Rise in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints drive the growth of the global microgrid market.
Allied Market Research published a report, titled,“Microgrid Market by Connectivity (Grid Connected and Off-grid Connected), Type (AC Microgrids, DC Microgrids, and Hybrid) and End User (Commercial & Industrial, Government, Healthcare, Remote, Utility, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.” According to the report, the global microgridindustry was estimated at $15.88billion in 2020, and is anticipated to hit $59.74 billion by 2030, registering a CAGR of 14.9% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints drive the growth of the global microgrid market. On the contrary, high installation and maintenance charges impede the market growth to some extent. However, rapid industrialization, increase in demand for power, and rise in demand for microgrids in the commercial and industrial sector are anticipated to pave the way for multiple opportunities in the industry.
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COVID-19 scenario-
- Due to the lockdown, industries were working at minimum capacity. This resulted inthe lack of skilled professional for operating the technology thus impacting the microgrid market.
- The production facilities and industrial operations were stalled in the initial days of the pandemic which reduced the need for maintenance from industrial sectors.
The grid connected segment to dominate by 2030-
Based on connectivity, the grid connected segment contributed to nearly three-fifths of the global microgrid market share in 2020, and is anticipated to dominate the market by 2030, due to availability of storing energy from renewable resources. Moreover, this segment is anticipated to register the fastest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of the off-grid connected segment.
The AC microgrids segment held the highest share in 2020-
Based on type, the AC microgrids segment contributed more than three-fifthsof the global microgrid market share in 2020, and is expected to rule the market by 2030, owing to lower transmission losses in AC lines. Moreover, this segment is expected to witness the highest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of hybrid and DC microgrid segments.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on region, Asia-Pacific garnered the major share in 2020, holding more than two-fifths of the global microgrid market. This is attributed to the growing technological advancements in microgrids in this region. Moreover, this region is anticipated to register the fastest CAGR of 16.4% throughout the forecast period. The market across North America would grow with a CAGR of 13.0% from 2021 to 2030.
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Key players in the industry-
- Pareto Energy
- ABB
- Eaton Corporation
- Siemens
- S&C Electric
- Honeywell
- Spirae Inc.,
- Exelon Corporation
- Schneider Electric
- General Electric
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