(MENAFN- GlobeNewsWire - Nasdaq) New York, United States , May 25, 2023 (GLOBE NEWSWIRE) -- The Global Microgrid Market Size is to grow from USD 245.5 billion in 2022 to USD 245.5 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.3% % during the forecast period.
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A microgrid is a small-scale electric system that may provide power in parallel or independently from bigger power networks. Microgrids are a managed network of interconnected charges that use a variety of technologies including electricity generation, transmission, and distribution. A smart microgrid can function when connected to the primary grid; otherwise, it acts as an electrical island. By preventing hazardous emissions, renewable resources are utilized to their full potential, efficiency is increased, and long-term energy costs are predictable. The trend toward more localized and distributed generation for better reliability, resiliency, and energy in cities, communities, and campuses is projected to have a substantial impact on market growth. These electrical distribution services are utilized to improve local resilience while also ensuring the regional electric grid's functioning and stability. Microgrids are systems that transfer, distribute, and manage power flows to end users. Microgrids use renewable energy sources such as solar PV and wind turbines to generate energy for use in smaller community-based systems.
The ongoing demand for electricity in the healthcare and military industries is driving the deployment of microgrids. By disrupting the power supply, increased power outages in cities and rural areas may cause severe harm to a range of establishments, including hospitals and military posts. Many objects in hospitals require energy, such as lights, heating, and cooling, as well as electricity for life support systems such as dialysis and ventilator equipment, oxygen monitoring meters, and others. Furthermore, rising government backing and an increase in microgrid project execution are pushing the market for rural electrification microgrids. Tata Power and the Indian government's e-governance services division established a partnership in April 2021 to deploy solar-powered water pumps and microgrids in rural India. However, converting an existing system to a hybrid system or building a new microgrid can cost hundreds of millions of dollars. The most expensive generation assets include batteries, solar photovoltaic collectors, and combined heat and power systems. Furthermore, substantial funds are necessary for grid automation and control systems capable of intelligently monitoring and managing all components, and efficiently controlling microgrid electricity.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the " global microgrid market size , Share, and COVID-19 Impact Analysis, By Power Source (Diesel Generators, Natural Gas, Solar PV, CHP), By Capacity (Less than 5 MW, 5 MW - 10 MW, 10 MW - 20 MW, 20 MW - 50 MW, and Above 50 MW), By Application (Educational Institutes, Remote Areas, Military, Utility Distribution, Commercial & Industrial, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The Combined Heat and Power (CHP) segment is dominating the market with the largest market share over the forecast period.
The global microgrid market is divided into four categories based on power sources include diesel generators, natural gas, solar PV, and CHP. Among these sectors, the Combined Heat and Power (CHP) power source category dominated the global market, accounting for more than 36.0% of the total revenue share in 2022. The transition from traditional Separate Heat and Power (SHP) systems to energy generation from a single fuel source is expected to have a substantial impact on segment growth.
The 50 MW segment is leading the largest market growth during the forecast period.
The global microgrid market is segmented into many sectors based on capacity such as less than 5 MW, 5 MW - 10 MW, 10 MW - 20 MW, 20 MW - 50 MW, and greater than 50 MW. Due to the low electrification rate of grid connectivity compared to other capacity sectors, the 50 MW category has a dominating market share. The components used in every system, regardless of capacity, are the same, such as the solar panel, charge controller, and battery, which may absorb more charge in the long run. Medium-scale capacity refers to the segments 10 MW-20 MW and 20 MW-50 MW. The growing demand for modern technology in power generation and distribution has raised the demand for capacity segments ranging from 10 MW to 20 MW and from 20 MW to 50 MW.
The educational institutes segment is influencing the largest market share of 37% during the forecast period.
Based on the application, the global microgrid market is bifurcated into educational institutes, remote areas, military, utility distribution, commercial & industrial, and others. Among these categories, education applications dominated the global market in 2022, accounting for more than 37.0% of the total revenue share. Rising government investment in improving education infrastructure to provide school education in rural areas in developing countries such as China and India is projected to have a positive impact. Extensive power supply requirements for delivering lighting, HVAC, and the functioning of electronic devices in hospitals, corporate offices, and retail outlets are projected to have a considerable impact.
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North America is leading the market with the largest market growth during the forecast period.
North America is expected to lead considerable market growth during the projected period because of the increasing adoption of captive power-generation methods in the industrial and municipal sectors of the United States to lessen reliance on the government-controlled power supply. The presence of multiple microgrid companies, as well as government programs such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS), has increased market interest in the area.
Asia Pacific is expected to grow at a significant rate during the forecast period, because of the favorable outlook for the manufacturing and construction industries in major economies such as China and India, as well as legislative support for supporting domestic investments, Asia Pacific is expected to grow at a significant rate during the forecast period. Furthermore, governments in the Asia-Pacific region want to expand distributed energy generation and microgrids to provide electricity to their citizens.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Krabbe Disease Treatment Market include Lockheed Martin Corporation, ZBB Energy Corporation, ABB Ltd., GE Digital Energy, Power Analytics Corporation, Consert Inc., Viridity Energy Inc., S&C Electric Company, Chevron Energy, Toshiba Corporation, HOMER Energy LLC, Honeywell International Inc., Microgrid Energy LLC, Siemens, & Others.
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Recent Development
In November 2021, The United Kingdom has been awarded yet another microgrid project for the housing and business development of the Grove Park neighbourhood in Lewisham East, UK. The project contains a 500-kW renewable energy system and energy storage, as well as a smart grid management controller. It will be created by SNRG smart grids and Centrica energy firm. The project is planned to be completed by 2025.
In October 2021, a gold mine microgrid in the Democratic Republic of the Congo received hybrid energy solutions technology from Caterpillar, including 7.5MW of battery storage.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global microgrid market size based on the below mentioned segments:
Global Microgrid Market, By Power Source
Diesel Generators Natural Gas Solar PV CHP
Global Microgrid Market, By Capacity
Less than 5 MW 5 MW - 10 MW 10 MW - 20 MW 20 MW - 50 MW Above 50 MW
Global Microgrid Market, By Application
Educational Institutes Remote Areas Military Utility Distribution Commercial & Industrial Others
Microgrid Market, By Regional Analysis
Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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