Microgrid Market

Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029

Report Code: SE 2881 Mar, 2024, by marketsandmarkets.com

[384 Pages Report] The global microgrid market size is estimated to be USD 37.6 billion in 2024 and is projected to reach USD 87.8 billion by 2029, at a CAGR of 18.5% during the forecast period. Some of the major factors contributing to the growth of the microgrid market include the increasing digitalization and smart grid integration, increasing usage of microgrids across various end-user industries, rising instances of cyberattacks on energy infrastructures, economic and environmental advantages of microgrid adoption and the surging demand to electrify rural areas.

Microgrid Market

Microgrid Market

Microgrid Market Forecast to 2029

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Market Dynamics:

Driver: Rising demand for EV charging infrastructure

The rapid proliferation of electric vehicle (EV) charging infrastructure is driving a surge in the demand for microgrids. As EV adoption grows, there's a significant uptick in electricity usage, particularly in areas with numerous charging stations, straining existing grid infrastructure. However, microgrids present a viable solution by integrating localized power generation and distribution, effectively managing the increased electricity demand from EV charging. By optimizing energy generation, distribution, and load management, microgrids alleviate grid congestion, reducing the need for costly upgrades. Moreover, EV charging stations often contribute to peak demand, leading to higher electricity costs. Microgrids equipped with sophisticated load management capabilities facilitate the optimization of charging schedules and load distribution, thereby minimizing peak demand, enhancing grid stability, and reducing charging costs. Moreover, microgrids synergize effectively with the incorporation of renewable energy sources such as solar panels and wind turbines into electric vehicle (EV) charging infrastructure, promoting environmentally friendly transportation and mitigating carbon emissions. Additionally, microgrids can integrate energy storage systems to complement EV charging by storing surplus energy and ensuring uninterrupted power supply during grid disruptions. Through the integration of intelligent charging technologies, microgrids provide adaptive and dynamic charging solutions, optimizing charging activities based on grid conditions, energy tariffs, and user preferences. Ultimately, the expansion of EV charging infrastructure is driving the demand for microgrids, as they efficiently manage the heightened electricity demand, facilitate the integration of renewable energy, reinforce grid stability, and enhance the resilience of charging operations.

Restraint: Complexities in grid interconnections

The challenges associated with grid interconnection pose a significant obstacle to the expansion of the microgrid market. Integrating microgrids with the existing electrical grid often involves encountering technical and logistical hurdles. Frequently, modifications or upgrades to the grid infrastructure become necessary to facilitate the seamless integration of microgrids. Grid operators and utilities typically enforce specific interconnection requirements, further complicating the implementation process and extending the timeline. Ensuring compliance with these requirements and guaranteeing compatibility between microgrids and the broader grid system can be intricate. These interconnection challenges frequently lead to project delays and inflated costs, potentially dissuading organizations from investing in microgrid installations. Addressing grid interconnection issues through the establishment of streamlined processes and clear guidelines will be pivotal in surmounting this inhibiting factor and nurturing the growth of the microgrid market.

Opportunity: Digitalization and smart grid integration

The intersection of digitalization and smart grid integration presents enticing prospects for the expansion of the microgrid market. Incorporating cutting-edge digital technologies and integrating smart grid infrastructure enables superior energy management and optimization within microgrids. Leveraging data analytics, Internet of Things (IoT) devices, and real-time monitoring empowers microgrids to optimize energy generation, storage, and consumption, resulting in heightened energy efficiency and cost-effectiveness. The fusion of microgrids with digitalization trends not only unlocks fresh avenues for energy management but also fosters the development of innovative solutions and intelligent grid systems. Through seamless digital technology integration, microgrids can dynamically adapt to fluctuating energy demands, balance loads, and make data-informed decisions to maximize efficiency. This symbiotic relationship between digitalization and microgrids equips businesses and consumers with sophisticated energy management tools, leading to enhanced operational performance, cost savings, and sustainability improvements. The potential for advanced energy management solutions and the establishment of intelligent grid ecosystems renders digitalization and smart grid integration a compelling opportunity for the growth and advancement of the microgrid market.

Challenges: Complexities in standardizing the scalability of microgrids

Scalability and standardization represent notable hurdles in the expansion of the microgrid market. Achieving scalability entails ensuring that microgrid solutions can be efficiently implemented across various applications, sectors, and geographic regions. Each deployment may exhibit distinct requirements and attributes, necessitating customized approaches while preserving interoperability and compatibility. Consequently, consistent standards must be developed to govern the design and implementation of microgrid systems. Standardization facilitates the integration of diverse components and technologies, streamlining interoperability and diminishing integration expenses. Additionally, embracing modular design methodologies permits flexibility and adaptability, allowing microgrid systems to be easily adjusted in scale based on evolving demands. The implementation of best practices is instrumental in fostering standardization and ensuring the consistent performance and reliability of microgrid solutions. Through the establishment of clear guidelines and widespread adoption of these best practices, the industry can surmount scalability and standardization challenges, facilitating the broad deployment and integration of microgrid solutions across diverse applications, sectors, and geographical locations.

