Market Research Logo

Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023

Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023

Microgrid market projected to grow at a CAGR of 11.97% during forecast period
The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. Increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; and government initiatives to reduce carbon footprint are driving the microgrid market. Major factors restraining the growth of the microgrid market are the high installation and maintenance costs of microgrids, lack of knowledge about procedures to secure license rights for connecting multisite microgrids, and land acquisition and registration procedures creating complications for solar PV plant installations in rural areas.

Government & utilities to hold largest share of microgrid market by 2023
Utility microgrids are usually owned by private or government bodies. Aggressive decline in the prices of renewable resources is one of the major reasons for the growth of microgrids in urban and rural areas. Several major developments have been made in this vertical; for instance, in February 2015, Exelon Corp (US) partnered with Anbaric Transmission (US) to build microgrids in New York, US. Anbaric has experience in competitive markets such as New York and New Jersey in particular, where it has helped develop independent transmission. Also, increasing government initiatives worldwide to maximize the electrification rate is expected to increase the market share of the government & utilities vertical by 2023.

Microgrid market in APAC to grow at highest CAGR between 2018 and 2023
The highest growth of the market in APAC can be attributed to the increasing demand for rural electrification projects and the rapidly growing manufacturing vertical in countries such as India, Taiwan, South Korea, and China. Moreover, investments made by both national and international companies, such as ABB, Siemens, GE, and Schneider Electric, in this region, contribute to the growth of the microgrid market in APAC.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts. The breakup of the profiles of primary participants is as follows:
By Company Type: Tier 1—23 %, Tier 2—32%, and Tier 3—45%
By Designation: C-Level Executives—43%, Directors—27%, and Others—30%
By Region: Americas—22%, Europe—25%, APAC—43%, and RoW—10%

Companies that provide a range of customized solutions to customers are expected to emerge as game changers.

This report profiles the following key microgrid manufacturers in this market:
1. ABB (Switzerland)
2. General Electric (US)
3. Eaton (Ireland)
4. Siemens (Germany)
5. Schneider Electric (France)
6. Honeywell (US)
7. Homer Energy (US)
8. S&C Electric (US)
9. Power Analytics (US)
10. Exelon Corporation (US)

Research Coverage
This report covers the microgrid market based on grid type, offering, vertical, and region. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies, such as product launches and developments, related to the microgrid market.

Key Benefits of Buying This Report
1. This report segments the overall market comprehensively and provides the closest approximations of the global microgrid market size and that of subsegments across verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities pertaining to the microgrid market.
3. This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, and new product developments in the microgrid market.


