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Microgrid Market Forecast
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Industry Insight
Many other sectors have seen a downward spike due to the COVID-19 outbreak, but the energy & power industry has not been affected due to it. A new study came out by Market Research Future on the global Microgrid market 2021, reveals that steady growth is expected to record in the current time. While, in the years from 2018 to 2023, the global Microgrid market would rise at a pace of ~12.10%.
Top Impacting Factors
Clean energy advocates are floating a range of ideas to stimulate microgrid growth post-COVID-19 outbreak. Several governments are taking initiatives, around the world, in setting up solar, wind energy farms, and biopower as well as progressively concentrating on renewable energy resource-based microgrids. The surged need for enhanced technology for power generation and distribution, rising industrialization, government initiatives towards green energy, and a demand for secure and consistent power supply are some of the factors driving the growth of the microgrid market.
MRFR also mentioned that the launch of dozens of successful pilot programs globally, fading costs of photovoltaic (PV) materials, and scarcity of electricity in developing countries are creating opportunities for the microgrid market. Some of the renowned players in this market, such as Viridity Energy, Pareto Energy Ltd., Encorp Inc., and Power Analytics Corp, are actively participating in the growth course of the market throughout the forecast period.
MRFR noted that in 2019, solar was the top source of new electric generating capacity in the US, and showed 40% of new capacity installed. Before the COVID-19 crisis, the solar industry was moving with adding 50,000 more workers and investing $25 billion in the economy in the gone years. Now, the US’s solar industry could grow up with its workforce in the coming years.
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Furthermore, proposals to bolster distributed energy are emerging in developing and developed regions, with a fourth stimulus package in response to the coronavirus; thus, advocates hope that the microgrid market will lead with a high valuation carved out for distributed energy resources in the forecasted period.
On the contrary, the factors of complication in land acquisition, monetary obstructions, technological barriers, registration of land for solar PV installation in rural areas, huge investment required for integrating existing systems with microgrid, high cost of installation, and more are some of the aspects holding back the microgrid market’s growth in the coming years.
Segmentation of Market
The global microgrid market has been studied over the segmental basis on type, component, power source, and end-user.
In terms of component segment, hardware sub-segment might be the largest sub-segment within the microgrid market. Whereas, software sub-segment will witness a high growth rate as attributed to the rising adoption of software across various end-user segments such as university campuses, industrial & commercial sites, municipalities, and utilities.
In terms of type segment, the market has included grid-connected and off-grid. Off-grid sub-segment is expected to lead the market during the forecast period due to the escalating use of renewable energy resources as the need for a remotely operated grid is increasing.
In terms of power source segment, the market has included natural gas—which has further included diesel, solar PV, fuel cell, and others.
In terms of the end-use segment, the market has included industrial, educational institutes, healthcare, military, and government & utilities.
Regional Analysis
Region-wise, North America acquired the largest market share of the global microgrid market in the year 2017. It is estimated that North America would be the largest market during the forecast period. The global planned and completed microgrid capacity stands at a capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity is in North America.
The regulated European market has numerous parameters that augment the development of microgrids. The primary focus in the region has been on large-scale renewable technology deployment, such as offshore wind that requires noteworthy investment in transmission infrastructure. The industry has been interwoven, and the variability of renewable energy, including solar and wind, are primarily lean toward cross-border energy trading. The deployment of distributed energy technologies on account of ongoing initiatives such as FITs, tax rebates, and other promotional schemes have more provided favorable opportunities for business expansion. Besides, technological advancement across the clean energy sector, along with rigorous measures to reduce the dependency on conventional power generating systems, will upsurge the microgrid market growth.
Top Market Players
The top players of global Microgrid market are listed as GE (US), ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Exelon Corporation (US), Honeywell (US), Power Analytics Corporation (US), S&C Electric (US), and Microgrid Energy LLC (US.
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