Microgrid Market Ecosystem

The prominent players in the microgrid market are Schneider Electric (France), Siemens (Germany), Eaton (Ireland), General Electric (US), ABB (Switzerland), Hitachi Energy Ltd. (Switzerland), Honeywell International Inc. (US), Homer Energy (US), S&C Electric Company (US), Power Analytics Global Corporation (US). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint.

Microgrid Market by Ecosystem

Grid-connected microgrid to lead the microgrid market during the forecast period.

Grid Connected microgrids benefit from access to the primary power grid, ensuring a backup in case of disruptions to the microgrid's internal power generation or distribution system. This inherent backup system renders them more dependable compared to off-grid microgrids, which lack connectivity to the main grid and must rely solely on their internal power infrastructure. Moreover, grid-connected microgrids typically entail lower installation and operational costs than their off-grid counterparts. This cost-effectiveness is attributed to their ability to leverage existing power grid infrastructure, thus reducing expenses associated with transmission lines and substations. Additionally, grid-connected microgrids contribute to enhancing the reliability of the main power grid, mitigating greenhouse gas emissions, and enhancing overall energy efficiency. These advantages have propelled the increased market dominance of grid-connected microgrids.

Hardware segment to account for the largest market share during the forecasting period.

The hardware components of microgrids encompass power generators, energy storage systems, and controllers. The hardware segment of the microgrid market is witnessing growth propelled by several factors. These include the proliferation of microgrid projects globally, the declining costs associated with energy storage, and increasing government initiatives aimed at promoting clean energy and reducing greenhouse gas emissions. Microgrids harness a range of energy sources, incorporating renewables like solar, wind, and photovoltaic cells, as well as non-renewables such as fuel cells, diesel generators, combined heat and power (CHP) systems, micro-CHP systems, and microturbines.

Commercial & Industrial Buildings end users to grow at the highest CAGR during the forecast period.

The commercial and industrial buildings microgrid market is anticipated to demonstrate the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. This surge can be attributed to the imperative for a dependable power supply to ensure uninterrupted operations across various industries. Maintaining consistent power flow is essential to minimizing downtime, enhancing productivity, and averting equipment damage. Consequently, the commercial and industrial sectors are increasingly embracing microgrid solutions to fulfill their power requirements. Moreover, governmental initiatives aimed at incentivizing the adoption of clean energy and mitigating greenhouse gas (GHG) emissions are bolstering the expansion of the microgrid market within commercial and industrial settings. These initiatives provide incentives and assistance to enterprises for implementing sustainable energy solutions, including microgrids. By adopting clean energy alternatives, businesses can align with environmental objectives, adhere to regulatory requirements, and contribute to fostering a more sustainable future.

The 1 MW to 5 MW power segment is likely to dominate the microgrid market between 2024 and 2029.

In 2023, the 1 MW to 5 MW segment emerged as the dominant market shareholder. This segment encompasses microgrid systems primarily tailored for commercial and industrial applications. Additionally, it includes installations in hospital complexes, colleges, military bases, research institutions like the National Renewable Energy Laboratory (NREL), and remote regions such as Decatur Island in Washington, US, where there is a heightened power demand due to tourism.

Within this category, microgrid systems integrate a mix of renewable and non-renewable energy sources. However, the majority of installations in this range predominantly rely on non-combined heat and power (non-CHP) natural gas as their primary energy source. This indicates that these microgrid systems are primarily fueled by natural gas but also integrate intermittent renewable energy sources to complement their energy requirements. The commercial and industrial sector represents the primary end-user where microgrid systems with power ratings ranging from 1 MW to 5 MW are in demand.

Asia Pacific to grow at the highest CAGR during the forecast period.

