Microgrid Global Market Sees Growth Rate Of 24% Through 2022

3 Aug, 2022

The global microgrid market size is expected to grow from $9.63 billion in 2021 to $11.9 billion in 2022 at a compound annual growth rate (CAGR) of 23.6%. The global microgrids market size is expected to grow to $25.04 billion in 2026 at a CAGR of 20.4%.

What is the Global Microgrid Market?

The microgrid market consists of sales of microgrids by entities (organizations, sole proprietors, partnerships) that refer to a local energy grid with control capability, which means it can disconnect from the traditional grid and operate autonomously. A microgrid is a self-contained energy system that serves a specific geographic area, such as a college campus, hospital, business center, or neighborhood. Microgrids can strengthen grid resilience and help mitigate grid disturbances by operating while the main grid is down, as well as serve as a grid resource for faster system response and recovery.

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What drives the Global Microgrid Market?

The growing adoption of microgrids for rural electrification is expected to propel the growth of the microgrid market going forward. Rural electrification is progressing, with plans to provide energy 24 hours a day and connect rural communities, including micro, small, and medium enterprises (MSME) businesses. For rural electrification, microgrids have several advantages over centralized infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas. For instance, in April 2021, the Indian government's e-governance services arm, launched a partnership with Tata Power to install solar-powered microgrids and water pumps in rural areas around the country. To begin, Tata Power has proposed establishing 10,000 microgrids to assist rural clients via Common Service Centers (CSCs). This will aid the government's ongoing campaign to equip rural households and businesses in India with clean, sustainable energy. Therefore, an increase in demand for microgrids in rural electrification will drive the microgrid market.

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Global Microgrid Market Segments
The global microgrid market is segmented:
By Type: AC Microgrids, DC Microgrids, Hybrid Microgrids
By Connectivity: Grid Connected, Off-Grid Connected
By Component: Hardware, Software, Services
By Application: Remote Systems, Institutional Buildings, Commercial Utility
By End-User: Commercial and Industrial, Institutes and Campuses, Military
By Geography: The regions covered in the microgrid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Microgrid Global Market Report 2022provides market size and growth forecasts for the global microgrid market, global microgrid market share, microgrid market segments and geographies, microgrid market competitive landscape including leading competitors’ revenues, profiles and market shares. The microgrid market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Microgrid Industry Playersinclude ABB Ltd., Eaton Corporation, General Electric, Siemens AG, Schneider Electric SE, Honeywell International Inc., Advanced Microgrid Solutions, Anbaric Transmission, Canopy Power, Exelon Corporation, Ferroamp, General Microgrids, Go Electric, Gram Power, Toshiba Corporation, S&C Electric, Tesla, Caterpillar, Echelon Corporation, Pareto Energy Limited, and Engie Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.