Microgrid Market Size to Reach USD 61.18 Billion in 2027 | North America Region Dominated the Market for Microgrid in 2019 with a Share of 38.5%, says Emergen Research

Key companies profiled in the Microgrid report include Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.

Vancouver, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- The global microgrid market size is expected to reach USD 61.18 Billion in 2027 at a CAGR of 10.5%, according to a current analysis by Emergen Research. Growing urbanization and increasing need for electricity and power have boosted demand for clean and renewable sources of energy and are expected to drive market revenue growth over the forecast. In addition, rising government initiatives to minimize carbon emissions and footprint and reduce dependency on fossil-fuel based power generation is another key factor expected to contribute to revenue growth of the market.

Microgrids are localized grids that cater to discrete geographic footprint and operate autonomously and independent of traditional grid. Microgrids can strengthen resilience of grids and reduce disturbances owing to their increased ability to operate even when the main grid is down. Microgrids can also function as grid resource to induce faster system response and recovery. Microgrids contain one or more kinds of distributed energy sources such as solar panels, wind turbines, and generators that helps in supporting a flexible and efficient electric grid. Increasing use of localized energy sources also assists in reducing energy losses during transmission and distribution and this significantly increases efficiency of electric delivery systems. Increasing government focus on development and implementation of microgrids to improve their efficiency, resilience, and reliability is expected to further fuel revenue growth of the market going ahead.

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Commercial and industrial sector are rapidly adopting microgrid technology to mitigate emission levels and ensure reliable and uninterrupted power and electricity supply is available even in remote areas. Rapid decline in costs associated with renewable energy sources and growing adoption of microgrid in defense and military sector to ensure security of the network and reduce probability of cyberattacks are also some factors expected to support revenue growth of the market over the forecast period. However, high costs associated with installation of microgrids is a key factor expected to restrain market growth to a certain extent over the forecast period.

Some Key Highlights in the Report:

  • Combined heat & power segment accounted for largest revenue share in the global market in 2019 and is expected to register significant revenue growth over the forecast period. Growth can be attributed to rising adoption of renewable sources of power generation such as hydro, solar panels, and wind energy.
  • Grid-connected segment revenue is expected to expand at a revenue CAGR of 10.65 during the forecast period owing to availability of reliable power supply, improved resiliency and efficiency, cost-effective energy storage, and drastic reduction in emission level.
  • Education segment is expected to dominate other application segments over the forecast period owing to increasing government investment and funding to improve education infrastructure in developing countries and across the globe.
  • Asia Pacific is expected to register robust revenue CAGR over the forecast period attributable to increasing initiatives by government and energy departments to offer cost-effective and robust power and electricity supply in rural and hard to reach areas in developing economies.
  • Key companies profiled in the report include Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
  • In September 2019, Honeywell and NRStor C&I announced the launch of first-of-its-kind largest behind-the-meter battery energy storage deployment in North America. The companies aim to offer cost-efficient, sustainable, and resilient electricity source to customers across the United States and Canada.    

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For the purpose of this study, Emergen Research has segmented the global microgrid market on the basis of power, product, application, and region:

Power Outlook (Revenue, USD Billion; 2017-2027)

  • Combined heat & power (CHP)
  • Solar Photovoltaic (PV)
  • Natural Gas
  • Fuel Cell
  • Diesel
  • Others

Product Outlook (Revenue, USD Billion; 2017-2027)

  • Grid-connected
  • Hybrid
  • Remote

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Commercial
  • Defense
  • Government
  • Education
  • Utility
  • Others

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Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • Israel
    • South Africa
    • Rest of MEA

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