Microgrid Market
 by Region

Microgrid Market by Region

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The Asia-Pacific microgrid market is poised for significant expansion in the forthcoming years, driven by various factors. These include the escalating demand for dependable and resilient power supply, the growing emphasis on renewable energy sources, the increasing implementation of smart grid technologies, and supportive governmental policies. The Asia-Pacific region encompasses numerous countries vulnerable to natural calamities such as typhoons and earthquakes, making the need for reliable power supply paramount. Microgrids offer a solution by ensuring uninterrupted power provision during disasters. Furthermore, the region stands out for its leadership in renewable energy adoption, wherein microgrids play a crucial role in integrating these sustainable energy sources into the grid, thereby enhancing its sustainability. Additionally, the rising adoption of smart grids in the region allows for efficient power flow management and seamless integration of renewable energy sources, including microgrids, through advanced communication capabilities. Governments across the Asia-Pacific region are actively fostering the development of microgrids, evident in the form of subsidies and tax incentives provided for microgrid projects.

Key Market Players

Schneider Electric (France), Siemens (Germany), General Electric (US), Eaton (US), ABB (Swtitzerland) are among the major players in the microgrid companies.

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Scope of the Report

Report Metric

Details

Market Size Availability for Years

2020–2029

Base Year

2023

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Segments Covered

By Connectivity, Offering, Type, Pattern, Power Source, Power Rating, End User, and Region

Geographies Covered

Americas, Europe, Asia Pacific, and Rest of the World

Companies Covered

The major players include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Hitachi Energy Ltd. (Switzerland), Honeywell International Inc. (US), HOMER Energy (US), S&C Electric Company (US), Power Analytics Global Corporation (US)
A total of 25 players are covered.

Microgrid Market Highlights

This research report categorizes the microgrid market by connectivity, offering, type, patterns, power source, power rating, end-use, and region available at the regional and global level

Segment

Subsegment

Based on Connectivity:

  • Grid Connected
  • Off-grid

Based on Offering:

  • Hardware
    • Power Generators
    • Energy Storage Systems
      • Lithium ion batteries
      • Flow  batteries
      • Flywheels
      • Others (Superconducting Magnetic Energy Storage (SMES), and Supercapacitors)
    • Controllers
  • Software
  • Services

Based on Power Source:

  • Natural Gas
  • Solar PV
  • Combined Heat and Power
  • Diesel
  • Fuel Cell
  • Others (Wind Power, Hydropower, Biogas)

Based on Pattern:

  • Urban/Metropolitan
  • Semiurban
  • Rural/Island

Type of Microgrids:

  • AC Microgrids
  • DC Microgrids
  • Hybrid Microgrids

Based on Power Rating:

  • Less than 1 MW
  • 1 MW to 5 MW
  • >5 MW to 10 MW
  • >10 MW

Based on End Use:

  • Commercial & Industrial Buildings
  • Remote Areas
  • Military Facilities
  • Government Buildings
  • Utilities
  • Institutes & Campuses
  • Healthcare Facilities       

Based on the Region:

  • Americas (North America, South America)
  • Europe
  • Asia Pacific
  • Rest of the World (Middle East & Africa)

Recent Developments

  • In May 2023, Schneider Electric launched EcoStruxure Microgrid Flex, a pioneering standardized microgrid solution that revolutionizes project timelines, resulting in a higher return on investment.
  • In April 2023, Schneider Electric launched Easy UPS 3-Phase Modular with a capacity ranging from 50 kW to 250 kW and an N+1 scalable configuration. It integrates with the EcoStruxure architecture, enabling remote monitoring services for enhanced performance monitoring and management.
  • In February 2023, Siemens and Swinburne University of Technology partnered to expedite the energy transition and achieve net-zero objectives. The collaborative effort involves establishing an advanced Energy Transition Hub at Swinburne University's Hawthorn campus in Melbourne, Australia.
  • In February 2023, Eaton was granted a contract to support AEP Ohio in bolstering the resilience and sustainability of crucial water infrastructure located in Columbus, specifically at the Tussing Water Booster Station. This initiative entails the creation of Columbus' inaugural renewable energy microgrid.
  • In December 2022, Schneider Electric and ORPC, Inc. (US) signed a MoU to collaborate on microgrid projects to advance marine energy as a commercially viable renewable energy source. This will propagate the company’s smart microgrid controllers integrated with ORPC’s RivGen Power Systems to provide highly predictable baseload electricity in renewable energy form, enabling the global transition towards net-zero societies.
  • In August 2022, Eaton, along with four other companies - Planair, Yverdon Energies, Smart Energy Link (SEL), and Virtual Global Trading (VGT), collaborated to work on SunnYparc Microgrid Project to construct a microgrid demonstrator, which has the capacity to supply electricity to local businesses and simultaneously charge up to 350 electric vehicles.
  • In June 2022, Eaton and Microsoft extended their collaboration to accelerate the adoption of Eaton's EnergyAware uninterruptible power system (UPS) technology in key sectors worldwide.

