Global Microgrid Holds Huge Potential in Providing Electricity through Renewable Energy. Asia-Pacific to Witness the Highest Growth

Global Microgrid Market is expected to exceed the market valuation of more than US$ 71 billion by 2027 expanding at a reasonable CAGR of around 12.6% during the forecast period (2021-2027). Microgrids are gaining popularity as they are flexible and expandable. This makes electricity more reliable and more affordable and can be used with distributed energy sources (DERs) and grid intelligence devices and can help reduce greenhouse emissions. The National Renewable Energy Laboratory was commissioned by the U.S. Department of Energy in developing a microgrid cost study and develop a microgrid cost model. The goal of the study was to recognize variables that have the highest cost and find potential areas of cost reduction. The total microgrid costs per megawatt analysis shows that the community microgrid market has the lowest mean, at US$ 2.1 million/MW of DERs installed which is followed by utility and campus markets, with the mean cost of US$ 2.6 million/MW and US$ 3.3 million/MW, respectively. The commercial market has the highest mean cost of US$ 4 million/MW.

The main driver of this market growth is its ability to produce clean energy. Microgrids can be powered by renewable technologies such as wind systems, solar systems, microturbines, hybrid systems and combustion turbines. Microgrids can be integrated with these renewables technologies to reduce the carbon footprints on the environment. Several governments worldwide are taking initiatives to reduce the carbon footprints on the environment, for example, the Government of Delhi, India started a transition to zero-emission vehicles in 2020, aiming to have 25% of all newly registered vehicles to be EVs by 2024, which number is currently 0.2%. A few drawbacks that the microgrid market can encounter include the initial setting up cost and the high maintenance cost of microgrids. The setting up costs of microgrid are 25-30% higher than the traditional grids.

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The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths.  Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Global Microgrid industry also saw a slowdown during the pandemic as the industries were shut and production was affected.

Based on connectivity, the global microgrid market is segmented into Grid Connected and Off Grid. Amongst connectivity, the off-grid segment of the global microgrid market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. Usage of off-grid microgrid systems is gaining popularity as its need for power outage in remote areas is growing. There is an increasing demand for power infrastructure in the rural areas and due to which it is easiest to install off grid microgrids to enhance the already built-up infrastructures in these regions.

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Based on grid type, the global microgrid market is segmented into AC Microgrid, DC Microgrid and Hybrid. Amongst grid type, AC microgrid accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. AC microgrids can lower transmission losses with minimal heat generation and have effective high-end voltage levels across the network. This is likely to sway the demand for this technology. Additionally, these are also highly compatible with grid networks and do not need any invertors for power supply. Moreover, they can be deployed with large solar and wind farms which may further enhance their market growth.

Based on power source, the global microgrid market is segmented into Diesel generators, Natural Gas, Solar PV, CHP, and Others. The natural gas segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. Government policies are favoring the integration of efficient and sustainable power generation to boost the natural gas (NG) powered microgrid infrastructure. Shifting towards renewable power sources and lowering their carbon footprint is boosting the use of natural gas microgrids.

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Based on storage device, the global microgrid market is segmented into Lithium-ion, Lead Acid, Flow Battery, Flywheels, and Others. Amongst storage device, the lithium-ion segment of the global microgrid market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. Batteries are an important part of the microgrid system as they improve the performance, generator efficiency and system reliability. These storage devices can minimize the fuel consumption. Until recently, lead-acid storage devices were considered the most economical and were the most popular.

Based on application, the global microgrid market is segmented into Healthcare, Educational Institutes, Military, Utility, Industrial/ Commercial, Remote, and Others. Amongst application, industrial/commercial segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. The growing efforts of the government to revamp and reconstruct the existing T&D networks along with the installation of energy efficient solutions will help drive the business outlook. For example, State grid of Liu Zhenya of China has nearly 1 million employees and 1.1 billion customers and has plans to connect the entire world with transmission lines, starting with Asia.

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Additionally, the report provides detailed initiatives that are being taken in the field of Microgrid, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with XX% share. ABB, General Electric Company, Siemens AG, Eaton Corporation Inc, Schneider Electric SE, Honeywell International Inc., HOMER Energy LLC, S&C Electric Company, Power Analytics Corporation, and Exelon Corporation are some of the prominent players operating in the Global Microgrid market. Several M&As along with partnerships have been undertaken by these players to make Global Microgrid as cost-effective and as widely available as possible.

Global Microgrid Market Segmentation

Market Insight, by Connectivity

  • Grid Connected
  • Off Grid

Market Insight, by Grid-Type

  • AC Microgrid
  • DC Microgrid
  • Hybrid

Market Insight, by Power Source

  • Diesel generators
  • Natural Gas
  • Solar PV
  • CHP
  • Others

Market Insight, by Storage Device

  • Lithium-ion
  • Lead Acid
  • Flow Battery
  • Flywheels
  • Others

Market Insight, by Application

  • Healthcare
  • Educational Institutes
  • Military
  • Utility
  • Industrial/ Commercial
  • Remote
  • Others

Market Insight, by Region

  • North America Global Microgrid Market
    • United States
    • Canada
    • Rest of North America
  • Europe Global Microgrid Market
    • France
    • Germany
    • Italy
    • Spain
    • United Kingdom
    • Rest of Europe
  • Asia-Pacific Global Microgrid Market
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World Global Microgrid Market

Top Company Profiles

  • ABB
  • General Electric Company
  • Siemens AG
  • Eaton Corporation Inc
  • Schneider Electric SE
  • Honeywell International Inc.
  • HOMER Energy LLC
  • S&C Electric Company
  • Power Analytics Corporation
  • Exelon Corporation