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Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 124 Pages
  • March 2023
  • Region: Global
  • IMARC Group
  • ID: 5743000

Quick Summary:

In the ever-evolving landscape of energy production, the global microgrid market is surging ahead as a robust and efficient alternative to traditional electrical grids. Uniquely designed with interconnected loads and distributed energy resources, a microgrid provides an unparalleled ability to operate both parallelly and independently from the primary power grid. Through the integration of fuel cells, wind turbine generators and microturbines, battery storage systems, and photovoltaic generators, microgrids enable advanced grid operation and stability, reducing congestion, fuel utilization, and peak loads while boosting reliability and resilience.

Riding on the back of increasing construction activities and growing investments in infrastructural development projects, the microgrid market is experiencing robust growth. Significant advancements in communication technologies such as wireless cloud computing further accentuate the need for secure network with a consistent power supply, bolstering demand for microgrids. Furthermore, the pressing need to integrate more renewable sources such as solar, wind power, geothermal, and waste-to-energy systems propels the adoption of this innovative solution. Hence, whoever looks to leverage the compounded benefits of efficiency, security, and sustainability in energy production, should consider investing in the promising microgrid market.

The global microgrid market size reached US$ 28.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 54.1 Billion by 2028, exhibiting a CAGR of 11.02% during 2022-2028.

A microgrid is an energy system with interconnected loads and distributed energy resources that operate parallelly or independently from the primary power grid. It mainly consists of fuel cells, wind turbine generators and microturbines, battery storage systems, and photovoltaic generators to deliver electricity from producers to consumers. It helps improve the operation and stability of the electric grid; reduce congestion, fuel utilization, and peak loads; and increase reliability and resilience. As microgrids are more efficient than traditional electrical grids, they can be combined with various renewable sources, such as solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems.

Microgrid Market Trends:

Rising construction activities in the residential and commercial sectors are increasing the consumption of electricity worldwide. This, along with increasing investments by public and private agencies in infrastructural development projects, represents one of the key factors contributing to the market growth. In addition, the rising emphasis on rural electrification is offering lucrative growth opportunities to leading players operating in the industry. Besides this, due to increasing environmental concerns, governments of several countries are undertaking initiatives to establish biopower, solar, and wind energy farms. Apart from this, the growing reliance on modern communication technologies, such as wireless cloud computing, makes power systems susceptible to cyber-attacks and hackers. Therefore, there is a significant rise in the need for a secure network with a continuous power supply. This is driving the demand for microgrids that can function under Island mode and are independent of external power and data transmissions. Moreover, various technological advancements to increase the performance of battery inverters and ensure uninterrupted power supply is projected to drive the market.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global microgrid market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on energy source and application.

Breakup by Energy Source:

  • Natural Gas
  • Combined Heat and Power
  • Solar Photovoltaic (PV)
  • Diesel
  • Fuel Cell
  • Others
The combined heat and power energy source currently dominates the market as it generates lower carbon emissions compared to other energy sources.

Breakup by Application:

  • Remote Systems
  • Institution and Campus
  • Utility/Community
  • Defence
  • Others
Remote systems currently hold the majority of the global microgrid market share as they offer localized power to islands, industrial mines, and military installations.

Regional Insights:

  • North America
  • Asia Pacific
  • Europe
  • Middle East and Africa
  • Latin America
North America exhibits a clear dominance in the market due to the rising reliance on microgrids in the defense sector and the remote systems for improving security against cyberattacks.

Competitive Landscape

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Lockheed Martin Corporation, ABB Ltd, General Electric Company (GE), Eaton Corporation PLC and Siemens AG.

This report provides a deep insight into the global microgrid market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the microgrid market in any manner.

Key Questions Answered in This Report:

  • How has the global microgrid market performed so far and how will it perform in the coming years?
  • What are the major regions in the global microgrid market?
  • What has been the impact of COVID-19 on the global microgrid market?
  • Which are the popular energy sources in the global microgrid market?
  • What are the key applications in the global microgrid market?
  • What are the various stages in the value chain of the global microgrid market?
  • What are the key driving factors and challenges in the global microgrid market?
  • What is the structure of the global microgrid market and who are the key players?
  • What is the degree of competition in the global microgrid market?
  • How are microgrids manufactured?

