The global microgrid market size is projected to reach USD 47.4 billion by 2025 from USD 28.6 billion in 2020, at a CAGR of 10.6%. Major drivers for the market growth are rising demand for clean energy, increasing instances of cyberattacks on the energy infrastructures, growing requirement for reliable & secure global power supply, and rising global deployment of microgrids for rural electrification.
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Grid-connected microgrid segment to grow at a higher CAGR during the forecast period
Grid-connected microgrids are connected to large utility grids. They are typically used to serve both small areas comprising a few houses and large areas such as military installations. In grid-connected microgrids, power transmission is dependent on the main grids; thus, any damage to these affects the overall power transmission networks.
Solar PV power technology is used mainly in grid-connected microgrids. The growth of this segment can be attributed to the expansion of utility-based grid networks, coupled with the large-scale use of renewable sources of energy such as offshore wind. Grid-connected microgrids offer grid resiliency and improved quality power. They have a low impact on the environment.
Power generators to hold the largest share of the hardware microgrid market during the forecast period
End-users worldwide are increasingly adopting microgrids to achieve energy goals such as improved reliability of electricity, fewer carbon emissions, reduced electricity costs, and generation of electricity from different sources of energy. The distributed generation of electricity is considered as the foundation stone of microgrids as it enables the use of various sources of energy to generate electricity. These include renewable energy sources (solar, wind, PV cells, etc.) and non-renewable energy sources (fuel cells, diesel generators, CHP and micro-CHP, microturbines, etc.). The use of renewable sources of energy such as PV cells, wind turbines, and hydro turbines for power generation in microgrids is one of the prominent factors contributing to the growth of the microgrid hardware market globally. Other advantages of integrating renewable sources of energy with microgrids are reduced emissions of greenhouse gases, lower dependency on local or imported fuels, and increased requirement of energy security.
Microgrid market in APAC to grow at highest CAGR during the forecast period
The microgrid industry in APAC is projected to grow at the fastest CAGR during the forecast period. This growth can be attributed to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines. A large number of islands in Indonesia and the Philippines and the lack of proper electricity infrastructure in emerging economies led to the demand for cost-effective microgrids in the region as it has a large portion of unelectrified areas. This is expected to contribute to the growth of the microgrid market in APAC during the forecast period.
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ABB (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Eaton Corporation Inc. (Eaton, Ireland), Schneider Electric SE (Schneider Electric, France), Honeywell International Inc. (Honeywell, US), HOMER Energy LLC (Homer Energy, US), S&C Electric Company (S&C Electric, US), Power Analytics Corporation (Power Analytics, US), and Exelon Corporation (Exelon, US) are a few major players in the global microgrid market.