Microgrid Market by Grid Type (Grid-Connected, Remote, Hybrid), Component, Power Source (Fuel Cell, CHP, Renewables), Vertical (Government & Education, Residential & Commercial, Military & Others), and Geography - Global Forecast to 2022
“The microgrid market expected to grow at a CAGR of 10.9%”
The microgrid market is expected to reach USD 34.94 billion by 2022, at a CAGR of 10.9% between 2016 and 2022. Growing demand for scalable and economic grid controls, cheap and clean energy storage options, and shift towards remote grids in the military segment are the factors driving the microgrid market positively.
“Remote/ island grid-type is in the growth phase; while, hybrid grid-type is in the introductory phase”
In the microgrid market, remote/ island grid-type is estimated to grow at a significant pace during the forecast period. Hybrid grid-type which operates using multiple power sources are trying to gain traction in the market. Presently, the use of remote grid-type is increasing owing to the launch of programs focused on demonstrating and subsidizing solar farm projects in Asian & African countries, such as India, China, Japan, Australia, South Korea, and countries in Africa among others.
“The market in APAC is expected to grow at the highest rate in the microgrid market”
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth is attributed to the large number of investments being made by both national and international companies, such as ABB, Siemens, GE and, Schneider Electric among others in this region.
Breakdown of profile of primary participants:
By Company Type-Tier 1- 17%, Tier 2- 50%, Tier 3- 33%
By Designation –C Level- 28%, Director Level- 29%; Others- 43%
By Region- North America-29%, Europe-57%, Asia-Pacific-14%
The key players operating in this market include ABB Ltd. (Switzerland), Anbaric Transmission (U.S.), Eaton Corp plc (Ireland), Exelon Corp. (U.S.), General Electric (U.S.), Honeywell International, Inc. (U.S.), Northern Power Systems Corp. (U.S.), NRG Energy, Inc. (U.S.), Pareto Energy (U.S.), Siemens AG (Germany), and Spirae, Inc. (U.S.) among others.
“Reasons to buy the report”:
This report includes the market statistics pertaining to microgrid grid-type, component, power source, vertical, and geography along with their respective revenues and power generation capacity.
The Porter’s Five Forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the microgrid market.
Major drivers, restraints, opportunities and, challenges for the microgrid market have been detailed in this report.
Illustrative segmentation, analysis, and forecast for the markets based on microgrid grid-type, component, power source, vertical, and geography has been conducted to give an overall view of the microgrid market.
A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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