Microgrid Industry Key Players: Siemens AG, General Electric, S&C Electric Company, ABB Group, Schneider Electric SE

A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers. It can operate autonomously without any support from a centralized grid. A smart microgrid can also function when connected to the main grid and even when it is not connected to the main grid, it acts as an electrical island. It helps in the reduction of harmful emissions resulting in optimal use of renewable resources, improved efficiency, and long-term predictable energy cost.

Growth in demand for reliable and secured power supply in commercial and industrial sectors across the globe, coupled with government initiatives taken to reduce carbon footprint is expected to fuel the microgrid market growth. Moreover, the rapid adoption of software across various end-user segments including commercial, industrial, government, and healthcare to manage and control distributed energy resources with integrated weather and load forecasting is also expected to boost the market during the forecast period. Furthermore, factors such as growth in the development of smart cities, increase in demand, growth of rugged loT, and rise in adoption of ruggedized computers are expected to drive the growth of the market in the future.

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The global Microgrid Market size is projected to reach a CAGR of 18.7% from 2023-2030. Microgrid Market by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

Top Players covered in Global Microgrid Market report: Siemens AG, General Electric, S&C Electric Company, ABB Group, Schneider Electric SE, Engie Group, Honeywell International Inc., Echelon Corporation, Pareto Energy Limited, Toshiba Corporation, Duke Energy Corporation, Power Analytics Corporation, Eaton Corporation, Hitachi Energy, Homer Energy, Caterpillar Inc., Tesla Energy, Emerson Electric, Pareto Energy, Powerhive, Go Electric

Recent Developments

In May 2022, Siemens launched a grid software suite to manage the complexity of the grid systems, Siemens Smart Infrastructure has developed an open, modular software suite.

In March 2022, GE Renewable Energy's Grid Solutions partnered with BOND Civil & Utility Construction for an Engineering, Procurement & Construction (EPC) contract from Empire Offshore Wind, to design and build an onshore digital substation for Empire Wind 1, New York's first offshore wind farm.

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Scope of the Microgrid Industry Report:

Microgrid Market is segmented into various segments such as connectivity, offering, power source, pattern, microgrids, power rating, end-use, and region:

On the basis of connectivity, the Microgrid Market Segmented into:

Grid Connected
Off-grid Connected

On the basis of the offering, the Microgrid Market Segmented into:

Hardware
Software
Services

On the basis of the power source, the Microgrid Market Segmented into:

Natural Gas
Solar PV
Combined Heat and Power
Diesel
Fuel Cell
Others

On the basis of pattern, the Microgrid Market Segmented into:

Urban/Metropolitan
Semiurban
Rural/Island

On the basis of microgrids, the Microgrid Market Segmented into:

AC Microgrids
DC Microgrids
Hybrid Microgrids

On the basis of power rating, the Microgrid Market Segmented into:

Less than 1 MW
1 MW to 5 MW
5 MW to 10 MW
More than 10 MW

On the basis of end-use, the Microgrid Market Segmented into:

Commercial & Industrial
Remote Areas
Military
Government
Utilities
Institutes & Campuses
Healthcare

On the basis of region, the Microgrid Market Segmented into:

Asia Pacific
North America
Europe
South America
Middle East & Africa

North America to Dominate the Market

North America now leads the industry due to increased industrialization and electrification. North America will account for 28% of the microgrid market's growth.

The United States and Canada are the region's most important microgrid markets. Factors such as the US government's increased initiatives to deploy energy-efficient power solutions are propelling the microgrid industry in North America forward.

The COVID-19 pandemic has impacted the society and overall economy across the globe. The impact of this outbreak has grown day by day which affects the supply chain. This has created uncertainty in the stock market; decreased business confidence, a slow supply chain, and increased panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to the shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to a decrease in the growth of the microgrid market in 2020. According to the microgrid market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.

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