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Feb. 27, 2020, 7:33 a.m. EST

Microgrid Market Analysis by Type, Component, Power Source, End-User, Future Scope, Stake, Progress, Opportunities, Industry Trends and Demand by Forecast to 2023

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Feb 27, 2020 (Heraldkeepers) -- Microgrid Market Analysis

The global microgrid marketis predicted to register a healthy growth at a notable 12.10% CAGR over the estimated years (2018-2023). A microgrid is a smaller grid which can operate in conjunction with the utility's macro-grid or autonomously. Rather than serving the whole city, microgrids support single users, areas which cover large universities and areas having a few houses. Microgrids operate and also comprise of similar mechanics as that of the main power grid- controls, distribution, and power generation. It makes heavy usage of renewables namely wind turbines and photovoltaics for generating energy for use in a specific development or building.

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Various factors are pushing the growth of the microgrid market. These factors in accordance to the Market Research Future (MRFR) report include burgeoning need for secure and reliable power supply, population growth, widespread industrialization, government initiatives to decrease carbon footprint, advantages of clean and cheap energy storage and convergence of IoT to enhance microgrid connectivity. On the contrary, soaring installation as well as maintenance cost, lack of knowledge regarding methods to secure license right to connect multisite microgrids, and land acquisition and also land registration techniques creating complication for installation of solar PV plants in rural areas are factors that may hamper microgrid market growth over the estimated years.

Microgrid Market Segmentation:

Market Research Future report offers a wide segmental analysis of the microgrid market on the basis of type, component, power source and end-user.

Based on type, the microgrid market is segmented into off-grid and grid connected. Of these, the off-grid segment will have the largest share in the market over the estimated years owing to heavy decline in the cost of wind power sources and solar PV.

Based on component, the microgrid market is segmented into services, software and hardware. Of these, software will domineer the market over the estimated years owing to increasing adoption of software in utilities, municipalities, commercial and industrial sites, and university campuses.

Based on power source, the microgrid market is segmented into fuel cell, diesel, solar PV and natural gas. Of these, natural gas will lead the market over the estimated years.

Based on end-use, the microgrid market is segmented into healthcare and industrial. Of these, industrial will have a major share in the market over the estimated years.

Regional Analysis

By region, the microgrid market covers growth opportunities and latest trends across South America, Middle East and Africa, Europe, Asia Pacific and North America.

Of these, North America will sway the market and will hold its position over the estimated years. The global planned as well as completed microgrid capacity stands at 3.8 GW, of which over 2.5 GW is in North America. Canada as well as the US are advance countries that witnessed early acceptance of microgrid solutions. Also, the increasing acceptance of automation in smart homes, military, healthcare and industries is pushing the need for more power. The European countries on the other hand believe in efficient and clean power generation methods. The majority of the European countries run on energy that is renewable. Microgrids provides a potential opportunity for governments, industries and numerous enterprises in this region to adopt such solutions for secure, reliable and efficient power distribution.

Key Players

Leading players profiled in the microgrid market include Microgrid Energy LLC (US), Siemens (Germany), Power Analytics Corporation (US), S&C Electric (US), Exelon Corporation (US), Honeywell (US), Schneider Electric (France), Eaton (Ireland), GE (US), ABB (Switzerland), and others.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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COMTEX_362587682/2582/2020-02-27T07:33:21

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