Key Questions Addressed by the Report:

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 36)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
                    TABLE 1 MICROGRID MARKET: INCLUSIONS AND EXCLUSIONS
                    TABLE 2 MICROGRID MARKET: INCLUSIONS AND EXCLUSIONS, BY OFFERING
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
                    FIGURE 1 MICROGRID MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
           1.3.4 CURRENCY CONSIDERED
           1.3.5 UNITS CONSIDERED
    1.4 LIMITATIONS 
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
    1.7 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 42)
    2.1 RESEARCH DATA 
           FIGURE 2 MICROGRID MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION
           FIGURE 3 MICROGRID MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Major secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key primary interview participants
                    2.1.2.2 Breakdown of primaries
                    2.1.2.3 Key data from primary sources
           2.1.3 SECONDARY AND PRIMARY RESEARCH
                    2.1.3.1 Key industry insights
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to derive market size using bottom-up analysis
                               FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
                    2.2.1.2 Approach to obtain company-specific information on microgrid value chain
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to derive market size using top-down analysis
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 FACTOR ANALYSIS 
           2.3.1 SUPPLY-SIDE ANALYSIS
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE GENERATED FROM SALES OF MICROGRIDS
                    FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE GENERATED FROM SALES OF MICROGRID HARDWARE, SOFTWARE, AND SERVICES
           2.3.2 DEMAND-SIDE ANALYSIS
                    FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY (DEMAND SIDE): APPROACH TO ESTIMATE MICROGRID MARKET SIZE, BY REGION
                    FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY (DEMAND SIDE): APPROACH TO ESTIMATING COUNTRY-LEVEL MICROGRID MARKET SIZE
           2.3.3 GROWTH FORECAST ASSUMPTIONS
                    TABLE 3 MICROGRID MARKET: KEY FORECAST ASSUMPTIONS
    2.4 DATA TRIANGULATION 
           FIGURE 10 DATA TRIANGULATION
    2.5 RESEARCH ASSUMPTIONS 
           TABLE 4 ASSUMPTIONS
    2.6 RISK ASSESSMENT 
           TABLE 5 RISK ASSESSMENT
           FIGURE 11 RISK ASSESSMENT
    2.7 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON MICROGRID MARKET 
 
