Microgrid Market size was valued at US$ 27.41 Bn in 2022 and the total revenue is expected to grow at 11.5 % through 2023 to 2029, reaching nearly US$ 58.74 Bn.Microgrid Market Overview:
A microgrid is a combination of technologies such as electricity generation, transmission and distribution and is used on a small scale as compared to the conventional macro grid. It performs functions, for instance, adding or removing new energy resources without modifying existing components. A microgrid is a localized group of electricity sources and sinks (loads) that usually operates connected to and synchronous with the traditional centralized grid, but can disconnect and maintain operation autonomously as physical or economic conditions dictate.To know about the Research Methodology :- Request Free Sample Report
Microgrid Market Dynamics:
Artificial intelligence and machine learning developments have been made to enhance the productivity of solar inverters in order to maintain a continuous supply of power through microgrid. Improved battery technologies with increasing power inputs and outputs for extended periods of time have indeed been created. Microgrid market growth is being fueled by features and technology like these. Microgrids are in high demand because they allow customers and developers to satisfy environmental goals by employing sustainable power as a power generation source. As a result, governments in a number of countries are taking steps to create biopower, solar, and renewable power farms. Apart from that, nations such as the United States have enacted rules such as the Clean Power Plan rule, which are targeted at lowering greenhouse gas emissions. As people become more reliant on current communication technologies like wireless cloud computing, power systems are becoming more prone to cyber and hackers. As a result, some industries, including as the military and scientific labs, demand a security mechanism with round-the-clock electricity, which microgrids may provide because they can operate in 'Isolated mode,' autonomous of all exterior power and data communications. However, high installation & maintenance cost of microgrids and lack of knowledge about procedures to secure license right for connecting multisite microgrids are the restraints of the market.Microgrid Market Segment Analysis:
The global Microgrid Market is segmented by Type, Offering and Consumption Pattern. Based on Type, the global Microgrid market is segmented into Grid Connected and Remote/Island. The Grid Connected segment is expected to grow at a highest CAGR of 10.6% in the global microgrid market during the forecast period. Due to increasing demand for power from underdeveloped and developing countries. Grid-connected is also called grid-tied and off-grid. Sustainable power supply, increased durability and efficiency, cheap energy storage costs, and lower pollution levels have been some of the major factors that will drive the growth of grid connected segment over the forecast period. Based on Offering, the global Microgrid market is segmented into Software, Hardware and Service. The Software segment held the largest market share of xx% in 2022. Microgrid software as a service is a remotely-hosted microgrid control solution. Software service is designed for campus, institutions, infrastructures, and utilities that need advanced monitoring, control, and optimization of distributed energy at an affordable cost without the hassle of managing and maintaining on-site IT infrastructure.Regional Insights:
North America dominate the global Microgrid market during the forecast period 2023-2029. North America held the largest market share 38.7% in 2022. The Canada and U.S. are relatively advanced countries who witnessed early adoption of microgrid solutions in North America. The governments in these countries have recognised the need for a reliable and secure energy source which would take off the load from traditional power generation methods. The U.S. market is mostly focused on grid resiliency and reliability of power supply. A number of the large portion of the microgrid projects have been deployed by the military. In the future, other consumer segments are estimated to embrace microgrids, which would drive the market significantly. Asia Pacific is expected to grow at a highest CAGR of 29% in the global Microgrid market during the forecast period. The industrial sector would be driven by rising favourable norms and incentives from various governments to improve the renewable energy blend across the country. Additionally, regional greenhouse gas emission limits and a rise in the use of stand-alone sources of energy will fuel product demand. The objective of the report is to present a comprehensive analysis of the global Microgrid Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also helps in understanding the global Microgrid Market dynamic, structure by analyzing the market segments and project the global Microgrid Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Microgrid Market make the report investor’s guide.Microgrid Market Scope: Inquire before buying
Microgrid Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 27.41 Bn. Forecast Period 2023 to 2029 CAGR: 11.5% Market Size in 2029: US $ 58.74 Bn. Segments Covered: by Offering Hardware Software Service by Type Grid Connected Remote/Island by Consumption pattern Urban & Metropolitan Semi-urban Rural/Island Microgrid Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)Key Players
1. Lockheed Martin Corporation 2. ZBB Energy Corporation 3. ABB Ltd. 4. GE Digital Energy 5. Power Analytics Corporation 6. Consert Inc. 7. Viridity Energy, Inc. 8. S&C Electric Company 9. Chevron Energy 10. Toshiba Corporation, 11. HOMER Energy LLC 12. Honeywell International Inc. 13. Microgrid Energy LLC 14. Siemens. 15. Microgrid Labs Inc 16. General Electric Company 17. Eaton Corporation Inc. 18. HOMER Energy LLC 19. Emerson Electric Co. 20. Exelon CorporationFrequently Asked Questions:
1] What segments are covered in Microgrid Market report? Ans. The segments covered in Microgrid Market report are based on Type, Offering and Consumption Pattern. 2] Which region is expected to hold the highest share in the global Microgrid Market? Ans. North America is expected to hold the highest share in the global Microgrid Market. 3] What is the market size of global Microgrid Market by 2029? Ans. The market size of global Microgrid Market by 2029 is US $ 58.74 Bn. 4] Who are the top key players in the global Microgrid Market? Ans. Lockheed Martin Corporation, ZBB Energy Corporation, ABB Ltd., GE Digital Energy, Power Analytics Corporation and Consert Inc. are the top key players in the global Microgrid Market. 5] What was the market size of global Microgrid Market in 2022? Ans. The market size of global Microgrid Market in 2022 was US $ 27.41 Bn. 6] By Offering, What segments are covered in global Microgrid Market report? Ans. The segments covered in global Microgrid Market report by offering are Software, Hardware and Service.
