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Global Microgrid Market Top Vendors are ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Eaton Corporation Plc

Global Microgrid Market

Global Microgrid Market

Global Microgrid Market is expected to register a healthy CAGR in the forecast period 2018 to 2025. The new market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

The increased demand of automated grid systems, reduction in carbon footprint, advancement in microgrid connectivity by integration of IOT, and benefits of low cost and clean energy storage is the prominent factors driving the growth of this market.

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Key Drivers:
The increased demand of automated grid systems, reduction in carbon footprint, advancement in microgrid connectivity by integration of IOT, and benefits of low cost and clean energy storage is the prominent factors driving the growth of this market.

Key Points: 
In 2017, the global microgrid market is dominated by ABB with market share of 21.4%, followed by General Electric Company 14.8%, Siemens AG 10.1%, Honeywell International Inc. 8.2%, Eaton Corporation PLC 6.1% and others 39.4%.

The DC microgrid segment is dominating the global microgrid market.
Hybrid segment is expected to grow with the highest CAGR of 25.0% in the forecast period 2018 to 2025.
Global Microgrid Market, By Grid Type (AC Microgrid, DC Microgrid, and Hybrid), By Connectivity (grid connected and remote/island), BY Offering (Hardware, Software, And Services), By Vertical (Healthcare, Educational Institutions, Industrial, Military, and Electric Utility), By Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar, Fuel Cells, And Others),and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) – Industry Trends and Forecast to 2025

Major Players: 
Some of the major players operating in this market are:-

ABB Ltd.,
General Electric Company,
Siemens AG,
Honeywell International Inc.,
Eaton Corporation Plc, 
among others.
Drivers: 
The increased demand of automated grid systems, reduction in carbon footprint, advancement in microgrid connectivity by integration of IOT, and benefits of low cost and clean energy storage is the prominent factors driving the growth of this market.

INCREASED DEMAND OF AUTOMATED GRID SYSTEMS

The rapid industrialization has come up with the need of stable power supply with automated reliable system.

The automated grids provide demand-sensitive pricing strategies with focus on efficient electric power supply. The microgrid is the part of automated grid systems.  As the demand of automated grid systems has increased, this in turn has boosted the demand for microgrid.   

Many of the industries had grasped automated grid systems for fulfilling their energy requirements. These grids enable two-way communication between the utility and its consumers.  It is mostly used in healthcare and military verticals where the need for power is much more as compared to other sectors. The automated grid systems provide exceptional opportunity for energy industries for creating reliable, stable, and efficient power source. Today, an electricity disruption such as a blackout can have a most dangerous effect on various verticals such as healthcare, military, and industrial. These automated grid systems also provide the software applications that helps to manage and control the grid usage as well as track your monthly statement of electric power. The automated grid systems are smart grid that permits user to have a view on their consumption rate of each day, month, or year. It also provides information about power quality and rate of power consumption within a certain period.

REDUCTION IN CARBON FOOTPRINT

The most important aspect of microgrid is to reduce the gas-based carbon emissions. Most of the private sector is adopting decarbonized microgrids to reach and supply more customers. This has led to the advancement of microgrid using natural gas for serving increased demand. Natural gas plays vital role in microgrid market as it creates less carbon emissions and prevents the environment issues. 

The governments are taking major steps to make the companies and industries to adopt the ecofriendly solutions. The company has developed advance technologies for building and managing microgrids. They are accepting renewable sources such as natural gas, combined heat and power, and solar for the power generation. While balancing with driving factors, private sectors are scaling up for using renewable sources for microgrid.

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ADVANCEMENT IN MICROGRID CONNECTIVITY BY INTEGRATION OF IOT

In this rapid developing era, the microgrid are also updating with the new technologies. The Internet of Things (IoT) is a software platform that helps in monitoring and managing distributed resources. In microgrid the IoT can be used for providing the information regarding the solar panels, fuel cells, smart meter, combined heat and power (CHP), and micro turbines. It also helps to remotely test and calibrate equipment and also monitor energy usage and production in real-time. The verticals such as transportation, refining, oil and gas, military, and healthcare need superior monitoring and process control for their microgrid.

The microgrid and technologies goes hand in hand as the information management system is the major part of the grid. It helps to manage and control microgrid on the go. In order to monitor the power grid specifically in the remote area the use of IoT based satellite system has emergered. These IoT systems consist of sensors for collecting the information of the massive grid data. This has led to increase in demand for smart grid. These grids are integrated with sensors, connectivity, and analytics to perform operations.  The smart microgrid is required more precisely in smart cities where it is needed for ease of metro transportation in smart cities.

BENEFITS OF LOW COST AND CLEAN ENERGY STORAGE

The microgrids are becoming increasingly important and are seen as the replacement for the power generators.

The consumer is interested in low cost and smart solutions that can help in managing microgrids as well as better power distribution with stable flow of electricity. The integration of renewable energy sources such as solar, combined heat & power, and natural gas with microgrid are being used majorly for the production of electricity.

The decreasing costs of power generators and energy storage systems are a progressive point for microgrid market. Most of the power generators use renewables source such as PV cells and wind based microgrid. The increasing prices of the fuel price are also the major reason for the adoption of the microgrid. This microgrid can be easily implemented without need of any huge installment cost and can be utilized for solar PV based inverter at minimal cost. It also enhances the reliability of microgrid while also reducing costs and emissions.

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Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

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