3 EXECUTIVE SUMMARY (Page No. - 60)
    FIGURE 12 GRID-CONNECTED SEGMENT TO DOMINATE MICROGRID MARKET IN 2029
    FIGURE 13 HARDWARE SEGMENT TO LEAD MICROGRID MARKET IN 2029
    FIGURE 14 POWER GENERATORS SUB-SEGMENT TO HOLD LARGEST SHARE OF MICROGRID MARKET FOR HARDWARE IN 2024
    FIGURE 15 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2029
    FIGURE 16 1–5 MW SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
    FIGURE 17 COMBINED HEAT & POWER (CHP) SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
    FIGURE 18 ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 65)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN MICROGRID MARKET 
             FIGURE 19 GROWING NEED FOR RURAL ELECTRIFICATION AND GREENHOUSE GAS EMISSION REDUCTION TO DRIVE MARKET
    4.2 MICROGRID MARKET, BY OFFERING 
             FIGURE 20 HARDWARE SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
    4.3 MICROGRID MARKET FOR HARDWARE, BY TYPE 
             FIGURE 21 POWER GENERATORS SEGMENT TO LEAD MARKET IN 2029
    4.4 MICROGRID MARKET, BY CONNECTIVITY 
             FIGURE 22 GRID-CONNECTED SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
    4.5 MICROGRID MARKET, BY POWER RATING 
             FIGURE 23 1–5 MW SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD
    4.6 MICROGRID MARKET, BY POWER SOURCE 
             FIGURE 24 COMBINED HEAT & POWER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029
    4.7 MICROGRID MARKET, BY END USER 
             FIGURE 25 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
    4.8 MICROGRID MARKET IN ASIA PACIFIC, BY END USER AND COUNTRY 
             FIGURE 26 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT AND AUSTRALIA HELD LARGEST MARKET SHARES IN 2029
    4.9 MICROGRID MARKET, BY COUNTRY 
             FIGURE 27 CHINA TO GROW AT SIGNIFICANT RATE DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 71)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 28 MICROGRID MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing emphasis on decarbonization
                    5.2.1.2 Growing need for reliable and uninterrupted power supply
                    5.2.1.3 Surging deployment of microgrids for rural electrification
                    5.2.1.4 Increasing cyberattacks on energy infrastructure
                    5.2.1.5 Rising demand for electric vehicle (EV) charging infrastructure
                    5.2.1.6 Increasing need for demand response and load management capabilities
                    5.2.1.7 Economic and environmental advantages associated with use of microgrids
                               FIGURE 29 MICROGRID MARKET: DRIVERS AND THEIR IMPACT
           5.2.2 RESTRAINTS
                    5.2.2.1 High installation and maintenance costs
                    5.2.2.2 Complexities in grid interconnections
                    5.2.2.3 Low economies of scale
                               FIGURE 30 MICROGRID MARKET: RESTRAINTS AND THEIR IMPACT
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing number of microgrid projects across different industries and sectors
                    5.2.3.2 Growing energy demand and adoption of renewable energy in Asia Pacific
                    5.2.3.3 Rising interest of investors in Energy-as-a-Service (EaaS) business model to minimize cost
                               TABLE 6 BUSINESS MODEL OF COMPANIES IN MICROGRID ECOSYSTEM
                    5.2.3.4 Rising government support for microgrid projects
                    5.2.3.5 Digitalization and smart grid integration
                    5.2.3.6 Development of Artificial Intelligence (AI)-driven microgrid optimization solutions
                               FIGURE 31 MICROGRID MARKET: OPPORTUNITIES AND THEIR IMPACT
           5.2.4 CHALLENGES
                    5.2.4.1 Lack of standardization and regulatory frameworks related to microgrid operations
                    5.2.4.2 Technical challenges related to microgrids operating in island mode
                    5.2.4.3 Complexities associated with standardizing scalability of microgrids
                    5.2.4.4 Difficulties in planning and designing large-sized microgrids
                               FIGURE 32 MICROGRID MARKET: CHALLENGES AND THEIR IMPACT
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 33 MICROGRID MARKET: VALUE CHAIN ANALYSIS
    5.4 ECOSYSTEM ANALYSIS 
           FIGURE 34 MICROGRID MARKET: ECOSYSTEM ANALYSIS
           TABLE 7 COMPANIES AND THEIR ROLES IN MICROGRID ECOSYSTEM
           FIGURE 35 KEY COMPANIES IN MICROGRID ECOSYSTEM
    5.5 PRICING ANALYSIS 
           5.5.1 AVERAGE SELLING PRICE OF MICROGRIDS, BY END USER AND PROJECT SIZE
                    FIGURE 36 AVERAGE SELLING PRICE TREND OF MICROGRIDS, BY KEY END USER AND PROJECT SIZE (USD MILLION/MW)
                    TABLE 8 AVERAGE SELLING PRICE OF MICROGRIDS, BY KEY END USER AND PROJECT SIZE (USD MILLION/MW)
           5.5.2 HISTORICAL PRICING TREND
                    FIGURE 37 AVERAGE COST OF MICROGRID PROJECTS, BY TOP FOUR END USERS, 2020–2023 (USD MILLION/MW)
           5.5.3 AVERAGE COST OF MICROGRID PROJECTS, BY REGION
                    FIGURE 38 AVERAGE COST OF UTILITIES MICROGRID PROJECTS, BY REGION, 2020–2029 (USD MILLION/MW)
                    FIGURE 39 AVERAGE COST OF COMMUNITIES MICROGRID PROJECTS, BY REGION, 2020–2029 (USD MILLION/MW)
                    FIGURE 40 AVERAGE COST OF INSTITUTES & CAMPUSES MICROGRID PROJECTS, BY REGION, 2020–2029 (USD MILLION/MW)
                    FIGURE 41 AVERAGE COST OF COMMERCIAL & INDUSTRIAL BUILDINGS MICROGRID PROJECTS, BY REGION, 2020–2029 (USD MILLION/MW)
    5.6 INVESTMENT AND FUNDING SCENARIO 
           FIGURE 42 INVESTMENT AND FUNDING SCENARIO, 2017–2021 (USD MILLION)
    5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 
