Yahoo Finance Microgrid Market Size to Worth Around USD 85.7 Billion by 2030
According to Precedence Research, the global microgrid market size is projected to be worth around USD 85.7 billion by 2030 from valued at USD 26.3 billion in 2021 and growing at a registered CAGR of 14.03% between 2022 to 2030.
Tokyo, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global microgrid market size will reach at USD 29.99 billion in 2022. A localized grid that may connect to and separate from conventional utility grids in order to improve grid resilience and dependability is known as a microgrid. Within well-defined electric borders, a microgrid connects loads and dispersed energy sources. It performs as a single, manipulable entity. Due to their ability to function independently, microgrids are very helpful in the event of main grid failures and can reduce the hazards associated with grid disruptions and failures.
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A microgrid may function in both grid-tied and island modes since it is simple to connect to and detach from the main grid. The business environment will change faster as consumers move more in favor of increased energy security and as norms and regulations for the development of effective power production sources continue to be introduced. Additionally, the market outlook would be positively impacted by continuous large-scale infrastructure expansion and rising installation of sophisticated & sustainable electrical solutions.
Regional Snapshots
The biggest market share was held by the North America in the microgrid market during the forecast period. Natural catastrophes that disrupt the functioning of the national grid are most common in North America, including wildfires, tornadoes, thunderstorms, floods, hurricanes, and volcanoes. In this instance, the microgrid offers a secure and dependable power source in outlying locations.
Some of the most esteemed universities and leading tech firms in the world are located in the United States, where microgrids may be implemented for continuous power supply. Hence, the market for microgrid is dominated by this region during the forecast period.
Key Takeaways:
The North America region has captured 40.7% revenue share in 2021.
By type, the AC Microgrids segment has accounted 59% revenue share in 2021 and is expanding at a CAGR of 15.8% between 2022 to 2030.
By connectivity, the grid-connected segment has accounted 61.5% of the revenue share in 2021.
The natural gas power source segment is growing at a registered CAGR of 23% between 2022 to 2030.
Report highlights
On the basis of connectivity, the grid connectivity segment will have a larger market share in the coming years period, the amount of revenue generated through the use of this product will grow well in the coming year. A highly accessible power grid that is connected to the national grid at a point of common coupling can serve as an extra source of power for a microgrid in a grid-connected system. In addition to providing a secure and dependable supply of power, it also promotes energy efficiency, which is anticipated to accelerate market expansion for microgrids. It provides electricity resilience against calamities caused by hurricanes, earthquakes, and tsunamis. The application of artificial intelligence (Al), which enables continuous adaptation and enhancement of the functioning of microgrid controllers, is leading to an increase in the deployment of microgrid.
On the basis of type, the hybrid segment has the biggest market share in the microgrid market during the forecast period. This increase is due to both the continued use of effective and optimized energy storage technologies as well as the growing end-user need for dependable power supply.
On the basis of end user, the commercial & industrial segment has the biggest market share in the polymers market during the forecast period. The commercial & industrial sector is expected to grow as a result of continual progress in inventive and smart solutions in accordance with current product deployments. Additionally, the sector expansion would be fueled by quick urbanization throughout developing nations and supportive government reforms for the rise of commercial & industrial setup.
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Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 26.3 Billion |
Revenue Forecast by 2030 | USD 85.7 Billion |
CAGR | 14.03% from 2022 to 2030 |
North America Revenue Share | 40.7% in 2021 |
Europe Revenue Share | 26% in 2021 |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | Lockheed Martin Corporation, ZBB Energy Corporation, Consert Inc., Viridity Energy Inc., S&C Electric Company, ABB Ltd., Toshiba Corporation, HOMER Energy LLC, Honeywell International Inc., Chevron Energy, GE Digital Energy, Power Analytics Corporation, Microgrid Energy LLC, Siemens and Others. |
Market Dynamics
Drivers
A microgrid can be defined as a small matrix that can connect to and disconnect from conventional utility networks in order to provide greater consistency and lattice adaptability. A microgrid is a link between loads and transported fuel sources that is contained inside definite electric boundaries. It functions as a single substance under control. Due to their ability to operate autonomously, microgrids are extremely helpful in times of basic framework failures and can lessen the risks of problems arising from lattice aggravations and failures. A microgrid may operate in network coupled and island modes because it can be easily integrated into and disconnected from the core infrastructure. Microgrids include benefits such as matrix modernization, a combination of appropriated fuel sources from the contemporary day, including renewable energy sources, and a balancing of a few sharp network advancements. Additionally, it assists in meeting local demand from neighboring power sources, resulting in a decrease in transmission and appropriation losses and an increase in the system's overall effectiveness.
The industry's profitability will be affected by growing worries about carbon emissions and a paradigm shift toward renewable energy sources. Low carbon emissions, constant power supply, high deployment flexibility, and significant renewable energy integration will increase market demand. Due to rising need for dependable, uninterrupted power supply and ongoing adoption of renewable energy technologies, the size of the worldwide microgrid market for lithium-ion based storage devices is expected to experience significant expansion. The industry trend will be driven by effective performance, extended life cycles, high energy density, and a rising propensity for battery-powered devices. Additionally, the widespread adoption of sustainable energy systems with intensive research and development efforts will have a favorable effect on market expansion.
Restraints
Microgrids typically cost between 25% and 30% more upfront than traditional electrical networks. Costs associated with microgrid infrastructure range from communication system deployment to smart meter installation and maintenance. Electric meter installation is 50% less costly than installing smart meters. The cost of DERs used in microgrids is higher than that of DERs utilized in conventional centralized power plants. Construction of a new microgrid or the conversion of an existing system into a hybrid microgrid can cost tens of thousands of dollars or perhaps hundreds of millions of dollars. When it comes to generation assets like solar PV arrays, batteries, and/or combined heat and power systems, microgrids are the most expensive. Grid automation and microgrid control systems that can intelligently monitor and manage all components, managing how the microgrid uses and generates energy, also require a large investment. Microgrids are more expensive than regular grids because they can store, transform, and recycle energy and provide higher levels of dependability and power quality. This hinders the expansion of the microgrid industry.
Opportunities
Microgrid technology offers a solution to deliver a dependable, effective power supply for numerous sectors while also becoming more and more cost-effective. Governments from several nations have begun funding microgrid projects. Thus, these initiatives from government is opportunity for the growth of the market.
Challenges
There is a rapid intake of current during the first phases of energy generation in microgrids operating in the island mode, which may alter the frequency and voltages of power systems. This is a challenge for the microgrid market.
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Recent Developments
In March 2022- In order to design and construct an onshore digital substation for Empire Wind 1, New York's first offshore wind farm, GE Renewable Energy's Grid Solutions collaborated with BOND Civil & Utility Construction under the terms of an Engineering, Procurement & Construction (EPC) contract from Empire Offshore Wind.
Segments Covered in the Report
By Connectivity
Grid Connected
Off-grid Connected
By Type
AC Microgrids
DC Microgrids
Hybrid
By Offering
Hardware
Power Generators
Energy Storage System
Controllers
Software
Services
By Power Source
Diesel Generators
Natural Gas
Solar PV
CHP
Fuel Cell
Others
By Storage Device
Lithium-ion
Lead Acid
Flow Battery
Flywheel
Others
By Power Rating
Less Than 1 MW
1 MW to 5 MW
5MW to 10 MW
More Than 10 MW
By End-Use
Commercial & Industrial
Remote Areas
Institutes & Campuses
Healthcare
Others
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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