1. Microgrid Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Microgrid Market: Dynamics 2.1. Microgrid Market Trends by Region 2.1.1. North America Microgrid Market Trends 2.1.2. Europe Microgrid Market Trends 2.1.3. Asia Pacific Microgrid Market Trends 2.1.4. Middle East and Africa Microgrid Market Trends 2.1.5. South America Microgrid Market Trends 2.2. Microgrid Market Dynamics by Region 2.2.1. North America 2.2.1.1. North America Microgrid Market Drivers 2.2.1.2. North America Microgrid Market Restraints 2.2.1.3. North America Microgrid Market Opportunities 2.2.1.4. North America Microgrid Market Challenges 2.2.2. Europe 2.2.2.1. Europe Microgrid Market Drivers 2.2.2.2. Europe Microgrid Market Restraints 2.2.2.3. Europe Microgrid Market Opportunities 2.2.2.4. Europe Microgrid Market Challenges 2.2.3. Asia Pacific 2.2.3.1. Asia Pacific Microgrid Market Drivers 2.2.3.2. Asia Pacific Microgrid Market Restraints 2.2.3.3. Asia Pacific Microgrid Market Opportunities 2.2.3.4. Asia Pacific Microgrid Market Challenges 2.2.4. Middle East and Africa 2.2.4.1. Middle East and Africa Microgrid Market Drivers 2.2.4.2. Middle East and Africa Microgrid Market Restraints 2.2.4.3. Middle East and Africa Microgrid Market Opportunities 2.2.4.4. Middle East and Africa Microgrid Market Challenges 2.2.5. South America 2.2.5.1. South America Microgrid Market Drivers 2.2.5.2. South America Microgrid Market Restraints 2.2.5.3. South America Microgrid Market Opportunities 2.2.5.4. South America Microgrid Market Challenges 2.3. PORTER’s Five Forces Analysis 2.4. PESTLE Analysis 2.5. Technology Roadmap 2.6. Regulatory Landscape by Region 2.6.1. North America 2.6.2. Europe 2.6.3. Asia Pacific 2.6.4. Middle East and Africa 2.6.5. South America 2.7. Key Opinion Leader Analysis For Microgrid Industry 2.8. Analysis of Government Schemes and Initiatives For Microgrid Industry 2.9. Microgrid Market Trade Analysis 2.10. The Global Pandemic Impact on Microgrid Market 3. Microgrid Market: Global Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) 2022-2029 3.1. Microgrid Market Size and Forecast, by Offering (2022-2029) 3.1.1. Hardware 3.1.2. Software 3.1.3. Service 3.2. Microgrid Market Size and Forecast, by Type (2022-2029) 3.2.1. Grid Connected 3.2.2. Remote/Island 3.3. Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 3.3.1. Urban & Metropolitan 3.3.2. Semi-urban 3.3.3. Rural/Island 3.4. Microgrid Market Size and Forecast, by Region (2022-2029) 3.4.1. North America 3.4.2. Europe 3.4.3. Asia Pacific 3.4.4. Middle East and Africa 3.4.5. South America 4. North America Microgrid Market Size and Forecast by Segmentation (by Value in USD Million) 2022-2029 4.1. North America Microgrid Market Size and Forecast, by Offering (2022-2029) 4.1.1. Hardware 4.1.2. Software 4.1.3. Service 4.2. North America Microgrid Market Size and Forecast, by Type (2022-2029) 4.2.1. Grid Connected 4.2.2. Remote/Island 4.3. North America Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 4.3.1. Urban & Metropolitan 4.3.2. Semi-urban 4.3.3. Rural/Island 4.4. North America Microgrid Market Size and Forecast, by Country (2022-2029) 4.4.1. United States 4.4.1.1. United States Microgrid Market Size and Forecast, by Offering (2022-2029) 4.4.1.1.1. Hardware 4.4.1.1.2. Software 4.4.1.1.3. Service 4.4.1.2. United States Microgrid Market Size and Forecast, by Type (2022-2029) 4.4.1.2.1. Grid Connected 4.4.1.2.2. Remote/Island 4.4.1.3. United States Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 4.4.1.3.1. Urban & Metropolitan 4.4.1.3.2. Semi-urban 4.4.1.3.3. Rural/Island 4.4.2. Canada 4.4.2.1. Canada Microgrid Market Size and Forecast, by Offering (2022-2029) 4.4.2.1.1. Hardware 4.4.2.1.2. Software 4.4.2.1.3. Service 4.4.2.2. Canada Microgrid Market Size and Forecast, by Type (2022-2029) 4.4.2.2.1. Grid Connected 4.4.2.2.2. Remote/Island 4.4.2.3. Canada Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 4.4.2.3.1. Urban & Metropolitan 4.4.2.3.2. Semi-urban 4.4.2.3.3. Rural/Island 4.4.3. Mexico 4.4.3.1. Mexico Microgrid Market Size and Forecast, by Offering (2022-2029) 4.4.3.1.1. Hardware 4.4.3.1.2. Software 4.4.3.1.3. Service 4.4.3.2. Mexico Microgrid Market Size and Forecast, by Type (2022-2029) 4.4.3.2.1. Grid Connected 4.4.3.2.2. Remote/Island 4.4.3.3. Mexico Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 4.4.3.3.1. Urban & Metropolitan 4.4.3.3.2. Semi-urban 4.4.3.3.3. Rural/Island 