           FIGURE 43 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
    5.8 TECHNOLOGY ANALYSIS 
           5.8.1 KEY TECHNOLOGIES
                    5.8.1.1 Blockchain-based microgrids
                    5.8.1.2 Microgrid smart controllers
           5.8.2 COMPLEMENTARY TECHNOLOGIES
                    5.8.2.1 Smart microgrids
                    5.8.2.2 Advanced solar panel technology
           5.8.3 ADJACENT TECHNOLOGIES
                    5.8.3.1 AI-based microgrids
                    5.8.3.2 Virtual power plants (VPPs)
                    5.8.3.3 Advanced materials for microgrids
    5.9 PORTER’S FIVE FORCES ANALYSIS 
           TABLE 9 MICROGRID MARKET: PORTER’S FIVE FORCES ANALYSIS
           FIGURE 44 MICROGRID MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT OF NEW ENTRANTS
           5.9.2 THREAT OF SUBSTITUTES
           5.9.3 BARGAINING POWER OF SUPPLIERS
           5.9.4 BARGAINING POWER OF BUYERS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.1 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 45 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
                    TABLE 10 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS (%)
           5.10.2 BUYING CRITERIA
                    FIGURE 46 KEY BUYING CRITERIA FOR TOP THREE END USERS
                    TABLE 11 KEY BUYING CRITERIA FOR TOP THREE END USERS
    5.11 CASE STUDY ANALYSIS 
           5.11.1 HITACHI ENERGY’S TECHNOLOGY POWERED ODD SOCCER CLUB’S SKAGERAK ARENA IN NORWAY
           5.11.2 CUMMINS IMPLEMENTED AUSTRALIA’S LARGEST HYBRID RENEWABLE ENERGY MICROGRID AT GOLD FIELDS’ SITE
           5.11.3 GE PROVIDED CAMPUS-BASED MICROGRID SYSTEM TO UNIVERSITY OF ONTARIO INSTITUTE OF TECHNOLOGY, CANADA
           5.11.4 GE PROVIDED RESILIENT AND RELIABLE POWER SUPPLY SYSTEMS FOR NAVY SHIPYARD PROJECT IN PHILADELPHIA, US
           5.11.5 SOLAR ONE ENERGY USED HOMER GRID TO MODEL ENERGY COSTS FOR ACE NATURAL
           5.11.6 S&C ELECTRIC COMPANY PROVIDED ENERGY STORAGE INTEGRATOR FOR MICROGRID PROJECT BY HALF MOON VENTURES
           5.11.7 S&C ELECTRIC COMPANY PROVIDED ENERGY STORAGE SYSTEMS FOR MICROGRIDS OF ERGON ENERGY
           5.11.8 AEG POWER SOLUTIONS PROVIDED GRID-FORMING INVERTER TO MBOGO VALLEY TEA FACTORY FOR UNINTERRUPTED POWER SUPPLY
           5.11.9 HITACHI ENERGY PROVIDED AFFORDABLE POWER TO SOUTH AFRICA
    5.12 TRADE ANALYSIS 
           5.12.1 IMPORT SCENARIO FOR HS CODE 8501
                    FIGURE 47 IMPORT DATA FOR HS CODE 8501-COMPLIANT ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), BY COUNTRY, 2018–2022 (USD MILLION)
                    TABLE 12 IMPORT DATA FOR HS CODE 8501-COMPLIANT ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), BY COUNTRY, 2018–2022 (USD MILLION)
           5.12.2 EXPORT SCENARIO FOR HS CODE 8501
                    FIGURE 48 EXPORT DATA FOR HS CODE 8501-COMPLIANT ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), BY COUNTRY, 2018–2022 (USD MILLION)
                    TABLE 13 EXPORT DATA FOR HS CODE 8501-COMPLIANT ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), BY COUNTRY, 2018–2022 (USD MILLION)
           5.12.3 IMPORT SCENARIO FOR HS CODE 854231
                     FIGURE 49 IMPORT DATA FOR HS CODE 854231-COMPLIANT ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, BY COUNTRY, 2018–2022 (USD MILLION)
                     TABLE 14 IMPORT DATA FOR HS CODE 854231-COMPLIANT ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, BY COUNTRY, 2018–2022 (USD MILLION)
           5.12.4 EXPORT SCENARIO FOR HS CODE 854231
                     FIGURE 50 EXPORT DATA FOR HS CODE 854231-COMPLIANT ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, BY COUNTRY, 2018–2022 (USD MILLION)
                     TABLE 15 EXPORT DATA FOR HS CODE 854231-COMPLIANT ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, BY COUNTRY, 2018–2022 (USD MILLION)
    5.13 PATENT ANALYSIS 
           FIGURE 51 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
           FIGURE 52 NUMBER OF PATENTS GRANTED PER YEAR, 2014–2023
           TABLE 16 NUMBER OF PATENTS RELATED TO MICROGRIDS REGISTERED IN LAST 10 YEARS
           TABLE 17 MICROGRID MARKET: LIST OF KEY PATENTS, 2020–2023
    5.14 KEY CONFERENCES AND EVENTS, 2024–2025 
           TABLE 18 MICROGRID MARKET: LIST OF CONFERENCES AND EVENTS, 2024–2025
    5.15 REGULATORY LANDSCAPE 
           5.15.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 19 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 20 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 21 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.15.2 STANDARDS
                    TABLE 22 STANDARDS RELATED TO MICROGRIDS
           5.15.3 REGULATIONS
                    5.15.3.1 North America
                               5.15.3.1.1 US
                               5.15.3.1.2 Canada
                    5.15.3.2 Europe
                               5.15.3.2.1 European Union
                               5.15.3.2.2 Germany
                               5.15.3.2.3 UK
                    5.15.3.3 Asia Pacific
                               5.15.3.3.1 China
                               5.15.3.3.2 India
                               5.15.3.3.3 Japan
                               5.15.3.3.4 Australia
                    5.15.3.4 RoW
                               5.15.3.4.1 Brazil
                               5.15.3.4.2 Kenya
6 MICROGRID TYPES (Page No. - 127)
    6.1 INTRODUCTION 
           FIGURE 53 MICROGRID TYPES
    6.2 AC MICROGRID 
           6.2.1 RISING NEED FOR RURAL AND REMOTE ELECTRIFICATION TO DRIVE DEMAND
    6.3 DC MICROGRID 
           6.3.1 RISING DEMAND FROM DATA CENTERS TO PROPEL MARKET
    6.4 HYBRID MICROGRID 
           6.4.1 GRID INDEPENDENCE AND ISLANDING CAPABILITIES TO FUEL DEMAND
 
