Microgrid Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Microgrid Market value is accounted USD 14,370.5 million in 2021 and estimated to grow at significant CAGR of 17.9% over the forecast period (2022-2028), to reach USD 43,930.2 million by 2028. A microgrid is a self-sufficient energy system that serves a discrete geographic footprint, such as a commercial & industrial, institutes & campuses, utilities, remote areas, healthcare centers, government bodies, and others. Within microgrids are one or more kinds of distributed energy (solar panels, wind turbines, combined heat & power, generators) that produce its power. In addition, many newer microgrids contain energy storage, typically from batteries. Based on connectivity the market has been segmented into grid connected and off-grid connected products. Increasing adoption of grid connected microgrids are mainly due to grid-connected microgrids have the potential to improve grid balance by allowing for a greater penetration of variable renewable energy sources, resulting in cost savings for both end-users and grid operators. Off-grid power networks are in high demand in many parts of the world, especially in sectors such as defense, commerce, data centers, and universities. To make the country’s energy infrastructure more resilient, the majority of the countries are planning more off-grid microgrid projects in cities and other key places. In 2021, By Grid type, the DC Microgrids segment accounted for 68% revenue share in global microgrid market and projected to grow at 17.2% CAGR over 2022 – 2028. Hybrid microgrids segment projected to grow at 18.7% CAGR over 2022 – 2028 to reach USD 8,466.7 Million by 2028. Hybrid ac/dc microgrids are emerging as a promising alternative because they integrate the benefits of both ac and dc networks while requiring minimal changes to the distribution network. They do, however, necessitate more complex control strategies because they must simultaneously control the ac and dc networks as well as the interface power converter.

Recent Market Developments:

In April 2021, GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd. announced a cross-licensing agreement related to the use of an alternative to the sulfur hexafluoride (SF6) gas used in high voltage equipment. In May 2021, Hitachi ABB Power Grids Ltd. announced that it had won an order from Windtel, the Poland-based construction company, to provide a high-voltage grid connection for the 65-megawatt (MW) Witnica Solar Park in northern Poland.

In March 2021, Siemens and Ellevio, Sweden’s second-largest grid firm, signed an agreement to develop a new grid control system for the country’s distribution network.

In July 2020, GE announced a partnership with Oman Electricity Transmission Company (OETC) to accelerate the digitalization of Oman’s power grid, beginning with the deployment of an asset performance management system at OETC’s six important 400 kV substations.