5. Europe Microgrid Market Size and Forecast by Segmentation (by Value in USD Million) 2022-2029 5.1. Europe Microgrid Market Size and Forecast, by Offering (2022-2029) 5.2. Europe Microgrid Market Size and Forecast, by Type (2022-2029) 5.3. Europe Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 5.4. Europe Microgrid Market Size and Forecast, by Country (2022-2029) 5.4.1. United Kingdom 5.4.1.1. United Kingdom Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.1.2. United Kingdom Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.1.3. United Kingdom Microgrid Market Size and Forecast, by Consumption pattern(2022-2029) 5.4.2. France 5.4.2.1. France Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.2.2. France Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.2.3. France Microgrid Market Size and Forecast, by Consumption pattern(2022-2029) 5.4.3. Germany 5.4.3.1. Germany Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.3.2. Germany Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.3.3. Germany Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 5.4.4. Italy 5.4.4.1. Italy Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.4.2. Italy Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.4.3. Italy Microgrid Market Size and Forecast, by Consumption pattern(2022-2029) 5.4.5. Spain 5.4.5.1. Spain Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.5.2. Spain Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.5.3. Spain Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 5.4.6. Sweden 5.4.6.1. Sweden Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.6.2. Sweden Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.6.3. Sweden Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 5.4.7. Austria 5.4.7.1. Austria Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.7.2. Austria Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.7.3. Austria Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 5.4.8. Rest of Europe 5.4.8.1. Rest of Europe Microgrid Market Size and Forecast, by Offering (2022-2029) 5.4.8.2. Rest of Europe Microgrid Market Size and Forecast, by Type (2022-2029) 5.4.8.3. Rest of Europe Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6. Asia Pacific Microgrid Market Size and Forecast by Segmentation (by Value in USD Million) 2022-2029 6.1. Asia Pacific Microgrid Market Size and Forecast, by Offering (2022-2029) 6.2. Asia Pacific Microgrid Market Size and Forecast, by Type (2022-2029) 6.3. Asia Pacific Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4. Asia Pacific Microgrid Market Size and Forecast, by Country (2022-2029) 6.4.1. China 6.4.1.1. China Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.1.2. China Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.1.3. China Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.2. S Korea 6.4.2.1. S Korea Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.2.2. S Korea Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.2.3. S Korea Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.3. Japan 6.4.3.1. Japan Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.3.2. Japan Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.3.3. Japan Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.4. India 6.4.4.1. India Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.4.2. India Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.4.3. India Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.5. Australia 6.4.5.1. Australia Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.5.2. Australia Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.5.3. Australia Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.6. Indonesia 6.4.6.1. Indonesia Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.6.2. Indonesia Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.6.3. Indonesia Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.7. Malaysia 6.4.7.1. Malaysia Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.7.2. Malaysia Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.7.3. Malaysia Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.8. Vietnam 6.4.8.1. Vietnam Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.8.2. Vietnam Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.8.3. Vietnam Microgrid Market Size and Forecast, by Consumption pattern(2022-2029) 6.4.9. Taiwan 