HOME Top Market Reports Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023

Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: June 2018
Report Code: SE 2881

 

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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.

The prime objectives of this study can be summarized as follows:

  • To define, 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 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 microgrid market players

This study involves the extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg Business, Factiva, and OneSource) to identify and collect information useful for this study. The research methodology followed in this report is explained below.

  • Identifying various applications and industries that are using or are expected to adopt microgrids
  • Analyzing each application, along with related major companies and system integrators, and identifying service providers for the adoption of microgrids
  • Understanding the demand generated by these applications for microgrids
  • Estimating the microgrid market size for each region
  • Tracking the ongoing and upcoming implementation of microgrids by various companies for each application and region to forecast the market based on these developments and other critical parameters

After arriving at the overall market size, the total market is split into several segments and subsegments, which is further confirmed with key industry experts. The figure below shows the breakdown of primaries on the basis of company type, designation, and region.

Microgrid Market

To know about the assumptions considered for the study, download the pdf brochure

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).

Key Target Audience

  • Microgrid providers
  • IT service providers
  • Cloud service providers
  • Original equipment manufacturers (OEMs)
  • System integrators and third-party vendors
  • Software solution providers
  • Government bodies
  • Technology investors
  • Enterprise data center professionals
  • Research institutes and organizations
  • Market research and consulting firms

Scope of This Report

The microgrid market has been covered in detail in this report. To provide a holistic picture, the current market demand and forecasts have also been included in the report. The microgrid market has been segmented as follows:

By Type

  • Grid Connected
  • Remote/Island/Off-Grid

By Offering

  • Hardware
  • Software
  • Services

By Consumption Pattern

  • Urban/Metropolitan
  • Semi-urban
  • Rural/Island

By Vertical

  • Educational Institutes
  • Industrial
  • Military
  • Healthcare
  • Government & Utilities
    • Urban Electrification
    • Rural Electrification
  • Others (Electric Vehicles, Data Centers, and Telecom Infrastructure (Cellphone Towers))

By Region

  • Americas
  • Europe
  • APAC
  • RoW

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Grid Type Analysis:

  • Detailed analysis of grid-connected and remote/island microgrids

Country-wise Information:

  • Detailed analysis of the market for each country

Company Information:

  • Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for This Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Opportunities for Microgrid Market Growth
    4.2 Microgrid Market, By Type
    4.3 Microgrid Market, By Offering
    4.4 Microgrid Market, By Hardware
    4.5 Microgrid Market in APAC, By Vertical and Country
    4.6 Geographic Analysis of Microgrid Market

5 Market Overview (Page No. - 39)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Demand for Reliable and Secure Power Supply Worldwide
                    5.2.1.2 Widespread Industrialization and Population Growth Fueling Demand for Energy Storage Systems
                    5.2.1.3 Government Initiatives to Reduce Carbon Footprint
                    5.2.1.4 Convergence of IoT in Enhancing Microgrid Connectivity
                    5.2.1.5 Advantages of Cheap and Clean Energy Storage
           5.2.2 Restraints
                    5.2.2.1 High Installation and Maintenance Cost of Microgrids
                    5.2.2.2 Lack of Knowledge About Procedures to Secure License Rights for Connecting Multisite Microgrids
                    5.2.2.3 Land Acquisition and Registration Procedures Creating Complications for Solar PV Plant Installations in Rural Areas
           5.2.3 Opportunities
                    5.2.3.1 Rising Electrification Projects in Rural Areas of APAC and Africa
                    5.2.3.2 Growing Demand for Microgrids in Healthcare, Military, and Government Sectors Worldwide
                    5.2.3.3 Increasing Government Investments in Microgrid Projects
           5.2.4 Challenges
                    5.2.4.1 Dynamic Government Policies, Regulations, and Standards Worldwide
                    5.2.4.2 Interoperability and Compatibility Issues Due to Large Number of Components/Devices
                    5.2.4.3 Operational, Technological, and Security Risks Associated With Microgrids

6 Industry Trends (Page No. - 48)
    6.1 Value Chain Analysis
           6.1.1 Design/Research and Development (R&D)
           6.1.2 Raw Material/Component Suppliers and System Integrators
           6.1.3 Marketing
           6.1.4 Project Development and Construction
           6.1.5 Project Financing
           6.1.6 End User
           6.1.7 After-Sales Services
    6.2 Key Trends: Microgrid Market
    6.3 Regulatory Standards
    6.4 Storage Necessity for Microgrids

