Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 12.08 billion

CAGR (2023-2028)

15.19%

Fastest Growing Segment

Grid Connected

Largest Market

North America


Market Overview

Global Microgrid Market was valued at USD 12.08 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 15.19% through 2028.

The microgrid market refers to the global industry involved in the planning, development, deployment, and operation of microgrid systems. A microgrid is a localized, self-contained, and often decentralized energy system that can generate, store, and distribute electricity independently or in conjunction with the main electrical grid. Microgrids are highly adaptable and can be customized to meet specific energy needs, making them suitable for a wide range of applications, including residential communities, industrial complexes, commercial facilities, military installations, and remote regions. They often incorporate diverse energy sources, such as solar panels, wind turbines, combined heat and power (CHP) systems, and energy storage technologies like batteries. The primary objectives of microgrids are to enhance energy resilience, improve energy efficiency, integrate renewable energy sources, and provide backup power during grid outages. As the global energy landscape evolves towards sustainability and decentralization, the microgrid market plays a pivotal role in shaping the future of reliable, efficient, and environmentally friendly energy generation and distribution.

Key Market Drivers

Increasing Demand for Energy Resilience and Reliability

In an era of heightened climate-related disasters and an aging energy infrastructure, there is a growing demand for energy resilience and reliability. This need is particularly evident in regions prone to power outages due to extreme weather events, wildfires, or grid failures. Microgrids, which are decentralized energy systems capable of operating independently or in conjunction with the main grid, offer a reliable source of energy during such disruptions. Microgrids can seamlessly switch between grid-connected and islanded modes, ensuring a continuous power supply to critical facilities like hospitals, emergency response centers, data centers, and military installations. This enhanced resilience is a driving force behind the adoption of microgrids as businesses and communities seek to safeguard their operations and well-being. Furthermore, the increasing recognition of the economic and societal costs associated with prolonged power outages has led governments and organizations to invest in microgrid infrastructure. These investments bolster energy security, reduce downtime, and provide a foundation for resilient communities and businesses.

Integration of Renewable Energy Sources

The global transition toward renewable energy sources, such as solar and wind power, is a significant driver of the microgrid market. Microgrids excel at integrating and managing these intermittent energy sources, providing a stable and continuous power supply. Renewable energy generation is inherently variable, as it depends on factors like weather conditions and sunlight availability. Microgrids use advanced control systems and energy storage solutions, such as batteries, to store excess energy generated during favorable conditions and release it when needed. This capability enhances the reliability of renewable energy sources, making them more dependable for both grid-connected and off-grid applications. As countries worldwide commit to reducing greenhouse gas emissions and increasing the share of renewables in their energy mix, microgrids are positioned to play a pivotal role in enabling this transition. They facilitate the efficient and sustainable integration of renewable energy, contributing to a greener and more resilient energy infrastructure.

Energy Cost Savings and Efficiency

Microgrids offer substantial energy cost savings and improved efficiency compared to traditional centralized grid systems. By generating and distributing electricity locally, microgrids reduce transmission and distribution losses that can occur when power travels long distances from centralized power plants. Additionally, microgrids enable the utilization of combined heat and power (CHP) systems, also known as cogeneration, where waste heat from electricity generation is captured and used for heating or cooling purposes. This approach significantly improves overall energy efficiency, reduces fuel consumption, and lowers energy costs. For industrial and commercial facilities, microgrids offer the potential to reduce energy expenses and enhance energy resiliency by optimizing energy generation, storage, and consumption. These cost-saving benefits are particularly appealing to businesses aiming to cut operational expenses and achieve sustainability goals. Moreover, in regions with high energy costs or unreliable grid infrastructure, microgrids are increasingly recognized as a strategic investment. They empower businesses and communities to take control of their energy supply, reduce dependence on expensive grid power, and unlock long-term cost savings.

Rural Electrification and Energy Access

In remote and underserved regions of the world, millions of people lack access to reliable electricity. Microgrids are a transformative solution for rural electrification and expanding energy access to these areas. Microgrids can be deployed in off-grid and remote communities to provide reliable and affordable electricity for lighting, heating, cooking, and powering essential appliances and services. They often rely on renewable energy sources like solar panels and wind turbines, reducing the need for costly and environmentally harmful diesel generators. These microgrid projects are often driven by government initiatives, international organizations, and non-governmental organizations (NGOs) aimed at eradicating energy poverty. They enhance the quality of life in rural areas by supporting education, healthcare, economic development, and improving overall living conditions. The global push for universal energy access and sustainable development has led to increased investments in rural microgrid projects. These initiatives aim to bridge the energy divide, empower communities, and stimulate economic growth in underserved regions.