6.4.9.1. Taiwan Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.9.2. Taiwan Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.9.3. Taiwan Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 6.4.10. Rest of Asia Pacific 6.4.10.1. Rest of Asia Pacific Microgrid Market Size and Forecast, by Offering (2022-2029) 6.4.10.2. Rest of Asia Pacific Microgrid Market Size and Forecast, by Type (2022-2029) 6.4.10.3. Rest of Asia Pacific Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 7. Middle East and Africa Microgrid Market Size and Forecast by Segmentation (by Value in USD Million) 2022-2029 7.1. Middle East and Africa Microgrid Market Size and Forecast, by Offering (2022-2029) 7.2. Middle East and Africa Microgrid Market Size and Forecast, by Type (2022-2029) 7.3. Middle East and Africa Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 7.4. Middle East and Africa Microgrid Market Size and Forecast, by Country (2022-2029) 7.4.1. South Africa 7.4.1.1. South Africa Microgrid Market Size and Forecast, by Offering (2022-2029) 7.4.1.2. South Africa Microgrid Market Size and Forecast, by Type (2022-2029) 7.4.1.3. South Africa Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 7.4.2. GCC 7.4.2.1. GCC Microgrid Market Size and Forecast, by Offering (2022-2029) 7.4.2.2. GCC Microgrid Market Size and Forecast, by Type (2022-2029) 7.4.2.3. GCC Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 7.4.3. Nigeria 7.4.3.1. Nigeria Microgrid Market Size and Forecast, by Offering (2022-2029) 7.4.3.2. Nigeria Microgrid Market Size and Forecast, by Type (2022-2029) 7.4.3.3. Nigeria Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 7.4.4. Rest of ME&A 7.4.4.1. Rest of ME&A Microgrid Market Size and Forecast, by Offering (2022-2029) 7.4.4.2. Rest of ME&A Microgrid Market Size and Forecast, by Type (2022-2029) 7.4.4.3. Rest of ME&A Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 8. South America Microgrid Market Size and Forecast by Segmentation (by Value in USD Million) 2022-2029 8.1. South America Microgrid Market Size and Forecast, by Offering (2022-2029) 8.2. South America Microgrid Market Size and Forecast, by Type (2022-2029) 8.3. South America Microgrid Market Size and Forecast, by Consumption pattern(2022-2029) 8.4. South America Microgrid Market Size and Forecast, by Country (2022-2029) 8.4.1. Brazil 8.4.1.1. Brazil Microgrid Market Size and Forecast, by Offering (2022-2029) 8.4.1.2. Brazil Microgrid Market Size and Forecast, by Type (2022-2029) 8.4.1.3. Brazil Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 8.4.2. Argentina 8.4.2.1. Argentina Microgrid Market Size and Forecast, by Offering (2022-2029) 8.4.2.2. Argentina Microgrid Market Size and Forecast, by Type (2022-2029) 8.4.2.3. Argentina Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 8.4.3. Rest Of South America 8.4.3.1. Rest Of South America Microgrid Market Size and Forecast, by Offering (2022-2029) 8.4.3.2. Rest Of South America Microgrid Market Size and Forecast, by Type (2022-2029) 8.4.3.3. Rest Of South America Microgrid Market Size and Forecast, by Consumption pattern (2022-2029) 9. Global Microgrid Market: Competitive Landscape 9.1. MMR Competition Matrix 9.2. Competitive Landscape 9.3. Key Players Benchmarking 9.3.1. Company Name 9.3.2. Business Segment 9.3.3. End-user Segment 9.3.4. Revenue (2022) 9.3.5. Company Locations 9.4. Leading Microgrid Market Companies, by market capitalization 9.5. Market Structure 9.5.1. Market Leaders 9.5.2. Market Followers 9.5.3. Emerging Players 9.6. Mergers and Acquisitions Details 10. Company Profile: Key Players 10.1. Lockheed Martin Corporation 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 10.1.6. Scale of Operation (small, medium, and large) 10.1.7. Details on Partnership 10.1.8. Regulatory Accreditations and Certifications Received by Them 10.1.9. Awards Received by the Firm 10.1.10. Recent Developments 10.2. ZBB Energy Corporation 10.3. ABB Ltd. 10.4. GE Digital Energy 10.5. Power Analytics Corporation 10.6. Consert Inc. 10.7. Viridity Energy, Inc. 10.8. S&C Electric Company 10.9. Chevron Energy 10.10. Toshiba Corporation, 10.11. HOMER Energy LLC 10.12. Honeywell International Inc. 10.13. Microgrid Energy LLC 10.14. Siemens. 10.15. Microgrid Labs Inc 10.16. General Electric Company 10.17. Eaton Corporation Inc. 10.18. HOMER Energy LLC 10.19. Emerson Electric Co. 10.20. Exelon Corporation 11. Key Findings 12. Industry Recommendations 13. Microgrid Market: Research Methodology 14. Terms and Glossary