About Microgrid-
A microgrid is a localized and small-scale energy system that generates, distributes, and manages electricity independently or in conjunction with the main power grid. It typically includes a combination of renewable energy sources, energy storage devices, and conventional generators. It can operate autonomously or disconnect from the main grid during power outages or emergencies and ensure a reliable and continuous power supply to a specific area or facility. As it is highly flexible and can be customized to meet unique energy needs, the demand for microgrids is increasing across the globe.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 19.9% |
Competition among existing players is due to the microgrid market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for microgrid market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Microgrid- market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Lockheed Martin Corporation (United States), ABB Ltd. (Switzerland), General Electric Company (United States), Eaton Corporation Plc. (Ireland), Siemens AG (Germany), Power Analytics (United States), Microgrid LLC (United States), Spirae Inc. (United States), Honeywell (United States), Schneider Electric (France), Gridscape Solutions (United States) and Ameresco (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Bloom Energy (United States), Alphastruxure (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Microgrid- market by Type (Remote, Grid Connected and Networked) and Region.
On the basis of geography, the market of Microgrid- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. 1 MW will boost the Microgrid- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Source, the sub-segment i.e. Natural Gas will boost the Microgrid- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Microgrid- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Commercial will boost the Microgrid- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The demand for off-grid power networks has been stimulated in many parts of the world, particularly from sectors like defense, commercial places, data centers, and campuses. and Increasing demand for secure and reliable power supply.
Market Growth Drivers:
Rising demand for reliable and sustainable power., The rise in penetration of distributed energy sources due to rapid commercial and industrial development. and Increasing government investment in microgrid projects.
Challenges:
Interoperability and compatibility issues due to large number of components/devices. and High capital cost and technical complexity.
Restraints:
Complexities in grid interconnection. and High cost of maintenance.
Opportunities:
Advancements in renewable energy technology. and The development of smart cities.
Market Leaders and their expansionary development strategies
In August 2023, Ameresco Inc., a leading clean technology integrator specializing in energy efficiency and renewable energy, announced its acquisition of an energy resilience project that combines a microgrid, solar panels and a battery energy storage system at the Joint Forces Training Base (JFTB) in Los Alamitos, California.
In July 2023, Tata Power Company Ltd., India’s largest Integrated Power Company, launched a “Customer Awareness and New Connection” Mobile based Campaign. The campaign aims to create awareness about Microgrid, a solar-based off-grid generating plant with an energy storage system that supplies power to remote areas of India, contributing to the electrification of rural communities and supporting economic growth through small enterprises and agriculture.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.