Grid Decentralization and Distributed Energy Resources

Grid decentralization is a significant trend in the energy sector, driven by the proliferation of distributed energy resources (DERs) such as rooftop solar panels, energy storage systems, and electric vehicles (EVs). Microgrids align perfectly with this decentralization trend, allowing consumers to generate, store, and manage their energy locally. As more individuals and businesses invest in DERs, microgrids offer a means of harnessing their full potential. Microgrid control systems can optimize the integration of DERs, ensuring efficient energy generation and consumption. Excess energy can be stored in batteries or fed back into the grid, allowing consumers to monetize their surplus power. Grid decentralization also contributes to grid resilience. By reducing the dependence on centralized power plants and long-distance transmission lines, microgrids enhance energy security and minimize the impact of grid disruptions. This driver is closely tied to the growth of the prosumer (producer-consumer) model, where individuals and businesses not only consume electricity but also generate and manage their energy. Microgrids empower prosumers to take control of their energy destiny, reduce reliance on traditional utilities, and achieve greater energy independence.

Advanced Energy Management and Digitalization

The advent of advanced energy management technologies and digitalization has transformed the microgrid landscape. Modern microgrid control systems leverage sophisticated algorithms, predictive analytics, and real-time monitoring to optimize energy generation, storage, and consumption. These advanced systems enable microgrids to respond dynamically to changing energy market conditions, weather patterns, and grid status. They can prioritize energy use based on cost, availability, and environmental factors, ensuring that energy is used efficiently and economically. Moreover, digitalization facilitates the remote monitoring and management of microgrid assets. This capability is particularly valuable for microgrid operators, as it allows them to diagnose issues, perform maintenance, and make real-time adjustments without the need for on-site personnel. The integration of the Internet of Things (IoT) and artificial intelligence (AI) technologies into microgrid control systems enhances their ability to optimize energy resources and adapt to complex grid environments. These advancements drive the growth of the microgrid market by increasing the intelligence, adaptability, and performance of microgrid systems. They empower microgrid operators to achieve higher levels of efficiency, resilience, and sustainability, making microgrids an attractive energy solution for a wide range of applications.

In conclusion, these six drivers collectively contribute to the growth and expansion of the global microgrid market. As the world continues to address energy challenges and transition to more sustainable and resilient energy systems, microgrids play a pivotal role in shaping the future of energy generation and distribution.

Government Policies are Likely to Propel the Market

Incentives for Renewable Energy Integration in Microgrids

Governments around the world are implementing policies to incentivize the integration of renewable energy sources into microgrids. These policies are driven by the need to reduce greenhouse gas emissions, increase energy efficiency, and promote sustainable energy generation. One of the key policy mechanisms is the provision of financial incentives, such as feed-in tariffs, tax credits, and subsidies, to encourage microgrid developers and operators to incorporate renewable energy technologies like solar panels, wind turbines, and biomass generators. These incentives reduce the upfront costs of deploying renewable energy systems within microgrids, making them more financially attractive. Additionally, governments may establish Renewable Portfolio Standards (RPS) or Renewable Energy Targets, requiring a certain percentage of energy in microgrids to come from renewable sources. Compliance with these standards can lead to additional benefits, such as favorable financing terms and increased market access for microgrid projects. Furthermore, net metering policies enable microgrid owners to receive credits or compensation for excess renewable energy they feed back into the main grid, further incentivizing the deployment of renewable technologies.

These policies align with global efforts to transition to clean energy sources and enhance the sustainability and environmental impact of microgrids.

