scale energy resources as solar arrays and batteries, utilities are planning for dramatic transformation in a way to produce more energy while increasing the reliability and efficiency of the same.

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Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps study the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global Microgrid market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

Regional Outlook

Region wise, North America held the largest market share of the global microgrid market in 2017. It is estimated that North America would be the largest market during the forecast period. The global planned and completed microgrid capacity stands at capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity is in North America.

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