Global Microgrid Market Projected to cross US$ 33 Billion by 2023

The global microgrid market has witnessed a steady growth over the past few years. The increasing adoption of microgrids can be accredited to the rising usage of renewable sources, rapidly growing industrialization and requirement of enhanced technologies for power generation and distribution.

The latest report by IMARC Group, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global microgrid market reached a value of US$ 17 Billion in 2017. Microgrids are integrated energy systems used to generate, distribute and regulate the flow of electrical power. They have the ability to store energy locally either in parallel or in isolation from the electric grids. Microgrids can be used to generate energy from both the renewable and the non-renewable sources. In addition, they also help in increasing the efficiency of the electric delivery system by reducing energy losses in transmission and distribution. On account of this, these systems are installed to increase the reliability of power distribution, reduce costs and encourage economic growth.

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Highlights of the global microgrid market:

The increasing usage of renewable sources is the key factor driving the growth of the market.

Remote systems account for the majority of the total market share.

North America dominates the market, holding the majority of the global share.

Microgrids can be used as a composition of multiple energy generation sources, such as solar, wind, biomass, geothermal, and fossil fuel, to generate and supply electricity to a local community, university, or a military base. This is anticipated to be the major driver of the microgrid market. Additionally, the lack of access to reliable grid electricity due to low electrification in the rural areas is another factor boosting the demand for microgrids. Moreover, increased need to strengthen energy security, rapidly increasing industrialization, requirement of enhanced technologies for power generation and distribution, and infrastructure development are some of the other factors facilitating the market growth. According to the report, the global microgrid market is further expected to reach a value of US$ 33 Billion by 2023, exhibiting a CAGR of 11.5% during 2018-2023.

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Market Breakup by Energy Source:

1.Natural Gas

2. Combined Heat and Power

3. Solar Photovoltaic (PV)

4. Diesel

5. Fuel Cell

6. Others

The microgrid market has been segmented on the basis of energy sources which mainly include natural gas, combined heat and power, solar photovoltaic (PV), diesel and fuel cell. Amongst these, natural gas is the most popular source of energy generation used by microgrids as it produces less carbon emissions as compared to oil or coal-fired generation.

Market Breakup by Application:

1. Remote Systems

2. Institution and Campus

3. Utility/Community

4. defence

5. Others

Microgrids find several applications which include remote systems, institution and campus, utility/community and defence. Currently, microgrids are being majorly used in remote systems which offer localised power to islands, industrial mines and military installations.

Market Breakup by Region:

1. North America

2. Asia Pacific

3. Europe

4. Middle East and Africa

5. Latin America

On a geographical front, North America enjoys the leading position, holding the majority of the market share. The growth in the region is due to the increasing use of microgrids in the defence sector and remote systems for improving security against cyberattacks. North America is followed by Asia Pacific, Europe, Middle East and Africa, and Latin America.

Competitive Analysis:

On evaluating the competitive landscape of the market, it is found that the key players are Lockheed Martin, ABB Ltd., General Electric, Eaton Corporation and Siemens.

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This release was published on openPR.