Chicago, May 08, 2023 (GLOBE NEWSWIRE) -- According to a research report France Microgrid Market by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating & Geography - Global Forecast to 2027", published by MarketsandMarkets, France Microgrid Market to Grow at a CAGR 14.4% from 2022 to 2030
The increasing adoption of renewable energy sources and the need for reliable power supply are key drivers for the growth of the microgrid market in France
The microgrid market outlook in France is expected to experience significant growth in the coming years. France has committed to reducing its carbon emissions and increasing the share of renewable energy in its electricity mix. This commitment has created a favourable environment for the development of microgrids, which can help integrate renewable energy sources into the grid and increase energy efficiency.
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The country has set an ambitious target of producing 33% of its electricity from renewable sources by 2030 and has made significant progress towards achieving this goal. In 2020, renewable energy sources accounted for 23% of France's electricity production, up from 18.9% in 2019. This increase was largely driven by the growth in wind and solar power installations, which accounted for 7.7% and 3.1% of France's electricity production, respectively. France has also made significant investments in hydropower, which is the largest source of renewable energy in the country. Hydropower accounted for 12.2% of France's electricity production in 2020, up from 11.2% in 2019.
In addition to these sources, France is also exploring the use of other renewable energy technologies, such as geothermal and biomass. The country has significant geothermal resources, particularly in the Alsace region, and has installed several geothermal power plants in recent years. France is also investing in biomass energy, which involves using organic matter, such as wood or agricultural waste, to produce electricity or heat. The increasing adoption of renewable energy sources in France is driven by the country's commitment to reducing its carbon emissions and increasing energy independence. The growth of renewable energy sources is expected to continue in the coming years, and the country's microgrid market is well-positioned to take advantage of this trend. Microgrids can provide a reliable and resilient source of power, particularly in areas where the grid infrastructure is aging or unreliable. This is particularly important in France, which has experienced several significant power outages in recent years due to extreme weather events, such as storms and heatwaves. Microgrids can also help to reduce the impact of power outages by providing backup power during grid failures. This is particularly important for critical infrastructure, such as hospitals, data centres, and emergency services.
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In addition to these factors, the French government has implemented various policies to support the development of microgrids, including feed-in tariffs and tax incentives for renewable energy projects. This has created a favourable environment for the growth of the microgrid industry in France, and several French companies are actively investing in research and development to improve the efficiency and effectiveness of microgrid systems. Additionally, the country has a well-established energy storage industry, which is an essential component of microgrid systems. The Government of France is making several investments to promote the adoption of microgrids in the country. The main electric utility, Electricité de France (EDF) of France, is also planning the Millener project, which is expected to involve major private players and utility companies in the development of innovative energy and load management solutions. It is also focusing on clean energy generation. According to the Ministry of Environment of France, the country is expected to spend USD 1.41 trillion over the next four decades on the production of clean power and the development of required storage capacities and networks. Furthermore, several French companies are active in the microgrid industry, including Schneider Electric, EDF, and Engie. These companies are investing in research and development to improve the efficiency and effectiveness of microgrid systems, which is expected to drive further growth in the market.
Top 5 Key Market Players in Microgrid companies
- Schneider Electric (France),
- Siemens (Germany),
- General Electric (GE) (US),
- Eaton Corporation (US),
- ABB (Switzerland) are among Other
See Also :
- China Microgrid Industry to Grow at a CAGR 22.9% from 2022 to 2027
- Japan Microgrid Industry to Grow at a CAGR 19.8% from 2022 to 2027
- Germany Microgrid Industry to Grow at a CAGR 10.6% from 2022 to 2027
- South Korea Microgrid Industry to Grow at a CAGR 27.1% from 2022 to 2027
- UK Microgrid Industry to Grow at a CAGR 12.9% from 2022 to 2027
