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

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Microgrid Market – By Connectivity (Grid Connected, Off-grid Connected), Offering (Hardware, Software, Services), Grid Type (AC Microgrids, DC Microgrids, Hybrid), Pattern Analysis (Urban/Metropolitan, Semiurban, Rural), End User (Utilities, Commercial & Industrial, Institutes & Campuses, Military, Remote, Government, Healthcare, Others) and Geography

 

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Report

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.

Microgrid Market

MARKET SUMMARY
-
17.9%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 17.9%
  • Largest Market– North America
  • Fastest Growing Market– Asia-Pacific

Microgrid Market

  • The report on global microgrid market gives historical growth, current trends, and future market sizes (US$ Mn) on the basis of connectivity, offering, grid type, pattern, end user and geography.
  • The microgrid market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Key Players
  • ABB
  • Caterpillar
  • Lockheed Martin Corporation
  • Honeywell International Inc
  • Exelon Corporation
Microgrid Market

Growth

Microgrid Market is surging owing to frequent acquisitions and launchings by the market players. Strategic alliances by the players such as acquisitions, mergers, expansions and new product launches may enhance the company’s growth. For instance,

• In April 2021, Hitachi ABB Power Grids launched EconiQ, its portfolio of products, services, and solutions that are proven to deliver exceptional environmental performance. The corporation is reaffirming its commitment to a carbon-free energy future through EconiQ.

• In April 2021, Siemens Smart Infrastructure launched the new Sentron 3NA COM LV HRC fuse-link with integrated communication and measurement functionality.

• In November 2019, Siemens launched its new Grid Diagnostic Suite, which initially includes four cloud-based applications that collect data from new or existing field devices for protection, distribution automation, and power quality.


Asia-Pacific Got Significant Share

Microgrid Market

The Microgrid market in Asia Pacific is expected to hold the highest share by 2026 and it is expected to grow with a significant rate in the coming years. The growth in this region can be attributed to increasing huge demand for electricity from rural areas. Japan accounted to have revenue share of 21.4% (2021) in Asia-Pacific market and projected to grow at 16.5% CAGR over 2021-2028. India accounted to have revenue share of 7.0% (2021) in Asia-Pacific market and projected to grow at 18.5% CAGR over 2021-2028.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The microgrid market report provides granular level information about market size, regional market share, historic market (2017-2021) and forecast (2022-2028).
  • The microgrid market report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The microgrid market report tracks recent innovations, key developments and startup’s details that are actively working in the market.
  • The microgrid market report provides plethora of information about market entry strategies

Key

Key Developments

Microgrid Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The microgrid market is projected to expand at a CAGR of 17.9% during the forecast period.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

ABB, Caterpillar, Lockheed Martin Corporation, Honeywell International Inc, Exelon Corporation.


Report

Table Of Content

 