7 Microgrid Market, By Type (Page No. - 52)
    7.1 Introduction
    7.2 Grid Connected
    7.3 Remote/Island/Off-Grid

8 Microgrid Market, By Offering (Page No. - 63)
    8.1 Introduction
    8.2 Hardware
           8.2.1 Switchgear
           8.2.2 Power Inverter
           8.2.3 Smart Meter
           8.2.4 Reciprocating Engine
           8.2.5 Energy Storage System and Power Generator
                    8.2.5.1 Power Generator
                               8.2.5.1.1 Nonrenewables
                                             8.2.5.1.1.1 Fuel Cells and Diesel Gensets
                                             8.2.5.1.1.2 CHP and Micro-CHP
                                             8.2.5.1.1.3 Microturbines
                               8.2.5.1.2 Renewables
                                             8.2.5.1.2.1 PV Cells
                                             8.2.5.1.2.2 Wind Based
                                             8.2.5.1.2.3 Others
                               8.2.5.1.3 Energy Storage System
                                             8.2.5.1.3.1 Lithium-Ion Batteries
                                             8.2.5.1.3.2 Lead-Acid Batteries
                                             8.2.5.1.3.3 Flywheels
                                             8.2.5.1.3.4 Flow Batteries
                                             8.2.5.1.3.5 Others
    8.3 Software
           8.3.1 Software as A Service (SaaS)
    8.4 Services
           8.4.1 Engineering and Design
           8.4.2 Monitoring and Control
           8.4.3 Operations and Maintenance

9 Consumption Pattern (Page No. - 81)
    9.1 Introduction
    9.2 Urban/Metropolitan
    9.3 Semiurban
    9.4 Rural/Island

10 Microgrid Market, By Vertical (Page No. - 84)
     10.1 Introduction
     10.2 Educational Institutes
     10.3 Industrial
             10.3.1 Mining
             10.3.2 Others
     10.4 Military
     10.5 Healthcare
     10.6 Government & Utilities
             10.6.1 Urban Electrification
             10.6.2 Rural Electrification
     10.7 Others

11 Microgrid Market, Geographic Analysis (Page No. - 101)
     11.1 Introduction
     11.2 Americas
             11.2.1 North America
                        11.2.1.1 US
                        11.2.1.2 Others
             11.2.2 Rest of Americas
     11.3 Europe
             11.3.1 UK
             11.3.2 Germany
             11.3.3 France
             11.3.4 Russia
             11.3.5 Rest of Europe
     11.4 APAC
             11.4.1 China
             11.4.2 Japan
             11.4.3 India
             11.4.4 Australia
             11.4.5 Rest of APAC
     11.5 RoW
             11.5.1 Middle East
             11.5.2 Africa

12 Competitive Landscape (Page No. - 124)
     12.1 Overview
     12.2 Ranking of Players (2016)
     12.3 Competitive Scenario
             12.3.1 Product Launches and Developments
             12.3.2 Agreements, Partnerships, and Contracts
             12.3.3 Expansions
             12.3.4 Mergers and Acquisitions

13 Company Profiles (Page No. - 133)
(Business Overview, Products/Solutions/Services/Software Offered Offered, Recent Developments, SWOT Analysis, and MnM View)*
     13.1 Key Players
             13.1.1 ABB
             13.1.2 General Electric
             13.1.3 Eaton
             13.1.4 Siemens
             13.1.5 Schneider Electric
             13.1.6 Honeywell
             13.1.7 Homer Energy
             13.1.8 S&C Electric
             13.1.9 Power Analytics
             13.1.10 Exelon Corporation
     13.2 Other Important Players
             13.2.1 Pareto Energy
             13.2.2 Anbaric Transmission
             13.2.3 Tesla
             13.2.4 Spirae
             13.2.5 General Microgrids
     13.3 Key Innovators
             13.3.1 Gram Power
             13.3.2 Powerhive
             13.3.3 Advanced Microgrid Solutions
             13.3.4 Go Electric
             13.3.5 Dajie

*Details on Business Overview, Products/Solutions/Services/Software Offered Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 168)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (67 Tables)