7 MICROGRID PATTERNS (Page No. - 132)
    7.1 INTRODUCTION 
           FIGURE 54 MICROGRID PATTERNS
    7.2 URBAN/METROPOLITAN 
           7.2.1 INCREASING POWER REQUIREMENT FROM CRITICAL INFRASTRUCTURE TO BOOST DEMAND
             FIGURE 55 DRIVERS OF MICROGRID MARKET IN URBAN/METROPOLITAN AREAS
    7.3 SEMI-URBAN 
           7.3.1 GROWING NEED FOR UNINTERRUPTED POWER SUPPLY IN INDUSTRIAL FACILITIES TO DRIVE MARKET
    7.4 RURAL/ISLAND 
           7.4.1 RISING DEMAND FOR POWER SUPPLY FROM REMOTE AREAS AND AGRICULTURAL FARMS TO FUEL MARKET GROWTH
 
8 MICROGRID MARKET, BY POWER RATING (Page No. - 137)
    8.1 INTRODUCTION 
           TABLE 23 MICROGRID MARKET, BY POWER RATING, 2020–2023 (USD BILLION)
           FIGURE 56 1–5 MW SEGMENT TO HOLD LARGEST MARKET SHARE IN 2029
           TABLE 24 MICROGRID MARKET, BY POWER RATING, 2024–2029 (USD BILLION)
    8.2 <1 MW 
           8.2.1 INCREASING USE IN REMOTE AREAS, UTILITIES, AND TEMPORARY CONSTRUCTION SITES TO DRIVE MARKET
    8.3 1–5 MW 
           8.3.1 RISING DEPLOYMENT IN AGRICULTURE INDUSTRY, COMMERCIAL BUILDINGS, AND INSTITUTIONS TO FUEL MARKET GROWTH
    8.4 >5–10 MW 
           8.4.1 HIGH ADOPTION IN HOSPITALS, MILITARY BASES, AND DATA CENTERS TO PROPEL MARKET
    8.5 >10 MW 
           8.5.1 SURGING DEMAND FROM REMOTE MINING SITES, DATA CENTERS, AND HEAVY MACHINERY FACILITIES TO FUEL MARKET GROWTH
 
9 MICROGRID MARKET, BY POWER SOURCE (Page No. - 143)
    9.1 INTRODUCTION 
           FIGURE 57 MICROGRID MARKET, BY POWER SOURCE
           TABLE 25 MICROGRID MARKET, BY POWER SOURCE, 2020–2023 (USD BILLION)
           FIGURE 58 COMBINED HEAT & POWER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029
           TABLE 26 MICROGRID MARKET, BY POWER SOURCE, 2024–2029 (USD BILLION)
    9.2 NATURAL GAS 
           9.2.1 INCREASING NEED FOR CLEANER ENERGY SOLUTIONS OVER COAL- AND OIL-BASED ONES TO DRIVE MARKET
    9.3 SOLAR PV 
           9.3.1 REDUCED GREENHOUSE GAS EMISSIONS AND LOW CARBON FOOTPRINT TO PROPEL DEMAND
    9.4 COMBINED HEAT AND POWER (CHP) 
           9.4.1 INCREASING DEMAND FROM UNIVERSITIES/INSTITUTIONS AND MILITARY SECTOR TO BOOST MARKET GROWTH
    9.5 DIESEL 
           9.5.1 RISING DEMAND FOR RELIABLE ELECTRICITY SUPPLY DURING POWER OUTAGES TO DRIVE DEMAND
    9.6 FUEL CELL 
           9.6.1 COST-EFFECTIVENESS, HIGH RELIABILITY, MODULARITY, AND SCALABILITY FEATURES TO DRIVE DEMAND
    9.7 OTHERS 
 