Microgrid Resilience and Disaster Preparedness Initiatives

In regions prone to natural disasters, governments are implementing policies to enhance microgrid resilience and disaster preparedness. The aim is to ensure that microgrids can continue to provide essential services during and after disasters, reducing the impact on communities and critical facilities. Governments may require the inclusion of microgrid systems in disaster resilience plans, mandating that certain critical infrastructure, such as hospitals, emergency response centers, and communication networks, be equipped with microgrid capabilities. This ensures that these facilities remain operational, even when the main grid is disrupted. To encourage microgrid resilience, governments may offer grants, low-interest loans, or tax incentives to support the development and retrofitting of microgrids with disaster-resistant features. These features can include robust backup power systems, advanced control systems for islanding, and redundant energy sources. Additionally, some regions have established public-private partnerships to fund microgrid projects that serve both public and private interests, creating a collaborative approach to disaster preparedness.

These policies prioritize the resilience and reliability of microgrids, particularly in areas prone to hurricanes, wildfires, earthquakes, and other natural disasters.

Grid Modernization and Interconnection Standards

Grid modernization policies aim to create a more flexible and adaptable electrical grid by facilitating the integration of microgrids. Governments recognize that microgrids play a pivotal role in enhancing grid resilience, reducing energy losses, and supporting the integration of renewable energy sources. To encourage the interconnection of microgrids with the main grid, governments may establish clear standards and regulations governing the technical aspects of microgrid integration. These standards ensure the safe and seamless operation of microgrids when connected to or disconnected from the main grid. Moreover, governments may provide funding for grid infrastructure upgrades and smart grid technologies that enable better coordination between microgrids and the central grid. This includes advanced communication systems, real-time data sharing, and grid management tools. In some cases, policies require utilities to create pathways for microgrid interconnection and provide fair compensation to microgrid operators for their contributions to grid stability and resilience. By promoting grid modernization and interconnection standards, governments aim to create an environment where microgrids can be effectively integrated into the larger energy infrastructure, benefitting both grid operators and end-users.

Energy Access and Electrification in Underserved Areas

Energy access and electrification policies target underserved and remote areas where communities lack reliable access to electricity. Microgrids are considered an effective solution to extend electricity access to these regions. Governments may allocate funding for the deployment of microgrids in off-grid or poorly electrified areas, supporting initiatives to provide electricity to schools, healthcare facilities, and rural communities. These policies often prioritize renewable energy sources and energy-efficient technologies to ensure sustainability and affordability. Some governments establish regulatory frameworks that simplify the process of establishing community-owned microgrids, empowering local communities to take control of their energy generation and distribution. These community-based microgrids can promote economic development, improve quality of life, and reduce dependence on costly and polluting diesel generators. Furthermore, policies promoting electrification in remote areas often involve collaboration with international organizations and financial institutions, ensuring access to funding and expertise for successful microgrid projects.

These policies align with global efforts to achieve universal energy access and reduce energy poverty, particularly in developing regions.

Microgrid Standards and Certification

To promote the growth of the microgrid market and ensure the safety and reliability of microgrid systems, governments are implementing policies related to microgrid standards and certification. These policies may require microgrid developers and operators to adhere to specific technical standards and undergo certification processes to verify compliance with safety, environmental, and performance requirements. Certification can also extend to components and equipment used in microgrid systems. By establishing clear standards and certification procedures, governments enhance consumer confidence in microgrid technologies and promote consistency in design, construction, and operation. This, in turn, encourages investment in microgrid projects and fosters innovation within the industry. Furthermore, these policies facilitate interoperability between different microgrid components and systems, allowing for easier integration and expansion of microgrids as technology evolves. Overall, government policies related to microgrid standards and certification contribute to the maturation of the microgrid market and its alignment with industry best practices.

Research and Development Support

Government policies supporting research and development (R&D) in microgrid technologies are critical to driving innovation and advancing the capabilities of microgrid systems. Governments often allocate funding for R&D initiatives aimed at improving the efficiency, reliability, and sustainability of microgrids. These initiatives can include grants, subsidies, and collaborative partnerships with research institutions, universities, and private sector companies. Furthermore, governments may establish innovation centers or technology hubs dedicated to microgrid development. These centers serve as hubs for expertise and innovation, fostering the creation of cutting-edge technologies and solutions for the microgrid market. Government-supported R&D policies also encourage collaboration among stakeholders, facilitating knowledge sharing and cross-sector partnerships. This collaborative approach accelerates the deployment of advanced microgrid systems and solutions. Overall, R&D support policies are essential for keeping the microgrid market at the forefront of technological advancement and ensuring that microgrids continue to meet the evolving needs of industries and communities.