Table 1 Utility Electricity Distribution Infrastructure Age in New York (US)
Table 2 Estimated Cost of A 2 Mw Microgrid
Table 3 Trends in Microgrid Market
Table 4 Microgrid Market: Regulatory Landscape
Table 5 Microgrid Market, By Type, 2015–2023 (USD Billion)
Table 6 Grid-Connected Microgrid Market, By Offering, 2015–2023 (USD Billion)
Table 7 Grid-Connected Microgrid Market, By Hardware, 2015–2023 (USD Billion)
Table 8 Grid-Connected Market for Energy Storage System & Power Generator, Bt Type, 2015–2023 (USD Billion)
Table 9 Grid-Connected Market for Power Generator, By Type, 2015–2023 (USD Billion)
Table 10 Grid-Connected Market, By Vertical, 2015–2023 (USD Billion)
Table 11 Grid-Connected Market for Industrial Vertical, By Type, 2015–2023 (USD Billion)
Table 12 Grid-Connected Microgrid Market for Government & Utilities Vertical, By Type, 2015–2023 (USD Billion)
Table 13 Remote/Island Microgrid Market, By Offering, 2015–2023 (USD Billion)
Table 14 Remote/Island Microgrid Market, By Hardware, 2015–2023 (USD Billion)
Table 15 Remote/Island Microgrid Market for Energy Storage System & Power Generator, By Type, 2015–2023 (USD Billion)
Table 16 Remote/Island Microgrid Market for Power Generator, By Type, 2015–2023 (USD Billion)
Table 17 Remote/Island Microgrid Market, By Vertical, 2015–2023 (USD Billion)
Table 18 Remote/Island Market for Industrial Vertical, By Type, 2015–2023 (USD Billion)
Table 19 Remote/Island Microgrid Market for Government & Utilities Vertical, By Type, 2015–2023 (USD Billion)
Table 20 Microgrid Market, By Offering, 2015–2023 (USD Billion)
Table 21 Microgrid Market, By Hardware, 2015–2023 (USD Billion)
Table 22 Microgrid Hardware Market, By Type, 2015–2023 (USD Billion)
Table 23 Microgrid Switchgear Market, By Type, 2015–2023 (USD Billion)
Table 24 Microgrid Power Inverter Market, By Type, 2015–2023 (USD Billion)
Table 25 Microgrid Smart Meter Market, By Type, 2015–2023 (USD Billion)
Table 26 Microgrid Reciprocating Engine Market, By Type, 2015–2023 (USD Billion)
Table 27 Microgrid Market for Power Generator, By Type, 2015–2023 (USD Billion)
Table 28 Microgrid Energy Storage System & Power Generator Market, By Type, 2015–2023 (USD Billion)
Table 29 Microgrid Power Generator Market, By Type, 2015–2023 (USD Billion)
Table 30 PV Microgrid Challenges and Recommendations
Table 31 Microgrid Energy Storage System Market, By Type, 2015–2023 (USD Billion)
Table 32 Microgrid Software Market, By Type, 2015–2023 (USD Billion)
Table 33 Microgrid Service Market, By Type, 2015–2023 (USD Billion)
Table 34 Microgrid Market, By Vertical, 2015–2023 (USD Billion)
Table 35 Microgrid Market for Educational Institutes, By Type, 2015–2023 (USD Billion)
Table 36 Microgrid Market for Educational Institutes, By Region, 2015–2023 (USD Billion)
Table 37 Microgrid Industrial Market, By Type, 2015–2023 (USD Billion)
Table 38 Microgrid Industrial Market, By Region, 2015–2023 (USD Billion)
Table 39 Microgrid Industrial Market, By Type, 2015–2023 (USD Billion)
Table 40 Microgrid Military Market, By Type, 2015–2023 (USD Billion)
Table 41 Microgrid Military Market, By Region, 2015–2023 (USD Billion)
Table 42 Microgrid Healthcare Market, By Type, 2015–2023 (USD Billion)
Table 43 Microgrid Healthcare Market, By Region, 2015–2023 (USD Billion)
Table 44 Microgrid Market for Government & Utilities, By Type, 2015–2023 (USD Billion)
Table 45 Microgrid Market for Government & Utilities, By Region, 2015–2023 (USD Billion)
Table 46 Market for Government & Utilities, By Consumption Pattern, 2015–2023 (USD Billion)
Table 47 Microgrid Market for Urban Electrification, By Type, 2015–2023 (USD Billion)
Table 48 Market for Urban Electrification, By Region, 2015–2023 (USD Billion)
Table 49 Microgrid arket for Rural Electrification, By Connectivity, 2015–2023 (USD Billion)
Table 50 Microgrid Market for Rural Electrification, By Region, 2015–2023 (USD Billion)
Table 51 Microgrid Market for Others, By Type, 2015–2023 (USD Billion)
Table 52 Microgrid Market for Others, By Region, 2015–2023 (USD Billion)
Table 53 Market, By Region, 2015–2023 (USD Billion)
Table 54 Market, By Power Capacity, 2015–2023 (Megawatt)
Table 55 Microgrid Market in Americas, By Vertical, 2015–2023 (USD Billion)
Table 56 Market in Americas, By Region, 2015–2023 (USD Billion)
Table 57 Microgrid Projects in North America
Table 58 North American Microgrid Market, By Offering, 2015–2023 (USD Billion)
Table 59 North American Microgrid Market, By Country, 2015–2023 (USD Billion)
Table 60 Rest of Americas Microgrid Market, By Offering, 2015–2023 (USD Billion)
Table 61 European Microgrid Market, By Vertical, 2015–2023 (USD Billion)
Table 62 European Microgrid Market, By Country, 2015–2023 (USD Billion)
Table 63 Microgrid Market in APAC, By Vertical, 2015–2023 (USD Billion)
Table 64 Market in APAC, By Country, 2015–2023 (USD Billion)
Table 65 Microgrid Market in RoW, By Vertical, 2015–2023 (USD Billion)
Table 66 Microgrid Market in RoW, By Region, 2015–2023 (USD Billion)
Table 67 Ranking of Top 5 Players in Microgrid Market (2017)


