Microgrid Market Analysis

Microgrid Market is projected to be worth USD 60.25 Billion by 2030, registering a CAGR of 12.24% during the forecast period (2022 - 2030). Increasing demand for secure and reliable power supply is expected to drive the Microgrid Market globally throughout forecast period.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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COVID-19 Impact on the Worldwide Market

COVID-19 has had an impact on the global economy by bringing numerous sectors to a halt. Companies in the power sector are facing a number of issues as a result of a decrease in resources and labor. The objective for deploying distributed energy resources has almost come to a halt as a result of the pandemic and containment efforts.

Several corrective steps, however, are being implemented to boost microgrid growth post COVID-19. Solar Energy Industries Association (SEIA), Advanced Energy Economy (AEE), Institute for Local Self-Reliance (ILSR), and Alliance for Rural Electrification (ARE), for example, are taking steps to get microgrid projects back on track. These associations' ideas for clean energy and expanding microgrids come at a time when nearly 100,000 advanced energy workers in the United States are out of employment. Proposals to strengthen distributed energy are emerging, however, as the US government develops a stimulus package in reaction to COVID-19-induced unemployment.

Furthermore, COVID-19 mitigation measures for microgrids are appropriate for grid edge technologies that provide improved diagnostics and remote operations, spurring additional investment. Furthermore, long utility sales cycle times are projected to reduce the pandemic's detrimental influence on investment plans. For example, in May 2020, SimpliPhi Power, a lithium-ion energy storage company, worked with the non-profit Footprint Project to bring a sustainable energy microgrid field hospital to the Matamoros migrant camp in Mexico.

Market Segmentation

The global microgrid market has been segmented into type, component, power source, and end-use.

Regional Analysis

North America to Dominate the Global Market

North America held the greatest share of the microgrid market. The existence of a significant number of microgrid developers, as well as government measures to promote the adoption of microgrids, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) project, has given the region significance in the microgrid industry.

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Key Players

The key players in the global microgrid market are ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Exelon Corporation (US), S&C Electric (US), Power Analytics Corporation (US), Siemens (Germany), and Microgrid Energy LLC (US), among others.