In conclusion, these six government policies significantly impact the global microgrid market by incentivizing renewable energy integration, enhancing disaster resilience, promoting grid modernization, extending energy access, establishing standards and certification, and supporting research and development. These policies collectively shape the growth, sustainability, and impact of microgrids in the evolving energy landscape

 

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Key Market Challenges

High Initial Capital Costs and Financing Hurdles

One of the primary challenges facing the global microgrid market is the high initial capital costs associated with the development and deployment of microgrid systems. Microgrids involve complex engineering and infrastructure investments, including power generation sources (such as solar panels, wind turbines, or combined heat and power systems), energy storage solutions (batteries or other storage technologies), advanced control systems, and backup power generation. These upfront expenses can be substantial and vary significantly depending on factors such as system size, location, and technology choices. For instance, microgrids designed to serve large industrial facilities or remote communities may require significant investments in both generation and distribution infrastructure. The cost of integrating renewable energy sources, like solar and wind, can also be a substantial portion of the overall budget. Financing microgrid projects poses a particular challenge. Traditional financing models, such as loans and grants, may not always be readily available or affordable. Moreover, the return on investment (ROI) for microgrids often takes several years to materialize, making it challenging to attract private investment or secure favorable financing terms. Despite the long-term cost savings and benefits offered by microgrids, businesses, communities, and institutions may face hurdles when seeking the initial funding required to kickstart these projects. Overcoming this financing challenge is crucial to unlocking the full potential of microgrids and expanding their adoption across various sectors.

Regulatory and Policy Barriers

The regulatory and policy landscape poses a significant challenge to the global microgrid market. The complexity and variability of regulations across different regions and jurisdictions can hinder the development, deployment, and operation of microgrid systems.

Here are some common regulatory and policy barriers faced by the microgrid market:

Grid Connection and Interconnection Rules: In many regions, microgrid developers encounter challenges related to grid connection and interconnection rules. These rules may be outdated, designed primarily for centralized power generation, and may not accommodate the two-way power flows and dynamic switching capabilities of microgrids. Obtaining grid interconnection agreements and navigating regulatory requirements can be a lengthy and cumbersome process.

Utility Regulations: The role of utilities in the microgrid ecosystem is a critical regulatory consideration. Some utility regulations may create disincentives for microgrid development or hinder the ability of microgrids to sell excess energy back to the grid. This can limit the economic viability of microgrid projects and deter potential investors.

Energy Market Participation: Microgrids often face challenges when participating in energy markets. Regulations may restrict their ability to sell excess energy to the grid or engage in demand response programs. Additionally, the pricing structures and market mechanisms may not fully account for the value that microgrids provide, such as grid stability and resilience.

Licensing and Permitting: The permitting and licensing process for microgrid projects can be complex and time-consuming. Local and national regulations related to land use, environmental impact, and safety must be navigated, adding additional layers of complexity and potential delays.

Incentives and Support Programs: The availability and consistency of government incentives and support programs can vary widely by region. Uncertainty around the continuation of financial incentives, tax credits, and grants can deter potential microgrid investors.

Energy Storage Regulations: Energy storage, a critical component of many microgrid systems, often faces its unique set of regulatory challenges. These may include safety standards, grid code compliance, and limitations on the deployment of certain storage technologies.

Addressing these regulatory and policy barriers requires collaborative efforts among policymakers, utilities, industry stakeholders, and regulatory bodies. Streamlining regulations, providing clear guidelines, and creating a supportive policy environment can facilitate the growth of the microgrid market and foster innovation in the energy sector. Additionally, sharing best practices and lessons learned across regions can help overcome these challenges and promote the widespread adoption of microgrid technologies.