1. Executive Summary
2. Global Microgrid Market Introduction
2.1. Global Microgrid Market – Taxonomy
2.2. Global Microgrid Market –Definitions
2.2.1. Connectivity
2.2.2. Offering
2.2.3. Grid Type
2.2.4. Pattern
2.2.5. End User
3. Global Microgrid Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Microgrid Market Dynamic Factors – Impact Analysis
3.6. Global Microgrid Market – Competition Landscape
4. Global Microgrid Market Analysis,2017 – 2021 and Forecast, 2022 – 2028
4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Microgrid Market, By Connectivity, 2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
5.1. Grid Connected
5.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Off-grid Connected
5.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Microgrid Market, By Offering, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1. Hardware
6.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Software
6.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Services
6.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
7. Global Microgrid Market Forecast, By Grid Type,2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
7.1. AC Microgrids
7.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. DC Microgrids
7.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Hybrid
7.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
8. Global Microgrid Market Forecast, By Pattern, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.1. Urban/Metropolitan
8.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Semiurban
8.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Rural
8.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
9. Global Microgrid Market, By End User, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.1. Utilities
9.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Commercial & Industrial
9.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. Institutes & Campuses
9.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
9.4. Military
9.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.4.3. Market Opportunity Analysis
9.5. Remote
9.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.5.3. Market Opportunity Analysis
9.6. Government
9.6.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.6.3. Market Opportunity Analysis
9.7. Healthcare
9.7.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.7.3. Market Opportunity Analysis
9.8. Others
9.8.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.8.3. Market Opportunity Analysis
10. Global Microgrid Market Forecast, By Region, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
10.1. North America
10.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.1.3. Market Opportunity Analysis
10.2. Europe
10.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.2.3. Market Opportunity Analysis
10.3. Asia-Pacific
10.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.3.3. Market Opportunity Analysis
10.4. Latin America
10.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.4.3. Market Opportunity Analysis
10.5. Middle East and Africa
10.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.5.3. Market Opportunity Analysis
10.6. Global Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Region, 2022 – 2028
11. North America Microgrid MarketAnalysis,2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
11.1. Connectivity Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
11.1.1. Grid Connected
11.1.2. Off-grid Connected
11.2. Offering Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Hardware
11.2.2. Software
11.2.3. Services
11.3. Grid Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. AC Microgrids
11.3.2. DC Microgrids
11.3.3. Hybrid
11.4. Pattern Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.4.1. Urban/Metropolitan
11.4.2. Semiurban
11.4.3. Rural
11.5. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.5.1. Utilities
11.5.2. Commercial & Industrial
11.5.3. Institutes & Campuses
11.5.4. Military
11.5.5. Remote
11.5.6. Government
11.5.7. Healthcare
11.5.8. Others
11.6. Country Analysis 2017 – 2021 and Forecast 2022 – 2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.6.1. USA
11.6.2. Canada
11.7. North America Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2022 – 2028
11.8. North America Microgrid Market Dynamics – Trends
12. Europe Microgrid Market Analysis, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
12.1. Connectivity Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
12.1.1. Grid Connected
12.1.2. Off-grid Connected
12.2. Offering Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Hardware
12.2.2. Software
12.2.3. Services
12.3. Grid Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. AC Microgrids
12.3.2. DC Microgrids
12.3.3. Hybrid
12.4. Pattern Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.4.1. Urban/Metropolitan
12.4.2. Semiurban
12.4.3. Rural
12.5. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.5.1. Utilities
12.5.2. Commercial & Industrial
12.5.3. Institutes & Campuses
12.5.4. Military
12.5.5. Remote
12.5.6. Government
12.5.7. Healthcare
12.5.8. Others
12.6. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.6.2. UK
12.6.3. France
12.6.4. Spain
12.6.5. Italy
12.6.6. Russia
12.6.7. Poland
12.6.8. Rest of Europe
12.7. Europe Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End Userand Country, 2022 – 2028
12.8. Europe Microgrid Market Dynamics – Trends
13. Asia-Pacific Microgrid Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
13.1. Connectivity Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
13.1.1. Grid Connected
13.1.2. Off-grid Connected
13.2. Offering Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Hardware
13.2.2. Software
13.2.3. Services
13.3. Grid Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. AC Microgrids
13.3.2. DC Microgrids
13.3.3. Hybrid
13.4. Pattern Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.4.1. Urban/Metropolitan
13.4.2. Semiurban
13.4.3. Rural
13.5. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.5.1. Utilities
13.5.2. Commercial & Industrial
13.5.3. Institutes & Campuses
13.5.4. Military
13.5.5. Remote
13.5.6. Government
13.5.7. Healthcare
13.5.8. Others
13.6. Country Analysis2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.6.1. Japan
13.6.2. China
13.6.3. India
13.6.4. ASEAN
13.6.5. Australia & New Zealand
13.6.6. Rest of Asia-Pacific
13.7. Asia-Pacific Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country,2022 – 2028
13.8. Asia-Pacific Microgrid Market Dynamics – Trends
14. Latin America Microgrid Market Analysis,2017 – 2021 and Forecast, 2022–2028 (Revenue, USD Mn)
14.1. Connectivity Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
14.1.1. Grid Connected
14.1.2. Off-grid Connected
14.2. Offering Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.2.1. Hardware
14.2.2. Software
14.2.3. Services
14.3. Grid Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.3.1. AC Microgrids
14.3.2. DC Microgrids
14.3.3. Hybrid
14.4. Pattern Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.4.1. Urban/Metropolitan
14.4.2. Semiurban
14.4.3. Rural
14.5. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.5.1. Utilities
14.5.2. Commercial & Industrial
14.5.3. Institutes & Campuses
14.5.4. Military
14.5.5. Remote
14.5.6. Government
14.5.7. Healthcare
14.5.8. Others
14.6. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.6.1. Brazil
14.6.2. Mexico
14.6.3. Argentina
14.6.4. Rest of Latin America
14.7. Latin America Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2022 – 2028
14.8. Latin America Microgrid Market Dynamics – Trends
15. Middle East and Africa Microgrid Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
15.1. Connectivity Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
15.1.1. Grid Connected
15.1.2. Off-grid Connected
15.2. Offering Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.2.1. Hardware
15.2.2. Software
15.2.3. Services
15.3. Grid Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.3.1. AC Microgrids
15.3.2. DC Microgrids
15.3.3. Hybrid
15.4. Pattern Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.4.1. Urban/Metropolitan
15.4.2. Semiurban
15.4.3. Rural
15.5. End User Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.5.1. Utilities
15.5.2. Commercial & Industrial
15.5.3. Institutes & Campuses
15.5.4. Military
15.5.5. Remote
15.5.6. Government
15.5.7. Healthcare
15.5.8. Others
15.6. Country Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
15.6.1. Gulf Cooperation Council (GCC) Countries
15.6.2. Israel
15.6.3. South Africa
15.6.4. Rest of MEA
15.7. MEA Microgrid Market – Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2022 – 2028
15.8. MEA Microgrid Market Dynamics – Trends
16. Competition Landscape
16.1. Strategic Dashboard of Top Market Players
16.2. Company Profiles (Introduction, Financial Analysis, Connectivity& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
16.2.1. Siemens
16.2.2. Exelon
16.2.3. Schneider
16.2.4. Homer Energy LLC
16.2.5. ABB
16.2.6. Lockheed Martin
16.2.7. Caterpillar
16.2.8. Honeywell
16.2.9. Viridity Energy
16.2.10. EnSync
16.2.11. Advanced Microgrid Storage
16.2.12. XENDEE
16.2.13. ODYSSEY CONSULTANTS LTD.
17. Research Methodology
18. Key Assumptions and Acronyms

Report

Company Profile

  • Siemens
  • Exelon
  • Schneider
  • Homer Energy LLC
  • ABB
  • Lockheed Martin
  • Caterpillar
  • Honeywell
  • Viridity Energy
  • EnSync
  • Advanced Microgrid Storage
  • XENDEE
  • ODYSSEY CONSULTANTS LTD.

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.

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