  • INTRODUCTION
    • STUDY OBJECTIVES
    • DEFINITION
    • STUDY SCOPE
      • MARKETS COVERED
      • GEOGRAPHIC SCOPE
      • YEARS CONSIDERED FOR THIS STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • MARKET BREAKDOWN & DATA TRIANGULATION
    • ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES FOR MICROGRID MARKET GROWTH
    • MICROGRID MARKET, BY TYPE
    • MICROGRID MARKET, BY OFFERING
    • MICROGRID MARKET, BY HARDWARE
    • MICROGRID MARKET IN APAC, BY VERTICAL AND COUNTRY
    • GEOGRAPHIC ANALYSIS OF MICROGRID MARKET
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
        • Table UTILITY ELECTRICITY DISTRIBUTION INFRASTRUCTURE AGE IN NEW YORK (US)
      • RESTRAINTS
        • Table ESTIMATED COST OF A 2 MW MICROGRID
      • OPPORTUNITIES
      • CHALLENGES
  • INDUSTRY TRENDS
    • VALUE CHAIN ANALYSIS
      • DESIGN/RESEARCH AND DEVELOPMENT (R&D)
      • RAW MATERIAL/COMPONENT SUPPLIERS AND SYSTEM INTEGRATORS
      • MARKETING
      • PROJECT DEVELOPMENT AND CONSTRUCTION
      • PROJECT FINANCING
      • END USER
      • AFTER-SALES SERVICES
    • KEY TRENDS: MICROGRID MARKET
      • Table TRENDS IN MICROGRID MARKET
    • REGULATORY STANDARDS
      • Table MICROGRID MARKET: REGULATORY LANDSCAPE
    • STORAGE NECESSITY FOR MICROGRIDS
  • MICROGRID MARKET, BY TYPE
    • INTRODUCTION
      • Table MICROGRID MARKET, BY TYPE, 2015–2023 (USD BILLION)
    • GRID CONNECTED
      • Table GRID-CONNECTED MICROGRID MARKET, BY OFFERING, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET, BY HARDWARE, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET FOR ENERGY STORAGE SYSTEM & POWER GENERATOR, BT TYPE, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET FOR POWER GENERATOR, BY TYPE, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET FOR INDUSTRIAL VERTICAL, BY TYPE, 2015–2023 (USD BILLION)
      • Table GRID-CONNECTED MICROGRID MARKET FOR GOVERNMENT & UTILITIES VERTICAL, BY TYPE, 2015–2023 (USD BILLION)
    • REMOTE/ISLAND/OFF-GRID
      • Table REMOTE/ISLAND MICROGRID MARKET, BY OFFERING, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET, BY HARDWARE, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET FOR ENERGY STORAGE SYSTEM & POWER GENERATOR, BY TYPE, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET FOR POWER GENERATOR, BY TYPE, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET FOR INDUSTRIAL VERTICAL, BY TYPE, 2015–2023 (USD BILLION)
      • Table REMOTE/ISLAND MICROGRID MARKET FOR GOVERNMENT & UTILITIES VERTICAL, BY TYPE, 2015–2023 (USD BILLION)
  • MICROGRID MARKET, BY OFFERING
    • INTRODUCTION
      • Table MICROGRID MARKET, BY OFFERING, 2015–2023 (USD BILLION)
    • HARDWARE
      • Table MICROGRID MARKET, BY HARDWARE, 2015–2023 (USD BILLION)
      • Table MICROGRID HARDWARE MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • SWITCHGEAR
        • Table MICROGRID SWITCHGEAR MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • POWER INVERTER
        • Table MICROGRID POWER INVERTER MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • SMART METER
        • Table MICROGRID SMART METER MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • RECIPROCATING ENGINE
        • Table MICROGRID RECIPROCATING ENGINE MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • ENERGY STORAGE SYSTEM AND POWER GENERATOR
        • Table MICROGRID MARKET FOR POWER GENERATOR, BY TYPE, 2015–2023 (USD BILLION)
        • Table MICROGRID ENERGY STORAGE SYSTEM & POWER GENERATOR MARKET, BY TYPE, 2015–2023 (USD BILLION)
        • Table MICROGRID POWER GENERATOR MARKET, BY TYPE, 2015–2023 (USD BILLION)
        • Table PV MICROGRID CHALLENGES AND RECOMMENDATIONS
        • Table MICROGRID ENERGY STORAGE SYSTEM MARKET, BY TYPE, 2015–2023 (USD BILLION)
    • SOFTWARE
      • Table MICROGRID SOFTWARE MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • SOFTWARE AS A SERVICE (SAAS)
    • SERVICES
      • Table MICROGRID SERVICE MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • ENGINEERING AND DESIGN
      • MONITORING AND CONTROL
      • OPERATIONS AND MAINTENANCE
  • CONSUMPTION PATTERN
    • INTRODUCTION
    • URBAN/METROPOLITAN
    • SEMIURBAN