Table of Contents

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Microgrid Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Application
5.5 Market Breakup by Energy Source
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.9.1 Raw Material Suppliers
5.9.2 Sub-Components and Sub-Systems Manufacturers
5.9.3 Microgrid Manufacturers
5.9.4 Microgrid Control
5.9.5 Power Distribution
5.9.6 End-Use Industries
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes

6 Market Breakup by Energy Source
6.1 Natural Gas
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Combined Heat and Power
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Solar Photovoltaic (PV)
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Diesel
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Fuel Cell
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast

7 Market Breakup by Application
7.1 Remote Systems
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Institution and Campus
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Utility/Community
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Defence
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast

8 Market Breakup by Region
8.1 North America
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Asia Pacific
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Europe
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Middle East and Africa
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Latin America
8.5.1 Market Trends
8.5.2 Market Forecast

9 Microgrid Manufacturing Process
9.1 Product Overview
9.2 Raw Material Requirements
9.3 Manufacturing Process
9.4 Key Success and Risk Factors

10 Competitive Landscape
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 Lockheed Martin Corporation
10.3.1.1 Company Overview
10.3.1.2 Description
10.3.1.3 Product Portfolio
10.3.1.4 Financials
10.3.1.5 SWOT Analysis
10.3.2 ABB Ltd
10.3.2.1 Company Overview
10.3.2.2 Description
10.3.2.3 Product Portfolio
10.3.2.4 Financials
10.3.2.5 SWOT Analysis
10.3.3 General Electric Company (GE)
10.3.3.1 Company Overview
10.3.3.2 Description
10.3.3.3 Product Portfolio
10.3.3.4 Financials
10.3.3.5 SWOT Analysis
10.3.4 Eaton Corporation PLC
10.3.4.1 Company Overview
10.3.4.2 Description
10.3.4.3 Product Portfolio
10.3.4.4 Financials
10.3.4.5 SWOT Analysis
10.3.5 Siemens AG
10.3.5.1 Company Overview
10.3.5.2 Description
10.3.5.3 Product Portfolio
10.3.5.4 Financials
10.3.5.5 SWOT Analysis

List of Figures
Figure 1: Global: Microgrid Market: Major Drivers and Challenges
Figure 2: Global: Microgrid Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Microgrid Market: Breakup by Energy Source (in %), 2022
Figure 4: Global: Microgrid Market: Breakup by Application (in %), 2022
Figure 5: Global: Microgrid Market: Breakup by Region (in %), 2022
Figure 6: Global: Microgrid Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Microgrid Industry: SWOT Analysis
Figure 8: Global: Microgrid Industry: Value Chain Analysis
Figure 9: Global: Microgrid Industry: Porter’s Five Forces Analysis
Figure 10: Global: Microgrid (Natural Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Microgrid (Natural Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Microgrid (Combined Heat and Power) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Microgrid (Combined Heat and Power) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Microgrid (Solar Photovoltaic-PV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Microgrid (Solar Photovoltaic-PV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Microgrid (Diesel) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Microgrid (Diesel) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Microgrid (Fuel Cell) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Microgrid (Fuel Cell) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Microgrid (Other Energy Sources) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Microgrid (Other Energy Sources) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Microgrid Market (Applications in Remote Systems): Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Microgrid Market Forecast (Applications in Remote Systems): Sales Value (in Million US$), 2023-2028
Figure 24: Global: Microgrid Market (Applications in Institution and Campus): Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Microgrid Market Forecast (Applications in Institution and Campus): Sales Value (in Million US$), 2023-2028
Figure 26: Global: Microgrid Market (Applications in Utility/Community): Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Microgrid Market Forecast (Applications in Utility/Community): Sales Value (in Million US$), 2023-2028
Figure 28: Global: Microgrid Market (Applications in defence): Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Microgrid Market Forecast (Applications in defence): Sales Value (in Million US$), 2023-2028
Figure 30: Global: Microgrid Market (Other Applications): Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Microgrid Market Forecast (Other Applications): Sales Value (in Million US$), 2023-2028
Figure 32: North America: Microgrid Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: Microgrid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Asia Pacific: Microgrid Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Asia Pacific: Microgrid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Europe: Microgrid Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Europe: Microgrid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Middle East and Africa: Microgrid Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Middle East and Africa: Microgrid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Latin America: Microgrid Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Latin America: Microgrid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Microgrid System: Interconnections Between Major Sub-Components and Sub-Systems of a Microgrid

List of Tables
Table 1: Global: Microgrid Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Microgrid Market Forecast: Breakup by Energy Source (in Million US$), 2023-2028
Table 3: Global: Microgrid Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Microgrid Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Microgrid: Sub-Components and Sub-Systems Requirements
Table 6: Global: Microgrid Market: Competitive Structure
Table 7: Global: Microgrid Market: Key Players

Companies Mentioned

  • Lockheed Martin Corporation
  • ABB Ltd
  • General Electric Company (GE)
  • Eaton Corporation PLC
  • Siemens AG.

Methodology

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