Microgrid Market is projected to be worth USD 60.25 Billion, registering a CAGR of 12.24% during the forecast period (2022 - 2030).
During the projection period, the worldwide Microgrid Market is expected to expand rapidly, mostly as a result of rising power generation from renewable energy sources, for which an appropriate grid is needed and might aid the delivery of electricity in the tiniest of areas. According to T&D World, there will be 1,568 projects totaling more than 15 GW of capacity for microgrid deployment by 2016. The microgrid market is probably being driven by all of these causes.
The microgrid market has been divided into categories based on type, component, power source, and end-user. The market's hardware subsegment is anticipated to be the biggest sub segment by component. The software sub-segment, however, is anticipated to increase quickly. This expansion may be attributable to the growing usage of software across a range of end-user markets, including industrial and commercial locations, campuses of universities, municipalities, and utilities. Microgrid operators can monitor and regulate distributed energy resources with integrated weather and load forecasts thanks to software that is a microgrid component.
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Major regions of the world, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, have all been studied.
The People's Republic of China and Japan now have the majority of the world's microgrid capacity, along with the Asia Pacific region as a whole. For major businesses to receive seamless assistance, there is a strong requirement for reliable and ongoing network connectivity, which makes the forecast for the Asia Pacific microgrid market share more favourable. The industry is being impacted by the creative yet dependable communications infrastructure that has been built as a result of regional government efforts. According to International Data Corporation (IDC), expenditure on pay-TV and telecommunications services in the Asia Pacific increased from USD 494 billion in 2020 to USD 505 billion in 2017. Spending in the Asia Pacific region has also grown, rising 1.6% year to USD 1,566 billion in 2021.
Microgrid System are a significant component of the future electrical ecosystem in the European market, where their primary features include decarbonization, digitization, decentralisation, and non-wires solutions. It aids in the transformation of industries across all sectors, expanding production capacity; however, this also increases the system's need on a steady supply of electricity. A brief power outage can stop industrial activities and result in large financial losses. The transportation industry, which uses more than 30% of all primary energy, is also relevant to microgrids. Even a tiny portion of this may be electrified, which would result in enormous capacity in the upcoming years.
The market is divided into five categories based on capacity: less than 5 MW, 5 MW–10 MW, 10 MW–20 MW, 20 MW–50 MW, and beyond 50 MW. Due to the low electrification rate of grid connectivity compared to the other capacity categories, the over 50 MW sector retains a major position in the market. Regardless of their capacity, all systems employ the same parts, such as solar panels, charge controllers, and batteries, which may store more energy over time.
As part of the medium-scale capacity, the segments of 10 MW–20 MW and 20 MW–50 MW are also discussed.
Demand for capacity segments with capacities between 10 and 20 MW and between 20 and 50 MW has increased due to the growing need for improved technologies for power generation and distribution. The simple accessibility of parts like panels, inverters, and others is another factor driving up demand for medium-scale facilities.
Utilising Power Source Analysis
Increased CH Application Boosted the CHP Segment
The market is divided into diesel generators, natural gas, solar PV, CHP, and other power sources. Because it reduces consumers' overall energy expenses, the CHP segment commands a large portion of the market.
Due to its adaptability and abundance, natural gas has a substantial market share and powers microgrids with very little environmental effect. The abundant supply of natural gas and its adaptability to a wide range of uses are driving up demand for CHP on the international market.
The educational institutions, rural locations, military, utility distribution, commercial & industrial, and other categories make up the market's application-based segments. The demand for microgrids in educational institutions has increased due to a paradigm shift toward the use of safe and dependable power production units and the continuing development of novel technology to provide a resilient power supply against grid instability.
Significant heating and cooling requirements are present in the commercial and industrial sectors, and there are substantial prospects for cost reduction and emission reduction. The market for commercial & industrial is anticipated to expand quickly since they are often vast locations that may serve as emergency shelters during catastrophic events like cyclones, forest fires, and earthquakes.
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Microgrid Energy LLC is a collaboration between ABB (Switzerland), GE (United States), Eaton (Ireland), Schneider Electric (France), Honeywell (United States), Exelon Corporation (United States), S&C Electric (United States), Power Analytics Corporation (United States), and Siemens (Germany).
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