Segmental Insights

Grid Connected Insights

The Grid Connected segment had the largest market share in 2022 & expected to maintain in the forecast period. Grid-connected microgrids have the advantage of being able to participate in energy markets. They can sell excess electricity back to the main grid, participate in demand response programs, and provide grid support services. This ability to monetize excess energy and offer grid services makes them financially attractive to commercial and industrial users. Grid-connected microgrids can enhance the resilience of the existing electrical grid. In the event of a grid outage or disturbance, these microgrids can seamlessly disconnect from the main grid and continue to provide power to critical loads. This capability is crucial for businesses and institutions that require uninterrupted power supply.Grid-connected microgrids can optimize energy generation and consumption by intelligently managing energy flows. They can use a combination of local generation sources, such as solar and combined heat and power (CHP) systems, along with energy storage, to minimize energy costs and reduce reliance on the main grid during peak demand periods. Grid-connected microgrids can integrate renewable energy sources, such as solar panels and wind turbines, into their energy mix. This aligns with sustainability goals and environmental regulations, making them an attractive choice for organizations committed to reducing their carbon footprint. Some utilities are collaborating with grid-connected microgrid operators to enhance grid reliability and stability. These partnerships can include incentives for microgrid development, allowing utilities to tap into distributed energy resources during peak demand, and supporting the overall grid's transition toward a more sustainable and resilient future. Grid-connected microgrids are well-suited for urban and industrial settings where there is a reliable grid infrastructure. Many businesses and industrial facilities deploy grid-connected microgrids to optimize energy use, reduce costs, and ensure business continuity during power disruptions. Grid-connected microgrids offer a high degree of flexibility. They can be designed to operate autonomously during grid outages or disruptions and can also support grid stability when connected. This flexibility allows users to customize their microgrid systems to meet specific operational and resilience needs.

Industrial Insights

The Industrial segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Industrial facilities, such as manufacturing plants, data centers, chemical refineries, and large-scale production units, are heavily reliant on a consistent and uninterrupted power supply. Even momentary power disruptions can result in significant financial losses, production downtime, and compromised safety. Microgrids offer a dependable solution by providing continuous and reliable power, ensuring that industrial processes remain operational. Energy costs represent a substantial portion of the operational expenses for industrial facilities. Microgrids allow industries to optimize energy generation and consumption, which translates into significant cost savings. By integrating renewable energy sources, energy storage systems, and combined heat and power (CHP) technologies, industrial microgrids can reduce reliance on costly grid power during peak demand periods and take advantage of lower-cost, locally generated energy. The industrial sector prioritizes resilience and risk mitigation. Microgrids are well-suited to provide enhanced energy resilience by seamlessly transitioning to islanded mode during grid disruptions or emergencies. This capability is critical for maintaining operations, protecting valuable assets, and ensuring worker safety in environments where continuous power is essential. Some industrial microgrids participate in grid support services, such as demand response and frequency regulation. These services allow industries to contribute to grid stability and earn revenue by adjusting their energy consumption patterns or providing excess power to the grid during times of high demand. Many industrial facilities are committed to sustainability goals and environmental regulations. Microgrids offer a means to integrate renewable energy sources, reduce greenhouse gas emissions, and demonstrate environmental stewardship. This aligns with the broader global efforts to transition to clean and sustainable energy practices. Industrial microgrids can incorporate combined heat and power (CHP) systems, which capture waste heat from electricity generation for heating or cooling purposes. This co-generation approach significantly improves overall energy efficiency, reduces fuel consumption, and lowers energy costs for industries. Industrial facilities often have high energy demands that make them ideal candidates for microgrid deployment. The scale of industrial operations allows for the efficient utilization of microgrid technologies, such as large-scale renewable energy installations and energy storage systems. In some regions, favorable energy policies and regulations encourage industrial facilities to invest in microgrids. These policies may include incentives, tax credits, or tariff structures that promote the use of microgrid technologies to enhance energy reliability and reduce carbon emissions.

Ongoing advancements in microgrid technologies, control systems, and automation have made industrial microgrid projects more feasible and cost-effective. These advancements allow industries to leverage the latest innovations to meet their specific energy requirements.

 

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Regional Insights

North America:

North America is the largest market for microgrids in 2022. The growth of the market in this region is driven by the following factors:

The increasing demand for reliable and resilient power supply: North America is prone to natural disasters, such as hurricanes and earthquakes. Microgrids can provide reliable and resilient power supply in the event of a power outage or grid failure.

The growing focus on sustainability: Many governments in North America are providing support for the development of microgrids. This is helping to drive the market growth.

The technological advancements in microgrids: Technological advancements in microgrids, such as the use of renewable energy sources and energy storage systems, are making them more cost-effective and efficient. This is also driving the market growth.