List of Figures (64 Figures)

Figure 1 Microgrid Market Segmentation
Figure 2 Research Design
Figure 3 Data Triangulation
Figure 4 Remote/Island to Dominate Microgrid Market Between 2018 and 2023
Figure 5 Microgrid Market for Software to Grow at Highest CAGR Between 2018 and 2023
Figure 6 Energy Storage System and Power Generator to Dominate Microgrid Market By Hardware Between 2018 and 2023
Figure 7 Microgrid Market for Healthcare to Grow at Highest CAGR Between 2018 and 2023
Figure 8 Americas Held Largest Share of the market in 2017
Figure 9 Increasing Demand for Reliable and Secure Power Supply Worldwide Driving Microgrid Market Growth
Figure 10 Microgrid Market for Remote/Island to Grow at Higher CAGR Between 2018 and 2023
Figure 11 Market for Software to Grow at Highest CAGR Between 2018 and 2023
Figure 12 Market for Energy Storage System and Power Generator to Grow at Highest CAGR Between 2018 and 2023
Figure 13 China to Hold Largest Share of Microgrid Market in APAC in 2018
Figure 14 Microgrid Market in India to Grow at Highest CAGR Between 2018 and 2023
Figure 15 Microgrid Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 ABB Project List: Microgrids Installed Between 2000 and 2016
Figure 17 Decline in Levelized Cost of Electricity (LCOE) for Wind and Solar PV During 2009–2014
Figure 18 Rise in Deployment of Microgrids Over Time
Figure 19 Microgrid Value Chain: Major Value Added During Component Providers and System Integrators Phases
Figure 20 Remote/Island to Dominate Microgrid Market Between 2018 and 2023
Figure 21 Grid-Connected Microgrid Market for Smart Meter to Grow at Highest CAGR Between 2018 and 2023
Figure 22 Others to Dominate Grid-Connected Microgrid Market for Industrial Vertical Between 2018 and 2023
Figure 23 Remote/Island Mode of Operation of A Microgrid
Figure 24 Hardware to Hold Largest Size of Remote/Island Microgrid Market By 2023
Figure 25 Remote/Island Microgrid Market for Power Generator to Grow at Higher CAGR Between 2018 and 2023
Figure 26 Urban Electrification to Hold Larger Size of Remote/Island Microgrid Market for Government & Utilities Vertical By 2023
Figure 27 Market for Software to Grow at Highest CAGR Between 2018 and 2023
Figure 28 Microgrid Market Segmentation, By Hardware
Figure 29 Energy Storage System and Power Generator to Dominate Microgrid Market By Hardware Between 2018 and 2023
Figure 30 Remote/Island to Dominate Microgrid Hardware Market for Switchgear Between 2018 and 2023
Figure 31 Working of A Fuel Cell
Figure 32 Microgrid With Storage
Figure 33 Remote/Island to Dominate Microgrid Software Market Between 2018 and 2023
Figure 34 Market Segmentation, By Service
Figure 35 Drivers of Microgrid Market in Urban/Metropolitan Areas
Figure 36 Basic Microgrid Schema in Rural Areas
Figure 37 Microgrid Market Segmentation, By Vertical
Figure 38 Government & Utilities to Hold Largest Size of the market By 2023
Figure 39 Microgrid Market Segmentation, By Industrial Vertical
Figure 40 Microgrid Industrial Market for Remote/Island to Grow at Higher CAGR Between 2018 and 2023
Figure 41 Others to Dominate Microgrid Industrial Market Between 2018 and 2023
Figure 42 Americas to Dominate Microgrid Military Market Between 2018 and 2023
Figure 43 Americas to Dominate Microgrid Healthcare Market Between 2018 and 2023
Figure 44 Market Segmentation, By Government & Utilities Vertical
Figure 45 Remote/Island to Dominate Microgrid Market for Others Between 2018 and 2023
Figure 46 Microgrid Market Segmentation, By Region
Figure 47 Market to Grow at Highest CAGR in APAC During Forecast Period
Figure 48 Americas to Hold Largest Size of the market By 2023
Figure 49 Americas: Microgrid Market Snapshot
Figure 50 Microgrid Market to Grow at Higher CAGR in Rest of Americas Between 2018 and 2023
Figure 51 Europe: Microgrid Market Snapshot
Figure 52 European Microgrid Market for Healthcare to Grow at Highest CAGR Between 2018 and 2023
Figure 53 APAC: Microgrid Market Snapshot
Figure 54 Microgrid Market in APAC for Government & Utilities to Grow at Highest CAGR Between 2018 and 2023
Figure 55 Microgrid Market in RoW for Healthcare to Grow at Highest CAGR Between 2018 and 2023
Figure 56 Product Launches and Developments – Key Strategies Adopted By Major Players Between 2014 and 2018
Figure 57 Microgrid Market Evaluation
Figure 58 ABB: Company Snapshot
Figure 59 General Electric: Company Snapshot
Figure 60 Eaton: Company Snapshot
Figure 61 Siemens: Company Snapshot
Figure 62 Schneider Electric: Company Snapshot
Figure 63 Honeywell: Company Snapshot
Figure 64 Exelon Corporation: Company Snapshot

