Snowballing demand for reliable and secure power supply globally coupled with escalating cyberattack instances on energy infrastructure are the major key factors for the growth of global microgrid market. Another reason for the soaring growth is the deployment of microgrid for rural electrification globally. Also, the governments are is taking the active initiatives in the deployment of microgrid that act as an opportunity for the manufacturers.
According to MarkNtel Advisors’ research report “Global Microgrid Market Analysis, 2020”, the global Microgrid market is anticipated to grow at a CAGR of around 12% during 2020-25. However, snowballing cyberattacks on the energy infrastructure are hindering the market growth. According to the International Energy Agency (IEA), renewable sources will make up for two-thirds of the global power demand to 2040.
Grid Connectivity Segment Dominates the Market by Larger Market Share
The segment growth is majorly associated with the expansion of utility-based grid network and the usage of renewable energy sources such as off-shore wind. The main power grid is the main supply that is considered to be more reliable than remote microgrids. The microgrids are connected to power grids for energy backup. The grid-connected microgrid are sustainable and have comparatively less impact on the environment. Therefore, the demand for clean energy is emanating and is further expected to escalate during the forecast period as revealed by the MarkNtel Advisors’ research report “Global Microgrid Market Analysis, 2020”.
Power Generators Segment Remained Dominant
The end-users worldwide are adopting microgrid for achieving goals for lower carbon emission, reliability of electricity and reduced electricity costs. The renewable energy is produced through wind, solar and PV cells. The scattered generation of electricity is measured as the footing stone of microgrids as it permits the use of various sources of energy to generate electricity. Therefore, the power generator segment in 2019 gained the highest market share and is anticipated to further witness growth during 2020-25. Other advantages of integrating renewable sources of energy with microgrids are reduced emissions of greenhouse gases, lower dependency on local or imported fuels, and increased requirement of energy security.
North America Captured the Major Market Share
In 2019, the region grabbed the largest market share owing to growing urbanization. Asia-Pacific is also witnessing a surge in demand for microgrid and the demand is expected to snowball during 2020-25.
According to MarkNtel Advisors’, ABB, General Electric (GE), Siemens, Eaton, Schneider Electric, Honeywell, HOMER Energy, S&C Electric, Power Analytics, Exelon Corporation are few of the leading players in the Global Microgrid Market.
“Global Microgrid Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Microgrid providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Connectivity (Grid Connected, Off-Grid),
2. By Grid Type (AC Microgrid, DC Microgrid, Hybrid),
3. By Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others),
4. By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others),
5. By Offering (Hardware, Software & Services),
6. By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others),
7. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa),
8. By Country (US, Canada, Mexico, Brazil, Argentina, Germany, France, UK , Spain, Italy, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE)
9. By Company (ABB, General Electric (GE), Siemens, Eaton, Schneider Electric, Honeywell, HOMER Energy, S&C Electric, Power Analytics, Exelon Corporation)
Key questions answered in the study:
1. What are the current and future market trends of the Microgrid industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Microgrid industry?
5. What are the customer orientation, purchase behavior, and expectations from the Microgrid firms across various regions?