Europe:

Europe is the second largest market for microgrids in 2022. The growth of the market in this region is driven by the following factors:

The increasing focus on sustainability: Many governments in Europe are providing support for the development of microgrids. This is helping to drive market growth.

The aging infrastructure: The aging infrastructure in Europe is making it more difficult to maintain a reliable and resilient power supply. Microgrids can help to address this challenge.

The growing demand for distributed energy resources: The increasing deployment of distributed energy resources, such as solar and wind power, is creating the need for microgrids to manage these resources.

Recent Developments

  • In June 2023, General Electric announced that it had invested USD 100 million in a microgrid project in Puerto Rico. The project is expected to provide power to over 1,000 homes and businesses.
  • In May 2023, Schneider Electric announced that it had invested USD 50 million in a microgrid project in the United States. The project is expected to provide power to a military base.
  • In April 2023, Siemens announced that it had invested USD 21.81 million in a microgrid project in Europe. The project is expected to provide power to a hospital.
  • In March 2023, ABB announced that it had invested USD 10 million in a microgrid project in Asia. The project is expected to provide power to a data center.
  • In February 2023, Mitsubishi Heavy Industries announced that it had invested USD 69 million in a microgrid project in Japan. The project is expected to provide power to a school.

Key Market Players

  • Schneider Electric SE
  • Siemens AG
  • Eaton Corporation plc
  • General Electric Company
  • ABB Ltd
  • Honeywell International Inc.
  • Robert Bosch GmbH
  • Bloom Energy
  • SunPower Corporation

By Type

By Consumption Pattern

By Power Source

By End User Industry

By Region

  • Grid Connected
  • Remote/Island
  • Hybrid
  • Urban & Metropolitan
  • Semi-urban
  • Rural/Island
  • Natural Gas
  • Diesel
  • Solar PV
  • Fuel Cell
  • Others
  • Educational Institutes
  • Military
  • Utilities
  • Industrial
  • Healthcare
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Microgrid Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Microgrid Market, By Type:

o   Grid Connected

o   Remote/Island

o   Hybrid  

  • Microgrid Market, By Consumption Pattern:

o   Urban & Metropolitan

o   Semi-urban

o   Rural/Island

  • Microgrid Market, By Power Source:

o   Natural Gas

o   Diesel

o   Solar PV

o   Fuel Cell

o   Others

  • Microgrid Market, By End User Industry:

o   Educational Institutes

o   Military

o   Utilities

o   Industrial

o   Healthcare

o   Others  

  • Microgrid Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Microgrid Market.

Available Customizations:

Global Microgrid market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Microgrid Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Voice of Customer

5.    Global Microgrid Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type (Grid Connected, Remote/Island, Hybrid)

5.2.2.    By Consumption Pattern (Urban & Metropolitan, Semi-urban, Rural/Island)

5.2.3.    By Power Source (Natural Gas, Diesel, Solar PV, Fuel Cell and Others)

5.2.4.    By End User Industry (Educational Institutes, Military, Utilities, Industrial, Healthcare and Others)

5.2.5.    By Region

5.2.6.    By Company (2022)

5.3.  Market Map

6.    North America Microgrid Market Outlook

6.1.  Market Size & Forecast       

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Consumption Pattern

6.2.3.    By Power Source

6.2.4.    By End User Industry

6.2.5.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Microgrid Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Type

