Microgrid Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global microgrid market is estimated to grow from USD 24.6 billion in 2021 to USD 42.3 billion by 2026 at a CAGR of 11.4% during 2021–2026. The growth of the microgrid market is driven by factors such as rising focus on decarbonization by various end users and government, increasing demand for uninterrupted power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures. Initiatives by governments of different countries to encourage the development of microgrids are also fueling the growth of the market.

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Microgrids are localized groups of interconnected loads and distributed energy sources that are connected with main power grids and operate in sync with them. These grids can also work off-grid in a disconnected mode in remote areas. Any small-scale localized station with its own power generation resources and loads, as well as definable power supplying boundaries, qualifies as a microgrid. Microgrids can be used as backup or supplementary power sources for main grids to cater to the increased electricity requirements of end users.

The grid connected segment of the microgrid market is projected to register the highest CAGR during the forecast period, by connectivity. They offer a number of benefits, such as grid resiliency, improved power quality, and low impact on the environment, thereby leading to increased demand. The growth of this segment can be attributed to the expansion of utility-based grid networks globally, coupled with the large-scale harnessing of renewable sources of energy, including offshore winds.

The hardware segment of the microgrid market is estimated to register the largest market share in 2026, by offering. The hardware of microgrids comprises power generators, energy storage & distribution systems, and controllers. The key drivers for the growth of the microgrid market for the hardware segment include the growing number of microgrid projects worldwide, decreasing costs of energy storage and renewable sources of energy, and increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions.

The controllers segment of the microgrid hardware market is projected to register the highest CAGR during the forecast period, by hardware type. Smart meters are expected to witness increased demand globally due to the growing requirement for record maintenance by utility companies for monitoring and billing purposes. Smart meters enable remote data collection for billing and offer improved power quality (PQ).

The remote segment of the microgrid market is estimated to register the largest market share in 2026, by end use. Key factors driving the demand for microgrids for rural electrification are the growing government support and surge in the deployment of microgrid projects in remote areas. Governments of different countries are increasingly investing in the development of electricity infrastructures to provide low-cost and clean electricity. This results in increased demand for microgrids in remote areas to generate power, as well as to manage and control distributed energy resources.

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APAC is expected to witness the highest CAGR in the microgrid market during the forecast period. The growth of the market in APAC can be attributed to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines. The large number of unelectrified islands in Indonesia and the Philippines, and the lack of proper electricity infrastructure in emerging economies led to the demand for cost-effective microgrids in the region. This is expected to contribute to the growth of the microgrid market in APAC during the forecast period.

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This release was published on openPR.