The global microgrid market is predicted to register a healthy growth at a notable 12.10% CAGR over the estimated years (2018-2023). A microgrid is a smaller grid which can operate in conjunction with the utility’s macro-grid or autonomously. Rather than serving the whole city, microgrids support single users, areas which cover large universities and areas having a few houses. Microgrids operate and also comprise of similar mechanics as that of the main power grid- controls, distribution, and power generation. It makes heavy usage of renewables namely wind turbines and photovoltaics for generating energy for use in a specific development or building. Microgrids cater numerous verticals including government and utilities, healthcare, military, industrial, educational institutes and others (telecom infrastructure, data centers, and electric vehicles. It is highly favored over traditional grid structures owing to its key benefits namely improvement of reliability of supply, reduced environmental impact, minimization of complete energy consumption, improved energy efficiency and network operational benefits such as security of supply, voltage control, congestion relief, loss reduction and most affordable electricity infrastructure replacement.

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Global Microgrid Market Segmentation:

Market Research Future report offers a wide segmental analysis of the microgrid market on the basis of type, component, power source and end-user.

Based on type, the microgrid market is segmented into off-grid and grid connected. Of these, the off-grid segment will have the largest share in the market over the estimated years owing to heavy decline in the cost of wind power sources and solar PV.

Based on component, the microgrid market is segmented into services, software and hardware. Of these, software will domineer the market over the estimated years owing to increasing adoption of software in utilities, municipalities, commercial and industrial sites, and university campuses.

Based on power source, the microgrid market is segmented into fuel cell, diesel, solar PV and natural gas. Of these, natural gas will lead the market over the estimated years.

Based on end-use, the microgrid market is segmented into healthcare and industrial. Of these, industrial will have a major share in the market over the estimated years.

Regional Analysis

By region, the microgrid market covers growth opportunities and latest trends across South America, Middle East and Africa, Europe, Asia Pacific and North America.

Of these, North America will sway the market and will hold its position over the estimated years. The global planned as well as completed microgrid capacity stands at 3.8 GW, of which over 2.5 GW is in North America. Canada as well as the US are advance countries that witnessed early acceptance of microgrid solutions. Also, the increasing acceptance of automation in smart homes, military, healthcare and industries is pushing the need for more power.

Key Players

Leading players profiled in the microgrid market include Microgrid Energy LLC (US), Siemens (Germany), Power Analytics Corporation (US), S&C Electric (US), Exelon Corporation (US), Honeywell (US), Schneider Electric (France), Eaton (Ireland), GE (US), ABB (Switzerland), and others.