6.3.1.2.2.           By Consumption Pattern

6.3.1.2.3.           By Power Source

6.3.1.2.4.           By End User Industry

6.3.2.    Canada Microgrid Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Type

6.3.2.2.2.           By Consumption Pattern

6.3.2.2.3.           By Power Source

6.3.2.2.4.           By End User Industry

6.3.3.    Mexico Microgrid Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Type

6.3.3.2.2.           By Consumption Pattern

6.3.3.2.3.           By Power Source

6.3.3.2.4.           By End User Industry

7.    Europe Microgrid Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Consumption Pattern

7.2.3.    By Power Source

7.2.4.    By End User Industry

7.2.5.    By Country

7.3.  Europe: Country Analysis

7.3.1.    Germany Microgrid Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Consumption Pattern

7.3.1.2.3.           By Power Source

7.3.1.2.4.           By End User Industry

7.3.2.    United Kingdom Microgrid Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Consumption Pattern

7.3.2.2.3.           By Power Source

7.3.2.2.4.           By End User Industry

7.3.3.    Italy Microgrid Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Consumption Pattern

7.3.3.2.3.           By Power Source

7.3.3.2.4.           By End User Industry

7.3.4.    France Microgrid Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Type

7.3.4.2.2.           By Consumption Pattern

7.3.4.2.3.           By Power Source

7.3.4.2.4.           By End User Industry

7.3.5.    Spain Microgrid Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Type

7.3.5.2.2.           By Consumption Pattern

7.3.5.2.3.           By Power Source

7.3.5.2.4.           By End User Industry

8.    Asia-Pacific Microgrid Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Consumption Pattern

8.2.3.    By Power Source

8.2.4.    By End User Industry

8.2.5.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Microgrid Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Consumption Pattern

8.3.1.2.3.           By Power Source

8.3.1.2.4.           By End User Industry

8.3.2.    India Microgrid Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Consumption Pattern

8.3.2.2.3.           By Power Source

8.3.2.2.4.           By End User Industry

8.3.3.    Japan Microgrid Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Consumption Pattern

8.3.3.2.3.           By Power Source

8.3.3.2.4.           By End User Industry

8.3.4.    South Korea Microgrid Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Consumption Pattern

8.3.4.2.3.           By Power Source

8.3.4.2.4.           By End User Industry

8.3.5.    Australia Microgrid Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Consumption Pattern

8.3.5.2.3.           By Power Source

8.3.5.2.4.           By End User Industry

9.    South America Microgrid Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Consumption Pattern

9.2.3.    By Power Source

9.2.4.    By End User Industry By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Microgrid Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Consumption Pattern

9.3.1.2.3.           By Power Source

9.3.1.2.4.           By End User Industry

9.3.2.    Argentina Microgrid Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Consumption Pattern

9.3.2.2.3.           By Power Source

9.3.2.2.4.           By End User Industry

9.3.3.    Colombia Microgrid Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Consumption Pattern

9.3.3.2.3.           By Power Source

9.3.3.2.4.           By End User Industry

10. Middle East and Africa Microgrid Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Consumption Pattern

10.2.3. By Power Source

10.2.4. By End User Industry

10.2.5. By Country

10.3.             MEA: Country Analysis

10.3.1. South Africa Microgrid Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Consumption Pattern

10.3.1.2.3.         By Power Source

10.3.1.2.4.         By End User Industry

10.3.2. Saudi Arabia Microgrid Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Consumption Pattern

10.3.2.2.3.         By Power Source

10.3.2.2.4.         By End User Industry

10.3.3. UAE Microgrid Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Consumption Pattern

10.3.3.2.3.         By Power Source

10.3.3.2.4.         By End User Industry

11. Market Dynamics

12. Market Trends & Developments

13. Company Profiles

13.1.             Schneider Electric SE

13.2.             Siemens AG

13.3.             Eaton Corporation plc

13.4.             General Electric Company

13.5.             ABB Ltd

13.6.             Honeywell International Inc.

13.7.             Robert Bosch GmbH

13.8.             Bloom Energy

13.9.             SunPower Corporation

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Microgrid Market was USD 12.08 billion in 2022.

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The Grid Connected segment held the largest market share in 2022 & expected to maintain in the forecast period. Grid-connected microgrids have the advantage of being able to participate in energy markets. They can sell excess electricity back to the main grid, participate in demand response programs, and provide grid support services. This ability to monetize excess energy and offer grid services makes them financially attractive to commercial and industrial users.

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The Industrial segment held the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Industrial facilities, such as manufacturing plants, data centers, chemical refineries, and large-scale production units, are heavily reliant on a consistent and uninterrupted power supply. Even momentary power disruptions can result in significant financial losses, production downtime, and compromised safety. Microgrids offer a dependable solution by providing continuous and reliable power, ensuring that industrial processes remain operational.

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Increasing demand for reliable and resilient power supply and technological advancements are the major drivers of the Global Microgrid Market.

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Parvati Sharma

Account Manager BD
Press Release

Microgrid Market to Grow with a CAGR of 15.19% through 2028

Nov, 2023

Increasing demand for reliable and resilient power supply and technological advancements are likely to drive the market in the forecast period.