    • RURAL/ISLAND
  • MICROGRID MARKET, BY VERTICAL
    • INTRODUCTION
      • Table MICROGRID MARKET, BY VERTICAL, 2015–2023 (USD BILLION)
    • EDUCATIONAL INSTITUTES
      • Table MICROGRID MARKET FOR EDUCATIONAL INSTITUTES, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET FOR EDUCATIONAL INSTITUTES, BY REGION, 2015–2023 (USD BILLION)
    • INDUSTRIAL
      • Table MICROGRID INDUSTRIAL MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID INDUSTRIAL MARKET, BY REGION, 2015–2023 (USD BILLION)
      • Table MICROGRID INDUSTRIAL MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • MINING
      • OTHERS
    • MILITARY
      • Table MICROGRID MILITARY MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID MILITARY MARKET, BY REGION, 2015–2023 (USD BILLION)
    • HEALTHCARE
      • Table MICROGRID HEALTHCARE MARKET, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID HEALTHCARE MARKET, BY REGION, 2015–2023 (USD BILLION)
    • GOVERNMENT & UTILITIES
      • Table MICROGRID MARKET FOR GOVERNMENT & UTILITIES, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET FOR GOVERNMENT & UTILITIES, BY REGION, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET FOR GOVERNMENT & UTILITIES, BY CONSUMPTION PATTERN, 2015–2023 (USD BILLION)
      • URBAN ELECTRIFICATION
        • Table MICROGRID MARKET FOR URBAN ELECTRIFICATION, BY TYPE, 2015–2023 (USD BILLION)
        • Table MICROGRID MARKET FOR URBAN ELECTRIFICATION, BY REGION, 2015–2023 (USD BILLION)
      • RURAL ELECTRIFICATION
        • Table MICROGRID MARKET FOR RURAL ELECTRIFICATION, BY CONNECTIVITY, 2015–2023 (USD BILLION)
        • Table MICROGRID MARKET FOR RURAL ELECTRIFICATION, BY REGION, 2015–2023 (USD BILLION)
    • OTHERS
      • Table MICROGRID MARKET FOR OTHERS, BY TYPE, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET FOR OTHERS, BY REGION, 2015–2023 (USD BILLION)
  • MICROGRID MARKET, GEOGRAPHIC ANALYSIS
    • INTRODUCTION
      • Table MICROGRID MARKET, BY REGION, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET, BY POWER CAPACITY, 2015–2023 (MEGAWATT)
    • AMERICAS
      • Table MICROGRID MARKET IN AMERICAS, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET IN AMERICAS, BY REGION, 2015–2023 (USD BILLION)
      • NORTH AMERICA
        • Table MICROGRID PROJECTS IN NORTH AMERICA
        • Table NORTH AMERICAN MICROGRID MARKET, BY OFFERING, 2015–2023 (USD BILLION)
        • Table NORTH AMERICAN MICROGRID MARKET, BY COUNTRY, 2015–2023 (USD BILLION)
      • REST OF AMERICAS
        • Table REST OF AMERICAS MICROGRID MARKET, BY OFFERING, 2015–2023 (USD BILLION)
    • EUROPE
      • Table EUROPEAN MICROGRID MARKET, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table EUROPEAN MICROGRID MARKET, BY COUNTRY, 2015–2023 (USD BILLION)
      • UK
      • GERMANY
      • FRANCE
      • RUSSIA
      • REST OF EUROPE
    • APAC
      • Table MICROGRID MARKET IN APAC, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET IN APAC, BY COUNTRY, 2015–2023 (USD BILLION)
      • CHINA
      • JAPAN
      • INDIA
      • AUSTRALIA
      • REST OF APAC
    • ROW
      • Table MICROGRID MARKET IN ROW, BY VERTICAL, 2015–2023 (USD BILLION)
      • Table MICROGRID MARKET IN ROW, BY REGION, 2015–2023 (USD BILLION)
      • MIDDLE EAST
      • AFRICA
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • RANKING OF PLAYERS (2016)
      • Table RANKING OF TOP 5 PLAYERS IN MICROGRID MARKET (2017)
    • COMPETITIVE SCENARIO
      • PRODUCT LAUNCHES AND DEVELOPMENTS
      • AGREEMENTS, PARTNERSHIPS, AND CONTRACTS
      • EXPANSIONS
      • MERGERS AND ACQUISITIONS
  • COMPANY PROFILES
    • KEY PLAYERS
      • ABB
      • GENERAL ELECTRIC
      • EATON
      • SIEMENS
      • SCHNEIDER ELECTRIC
      • HONEYWELL
      • HOMER ENERGY
      • S&C ELECTRIC
      • POWER ANALYTICS
      • EXELON CORPORATION
    • OTHER IMPORTANT PLAYERS
      • PARETO ENERGY
      • ANBARIC TRANSMISSION
      • TESLA
      • SPIRAE
      • GENERAL MICROGRIDS
    • KEY INNOVATORS
      • GRAM POWER
      • POWERHIVE
      • ADVANCED MICROGRID SOLUTIONS
      • GO ELECTRIC
      • DAJIE
  • APPENDIX
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report