According to a new market research report published by Credence Research, “Microgrid Market – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the microgrid market was valued at US$ 23.80 Bn in the year 2018 and expected to reach US$ 59.12 Bn by the year 2027, expanding at a CAGR of 10.7% during the forecast from 2019 to 2027.
Market Insights
“Rising preference for Distributed Power Generation expected to spur the demand for Microgrids over the Forecast Period”
Increasing natural disasters, failing grid infrastructure, and rising threats for cyber-attacks have compelled future development to provide such technology that provides power continuity. As a result, distributed power generation was introduced to overcome the traditional grid failures. In addition, on-site generation provides improved power quality and reliability to the critical loads such as hospitals and large data centers. This is majorly attributed to the components used by the microgrids are primarily based on power electronic technology that have the lowest failure rate. Moreover, microgrid uses several promising technologies to power its operation some are microturbines, fuel cells, renewable generation, advanced storage technologies, load control and heat recovery system.
However, global electricity market has enormous opportunity. In the year 2016, around US$ 718 Bn was invested in the global electricity sector. Additionally, International Energy Agency has predicted that the global investment of US$ 44 Tn and US$ 23 Tn is required in energy supply and energy efficiency sectors respectively to meet the rising demand for electricity and power.
The global microgrid market is a fragmented market with the presence of large number of small and large players. The race to provide best quality of power in low price has turned the market to be highly competitive.
Industrial Developments
- On October 17, 2019, PowerSecure, Inc., a subsidiary of Southern Company, announced the launch of Microgrid 360, a state-of-the-art microgrid campus that optimizes PowerSecure’s vertically-integrated solutions and is itself an advanced microgrid, consisting of ultra-clean and modular Tier 4 Final engines, a solar array, fuel cells and battery energy storage system, all managed by the company’s proprietary PowerControl platform.
- On July 1, 2019, Panasonic Corp. has expanded its energy solutions business has unveiled Microgrid solutions for Urban spaces in India. The company has launched urban microgrids, hybrid Energy Storage Systems (ESS) with end to end solutions for the Indian market.
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Key Market Movements:
- Globally, the microgrid market projected to witness a CAGR of 10.7% during the forecast period from 2019 to 2027
- Grid-connected dominated the global market in 2018 with around 40% revenue share. This is majorly attributed to higher reliability and expansion of utility-based grid networks, coupled with the large-scale use of renewable sources of energy, such as offshore wind. Grid-connected microgrids offer grid resiliency and improved quality power. They have a low impact on the environment, thus, driving its demand as clean energy.
- Industrial/ Commercial application segment held the largest revenue share in the year 2018 owing to significant adoption of microgrid to overcome the power outage problem in the sector
- Latin America assumed to be the fastest growing region during the forecast period due to surge in microgrid projects in the coming years. However, the Asia Pacific held the largest market share in the year 2018 owing to increased rural electrification program along with large number of commercial microgrid deployment in the advanced nations.
List of Companies Covered:
- ABB
- Siemens AG
- Schneider Electric SE
- S&C Electric Company
- General Electric Company
- HOMER Energy LLC
- Eaton Corporation Inc.
- Honeywell International Inc.
- Exelon Corporation
- Power Analytics Corporation
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