According to IMARC Group latest published report, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” Offers a comprehensive analysis of the industry, which comprises insights on microgrid market analysis.
The global microgrid market size reached US$ 25.9 Billion in 2021. A microgrid is a low-voltage electricity distribution network with the potential of operating autonomously and in parallel with the main power grid. It assists in providing power backup during emergencies like main grid failure and natural calamity. It can be powered using distributed generators or renewable sources, such as solar panels, small hydro, geothermal, and combined heat and power (CHP) systems, which help reduce overall electricity generation costs. As it is a reliable and eco-friendly source of electricity, it is gaining traction around the world.
COVID-19 Impact Analysis
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Trends:
With the growing instances of cyber-attacks, there is a rise in the need for security of networks and continuous power supply across research labs and the defense sector. This, in confluence with the advantages offered by microgrids like the ability to perform under island mode, is propelling the growth of the market. Besides this, numerous technological advancements, such as the introduction of control and dispatch strategies, improvement in load management and integration with inverter interfaced distributed generation systems, are contributing to the market growth. Furthermore, governing agencies of different countries are undertaking initiatives to generate a minimum percentage of electricity from renewable energy sources. Other major factors, including the increasing utilization of microgrids in electrification projects, coupled with the shifting inclination towards more localized and distributed generation systems, are anticipated to drive the market. Looking forward, the market expects to reach US$ 49.2 Billion by 2027, exhibiting at a CAGR of 11.2% during 2022-2027.
Competitive Landscape
The competitive landscape of the market has also been examined with the detailed profiles of the key players operating in the microgrid industry. These players include
Lockheed Martin Corporation (LMT) ,
Eaton Corporation, PLC (ETN),
ABB Ltd (ABB),
Siemens AG
General Electric.
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Insights on Market Segmentation:
Breakup by Energy Source
1. Natural Gas
2. Combined Heat and Power
3. Solar Photovoltaic (PV)
4. Diesel
5. Fuel Cell
6. Others
Breakup by Application
1. Remote Systems
2. Institution and Campus
3. Utility/Community
4. Defence
5. Others
Breakup by Region
1. North America
2. Asia Pacific
3. Europe
4. Middle East and Africa
5. Latin America
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