According to MarketsandMarkets’ forecast, the microgrid market, in terms of value, is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. Major drivers for the microgrid market are increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; government initiatives to reduce carbon footprint; the convergence of IoT in enhancing microgrid connectivity, and the advantages of cheap and clean energy storage.

This report covers the microgrid market based on type, offering, vertical, and region. The microgrid market for remote/island microgrids is expected to grow at a higher CAGR between 2018 and 2023. The key reasons for this growth are heavy decline in the prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits, such as less heat generation and smog. Commercially, remote microgrids are considered to be an appropriate energy solution for remote and rural locations. The investment scenario in the remote microgrid sector is improving as industry giants such as ABB (Switzerland) and General Electric (US) are eyeing this segment.

The microgrid market for software is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.

The market for the healthcare vertical is expected to grow at the highest CAGR between 2018 and 2023. Healthcare requires reliable power that is generated in a sustainable manner. Because of the stringent patient care needs, hospitals traditionally insist on 2 energy sources: their local utility, which acts as the primary power source; and their emergency generators, which can deliver a limited power supply in the event of an unexpected grid failure. Next-generation microgrids offer healthcare facilities the ideal power source for maintaining user experience while optimizing energy consumption.

Americas is leading the microgrid market in terms of market share. The microgrid market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The highest growth of the market in APAC can be attributed to the rising number of rural electrification projects in India, along with increasing investments made by both national and international companies, such as ABB, Siemens, SunEdison, and Omnigrid. All these factors are pushing the demand for microgrids in APAC.

Microgrid Market

Factors restraining the microgrid market growth are as follows: high installation and maintenance cost of microgrids; lack of knowledge about procedures to secure license rights for connecting multisite microgrids; and land acquisition and registration procedures creating complications for solar PV plant installations in rural areas.

Major vendors in the microgrid market are ABB (Switzerland), General Electric (US), Eaton (Ireland), Siemens (Germany), Schneider Electric (France), Honeywell (US), Homer Energy (US), S&C Electric (US), Power Analytics (US), and Exelon Corporation (US). These players have adopted strategies such as new product developments, collaborations, agreements, and acquisitions to cater to the needs of customers.

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