(EMAILWIRE.COM, October 13, 2018 ) The microgrid market is expected to grow from USD 19.22 billion in 2017 to USD 39.10 billion by 2023, at a CAGR of 11.97% during the forecast period. The base year considered for the study is 2017, and the forecast period is 2018–2023. A microgrid is a small-scale power grid that can operate independently or in conjunction with the area’s main electrical grid. It is a group of interconnected loads and distributed energy resources within clearly defined electrical boundaries. It acts as a single controllable entity with respect to the grid. A microgrid can be connected to or disconnected from the grid to enable it to operate in both grid-connected and remote/island modes. Microgrids cater to various verticals, such as educational institutes, industrial, military, healthcare, government & utilities, and others (electric vehicles, data centers, and telecom infrastructure).

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Market Dynamics

Driver
Increasing demand fo reliable and secure power supply worldwide
Widespread industrialization and population growth fueling demand for endrgy storage systems
Government initiatives to reduce carbon footprint
Converrgence of IoT in enhancing microgrid connectivity
Advantage of cheap and clean energy storage

Restraints

High installation and maintenance cost of microgrids
Lack of knowledge about procedures to secure license right for connecting multisite microgrids
Land acquistion and registration procedures creating complication for solar PV plant installations in rural areas

Opportunities

Rising electrification projects in rural areas of APAC and Africa
Growing demand for microgrids in healthcare, military, and government sectors worldwide
Increasing government investments in microgrid projects

Challenges

Dynamic government policies, regulation, and standards worldwide
Interoperability and compatibility issue due to large numbers of components / devices
Operation, technological, and security risks associated with microgrids

Increasing demand for reliable and secure power supply worldwide
Reliable and secure power supply is a critical parameter in any industry to work efficiently. Uninterrupted energy supply is a critical parameter in any country, which is vulnerable to the acts of terrorism, natural disasters, and other risks. Electricity generated by large, remote power plants in the centralized power grid is transmitted across regions and countries. However, system shortcomings, primarily related to transmission inefficiency, have become increasingly evident, as conventional grids are largely dependent on fossil fuels that lead to pollution and global warming and are largely vulnerable to calamities. This usually results in network malfunction or blackouts. For instance, Hurricane Sandy in the US and Typhoon Haiyan in the Philippines are some examples that have resulted in mass blackouts in major areas, such as New York and islands of Leyte. The aftereffects of these calamities resulted in the lack of access to electricity for several days in these regions, leading to the growing demand for self-power-generating resources or microgrids.

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The following are the major objectives of the study:

To describe, and forecast the global microgrid market, in terms of value, by type, offering, and vertical
To forecast the size of market segments with respect to 4 major regions: Americas, Europe, APAC, and RoW
To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the microgrid market growth
To analyze competitive developments such as new product developments, collaborations, partnerships, and research and development in the microgrid market
To define and describe each stage of microgrid value chain and analyze the market based on industry trends
To map competitive intelligence based on company profiles, key player strategies, and key developments
To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and detail the competitive landscape for market players

During this research study, major players operating in the microgrid market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market.

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The microgrid ecosystem includes original equipment manufacturers (OEMs) such as ABB (Switzerland), General Electric (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), S&C Electric (US), and Exelon Corporation (US). Key software providers in the market include Homer Energy (US) and Power Analytics (US). Key integrators and service providers include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Honeywell (US), S&C Electric (US), Power Analytics (US), and Exelon Corporation (US).

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