What is Microgrid?

A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers. It can operate autonomously without any support of a centralized grid. A smart microgrid can also function when connected to the main grid and even when it is not connected to the main grid, it acts as an electrical island. 

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Microgrid Market Revenue Projection:

According to a new report published by Allied Market Research, titled, “Microgrid Market by Connectivity, Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the microgrid market size was valued at $15.88 billion in 2020, and is projected to reach at $59.74 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.

Microgrid: What's Driving the Growth?

Increase in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints. However, high installation and maintenance cost hinder the market growth. Growth in demand for smart microgrid solution in commercial and industrial sectors for reliable and uninterrupted power and electricity supply is expected to be opportunistic for the microgrid market growth.

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Microgrid: Features

Microgrids offer a range of features that make them well-suited for certain applications, including improving energy resilience, reducing costs, and increasing energy efficiency. It helps in reduction of harmful emissions resulting in optimal use of renewable resources, improved efficiency, and long-term predictable energy cost.     

Microgrid: Applications

Microgrids have a wide range of potential applications such as Remote or Island Communities, Military Bases, Commercial and Industrial Facilities, Emergency Response, Rural Electrification, Electric Vehicle Charging and can be customized to meet the specific needs of different settings and industries.

Microgrid: Major Players in the Industry

The key players profiled in the report include ABB, General Electric, Siemens, Eaton Corporation, Honeywell, Schneider Electric, S&C Electric, Spirae Inc., Exelon Corporation, and Pareto Energy. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the microgrid industry.

Microgrid: Regional Scope

By region, the microgrid market trends is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor that was valued at $65.44 billion in 2020. This region is further expected to attain a market value of $27.85 billion by 2030 to grow at a CAGR of 16.4%.

Microgrids: What Does the Future Look Like?

The future of microgrids looks bright, with continued growth, innovation, and investment expected in the coming years. As the energy landscape continues to evolve, microgrids will play an increasingly important role in meeting the world's energy needs.