Microgrid Market By Grid Type (AC Microgrid, DC Microgrid, and Hybrid), By Connectivity (Grid Connected and Remote/Island), By Offering (Hardware (Switchgears, Power Inverters, Smart Meters, Reciprocating Engines, Energy Storage Systems (Lithium-Ion Batteries, Lead-Acid Batteries, Flywheels, and Flow Batteries), and Power Generators (Fuel Cells and Diesel Gensets, Chp and Micro-Chp, Micro Turbines, and Renewables (PV Cells and Wind Based Renewables))), Software, and Services (Engineering and Design, Monitoring and Control, and Operations and Maintenance)), By Vertical (Healthcare, Educational Institutions, Industrial, Military, and Electric Utility), By Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar, and Fuel Cells), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI38619 | Publish Date: February 2024 | No. of Pages: 187

Global Microgrid Market By Grid Overview

Introduction

Microgrid Market was valued at US$ 35.8 Billion in 2024 and is projected to grow at a CAGR of 7.90% to reach US$ 71.6 Billion by 2034.

Microgrid is a localized group of electricity that can be operated independently or collaboratively in combination with other small power grids. Microgrid is primarily powered by distributed generators, batteries, and renewable resources such as solar panels. Microgrids are majorly classified in to two types, which are true microgrid or customer microgrid and utility or community microgrid.

Increasing demand for reliable and automated grid system, advancement in microgrid connectivity by integration of IoT, and reduction in carbon footprint are prominent factors driving the growth of the target market. In addition, rising popularity of microgrids in commercial, military, and industrial applications across the globe are expected to propel growth of the global microgrid market in the near future. However, major factors restraining the growth of the global microgrid market across the globe are the high installation and maintenance costs of microgrid technologies.

The global microgrid market has been segmented on the basis of grid type, connectivity, offering, vertical, power source, and region.

The grid type segment includes AC microgrid, DC microgrid, and hybrid. On the basis of connectivity segment the target market has been segmented as grid connected and remote/island. On the basis of offering segment the global microgrid market has been segmented as hardware, software, and services. The hardware offering segment is further sub-segmented into switchgears, power inverters, smart meters, reciprocating engines, energy storage systems, and power generators. Energy storage systems can be bifurcated into lithium-ion batteries, lead-acid batteries, flywheels, and flow batteries. Power generators segment can be bifurcated as fuel cells and diesel gensets, chp and micro-chp, micro turbines, and renewables. Renewables power generators segment is bifurcated as PV cells and wind based renewables. The services offering segment is further sub-segmented into engineering and design, monitoring and control, and operations and maintenance. On the basis of vertical segment the target market has been segmented into healthcare, educational institutions, industrial, military, and electric utility. On the basis of power source segment the target market has been segmented as natural gas, combined heat and power, diesel, solar, and fuel cells.

On the basis of region the target market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to account for major market share in terms of revenue in the target market as compared to that of other regions. This can be attributed increasing use of solar PV microgrid utilities in the countries of the region.

Key players operating in the global microgrid market includes ABB Inc., General Electric Co., Eaton Corporation Plc., Siemens AG., Schneider Electric Inc., Honeywell Inc., Homer Energy LLC., S&C Electric Inc., Power Analytics Cop., and Exelon Corporation LLC.

Global Microgrid Market By Grid Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
    • PORTER’s
    • Investment Outlook
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for Microgrid  Strategies
      • Key Questions this Study will Answer
        • By Grid Type (AC Microgrid, DC Microgrid, and Hybrid)

        • By Connectivity (Grid Connected and Remote/Island)

        • By Offering (Hardware (Switchgears, Power Inverters, Smart Meters, Reciprocating Engines, Energy Storage Systems (Lithium-Ion Batteries, Lead-Acid Batteries, Flywheels, and Flow Batteries), and Power Generators (Fuel Cells and Diesel Gensets, Chp and Micro-Chp, Micro Turbines, and Renewables (PV Cells and Wind Based Renewables))), Software, and Services (Engineering and Design, Monitoring and Control, and Operations and Maintenance))

        • By Vertical (Healthcare, Educational Institutions, Industrial, Military, and Electric Utility)

        • By Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar, and Fuel Cells)

        • By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Overview
    • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
    • Y-o-Y Growth Analysis (%), 2020 – 2030
    • Regional Trends
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Regional Analysis
    • Regional Revenue Analysis
    • Regional By segment Analysis
    • Reasons for regional growth
    • Key Player of particular region
    • Countries Include in the report:
      • North America (U.S., Canada)
      • Europe (UK, France, Germany, Russia, Italy, Rest of Europe)
      • Asia Pacific (India, Japan, South Korea, China, Rest of Asia Pacific)
      • Latin America (Brazil, Mexico, Rest of Latin America)
      • Middle East & Africa (GCC, Israel, South Africa, Rest of Middle East)
  1. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
    • Competitive Overview
    • Competitive Benchmarking
    • Market Share Analysis
    • Key Developments In The Global Microgrid  Market
    • Key Developments: Mergers & Acquisitions
    • Key Developments: Collaboration
    • Key Developments: Contracts & Agreements
    • Key Developments: Expansion
    • Key Developments: Product Developments
  2. Company Profiles

 

  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
  • SWOT Analysis
  • Key players operating in the global microgrid market includes ABB Inc., General Electric Co., Eaton Corporation Plc., Siemens AG., Schneider Electric Inc., Honeywell Inc., Homer Energy LLC., S&C Electric Inc., Power Analytics Cop., and Exelon Corporation LLC.

  1. The Last Word
    • Future Impact
    • About Us
    • Contact

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FAQs

The microgrid market has been segmented into grid type, connectivity, offering, vertical, power source, and region.

Factors such as the increasing demand for reliable and resilient power supply, integration of renewable energy sources, and advancements in microgrid technology are driving market growth.

Global restraints may include high initial costs, regulatory challenges, and the complexity of integrating diverse energy sources into a microgrid system.

The report covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to dominate the Microgrid Market, exhibiting a significantly high revenue share over the forecast period.

Key players operating in the global microgrid market includes ABB Inc., General Electric Co., Eaton Corporation Plc., Siemens AG., Schneider Electric Inc., Honeywell Inc., Homer Energy LLC., S&C Electric Inc., Power Analytics Cop., and Exelon Corporation LLC.