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The Microgrid Market size was estimated at USD 32.83 billion in 2022, USD 35.24 billion in 2023, and is expected to grow at a CAGR of 8.18% to reach USD 61.60 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The microgrid represents a group of distributed energy resources and a mesh of interconnected loads acting as a separate controllable unit of the main power grid. Microgrid offers resilience to overcome grid disturbances and power outages, improving customer reliability on power systems. The rising demand for renewable energy and stable global power supply raise the utilization of microgrid solutions. Cyber attacks on electricity infrastructure have created an increasing need for microgrid solutions to independently operate power grids in disaster situations. However, concerns regarding the high installation costs of microgrids may limit their adoption in the current market scenario. The market is expected to face challenges due to technological concerns encountered during the service of island-style microgrids. However, increasing R&D investments by the public and private sectors for developing advanced electrical infrastructure fuels the adoption of microgrid solutions. In addition, Government initiatives to encourage the development of microgrids aid in expanding renewable energy capacity in developing countries.
Regional Insights
The microgrid market in the Americas has been experiencing significant growth with growing concerns over climate change and increasing demand for clean and reliable energy sources. The United States and Canada strongly focus on modernizing energy infrastructure to increase resilience against natural disasters such as hurricanes, wildfires, and ice storms. The U.S. Department of Energy's Office of Electricity Delivery & Energy Reliability has allocated substantial funds to research and develop advanced microgrid technologies. Consequently, California, New York, Massachusetts, and Illinois have implemented policies supporting microgrid deployment. In addition, countries including Brazil, Chile, Mexico, and Colombia are investing heavily in integrating renewable energy generation into their existing electrical networks through microgrids. The growth of the microgrid market in the Asia-Pacific and Europe regions has been experiencing significant growth by various factors, such as increasing demand for reliable and stable power sources, growing emphasis on renewable energy integration, and rising implementation of supportive government policies. The European Union's 'Clean Energy Package' framework promotes local energy communities (LECs) and encourages investments toward innovative solutions, such as microgrids that offer flexibility and stability to electricity grids. In addition, Asia-Pacific witnessed the continued growth of the microgrid sector due to increasing demand for reliable power supply and rising governmental support promoting clean energy solutions. On the other hand, implementing government policies and initiatives plays an important role in promoting the adoption of microgrids in the MEA region. The African Development Bank (AfDB) actively supports rural electrification projects through its New Deal on Energy for Africa initiative. Similarly, Kenya and Nigeria have implemented regulatory frameworks encouraging private sector participation in off-grid power projects. Saudi Arabia and Jordan have set ambitious targets for renewable energy generation, which further boost the deployment of microgrids.FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Microgrid Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Microgrid Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Key Company Profiles
The report delves into recent significant developments in the Microgrid Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Bloom Energy Corporation, BoxPower Inc., Caterpillar Inc., CleanSpark, Inc., Cummins Inc., Eaton Corporation PLC, Emerson Electric Co., Enchanted Rock Holdings, LLC, Encorp, Enel X S.r.l., General Electric Company, Gridscape, Hitachi, Ltd., Honeywell International Inc., Hover Energy, LLC, Intel Corporation, Leclanché SA, Lockheed Martin Corporation, MAN Energy Solutions SE, Nidec Corporation, NRG Energy, Inc., Pareto Energy, Power Analytics Global Corporation, Powerhive, PowerSecure, Inc., S&C Electric Company, Saft Groupe SAS, Scale Microgrid Solutions LLC, Schneider Electric SE, Schweitzer Engineering Laboratories, Inc., Siemens AG, Spirae, LLC, Tesla, Inc., UL, LLC, and Veolia Environnement SA.Market Segmentation & Coverage
This research report categorizes the Microgrid Market to forecast the revenues and analyze trends in each of the following sub-markets:- Power
- Combined Heat and Power
- Diesel
- Fuel Cell
- Natural Gas
- Solar Photovoltaic
- Product
- Grid connected
- Hybrid
- Remote
- Application
- Commercial
- Defense
- Education
- Government
- Utility
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as
- What is the market size and forecast of the Microgrid Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Microgrid Market?
- What are the technology trends and regulatory frameworks in the Microgrid Market?
- What is the market share of the leading vendors in the Microgrid Market?
- Which modes and strategic moves are suitable for entering the Microgrid Market?
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This report also includes a complimentary Excel file with data from the report for purchasers at the Site License or greater level.
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Microgrid Market, by Power
7. Microgrid Market, by Product
8. Microgrid Market, by Application
9. Americas Microgrid Market
10. Asia-Pacific Microgrid Market
11. Europe, Middle East & Africa Microgrid Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix
List of Figures
List of Tables
Companies Mentioned
- ABB Ltd.
- Bloom Energy Corporation
- BoxPower Inc.
- Caterpillar Inc.
- CleanSpark, Inc.
- Cummins Inc.
- Eaton Corporation PLC
- Emerson Electric Co.
- Enchanted Rock Holdings, LLC
- Encorp
- Enel X S.r.l.
- General Electric Company
- Gridscape
- Hitachi, Ltd.
- Honeywell International Inc.
- Hover Energy, LLC
- Intel Corporation
- Leclanché SA
- Lockheed Martin Corporation
- MAN Energy Solutions SE
- Nidec Corporation
- NRG Energy, Inc.
- Pareto Energy
- Power Analytics Global Corporation
- Powerhive
- PowerSecure, Inc.
- S&C Electric Company
- Saft Groupe SAS
- Scale Microgrid Solutions LLC
- Schneider Electric SE
- Schweitzer Engineering Laboratories, Inc.
- Siemens AG
- Spirae, LLC
- Tesla, Inc.
- UL, LLC
- Veolia Environnement SA
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 197 |
| Published | March 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 35.24 Billion |
| Forecasted Market Value ( USD | $ 61.6 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 36 |