10 MICROGRID MARKET, BY CONNECTIVITY (Page No. - 153)
     10.1 INTRODUCTION 
             FIGURE 59 MICROGRID MARKET, BY CONNECTIVITY
             TABLE 27 MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
             FIGURE 60 GRID-CONNECTED SEGMENT TO RECORD HIGHER CAGR DURING FORECAST PERIOD
             TABLE 28 MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
     10.2 GRID-CONNECTED 
             10.2.1 EXPANSION OF UTILITY-BASED GRID NETWORKS TO DRIVE DEMAND
                        TABLE 29 GRID-CONNECTED: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 61 ASIA PACIFIC TO EXHIBIT FASTEST GROWTH IN MICROGRID MARKET FOR GRID-CONNECTED SEGMENT DURING FORECAST PERIOD
                        TABLE 30 GRID-CONNECTED: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     10.3 OFF-GRID 
             10.3.1 BENEFITS SUCH AS COST SAVINGS AND ENVIRONMENTALLY FRIENDLINESS ASSOCIATED WITH USE OF RENEWABLE ENERGY SOURCES TO BOOST ADOPTION
                        TABLE 31 OFF-GRID: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 62 ASIA PACIFIC TO HOLD LARGEST SHARE OF MICROGRID MARKET FOR OFF-GRID SEGMENT IN 2029
                        TABLE 32 OFF-GRID: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
 
11 MICROGRID MARKET, BY OFFERING (Page No. - 161)
     11.1 INTRODUCTION 
             FIGURE 63 MICROGRID MARKET, BY OFFERING
             TABLE 33 MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
             FIGURE 64 SOFTWARE SEGMENT TO RECORD FASTEST GROWTH DURING FORECAST PERIOD
             TABLE 34 MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
     11.2 HARDWARE 
             FIGURE 65 MICROGRID HARDWARE MARKET, BY TYPE
             TABLE 35 HARDWARE: MICROGRID MARKET, BY TYPE, 2020–2023 (USD BILLION)
             FIGURE 66 POWER GENERATORS SUB-SEGMENT TO HOLD LARGEST SHARE OF MICROGRID MARKET FOR HARDWARE IN 2029
             TABLE 36 HARDWARE: MICROGRID MARKET, BY TYPE, 2024–2029 (USD BILLION)
             TABLE 37 HARDWARE: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
             FIGURE 67 ASIA PACIFIC TO RECORD HIGHEST CAGR IN MICROGRID MARKET FOR HARDWARE DURING FORECAST PERIOD
             TABLE 38 HARDWARE: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
             11.2.1 POWER GENERATORS
                        11.2.1.1 Growing need to achieve reliable electricity supply from different fuel sources to boost demand
                                     TABLE 39 POWER GENERATORS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2020–2023 (USD BILLION)
                                     TABLE 40 POWER GENERATORS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2024–2029 (USD BILLION)
             11.2.2 ENERGY STORAGE SYSTEMS
                        11.2.2.1 Growing requirement for energy storage systems for uninterrupted power supply and black-start applications to drive market
                                     TABLE 41 ENERGY STORAGE SYSTEMS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2020–2023 (USD BILLION)
                                     TABLE 42 ENERGY STORAGE SYSTEMS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2024–2029 (USD BILLION)
                                     11.2.2.1.1 Lithium-ion batteries
                                     11.2.2.1.2 Lead-acid batteries
                                     11.2.2.1.3 Flow batteries
                                     11.2.2.1.4 Flywheels
                                     11.2.2.1.5 Others
             11.2.3 CONTROLLERS
                        11.2.3.1 Real-time monitoring and management of distributed energy resources for optimal grid stability and efficiency to fuel market growth
                                     TABLE 43 CONTROLLERS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2020–2023 (USD BILLION)
                                     TABLE 44 CONTROLLERS: MICROGRID MARKET FOR HARDWARE, BY REGION, 2024–2029 (USD BILLION)
     11.3 SOFTWARE 
             11.3.1 INCREASING DEMAND FOR PREDICTIVE AND REMOTE MAINTENANCE TO PROPEL MARKET
                        TABLE 45 SOFTWARE: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 68 AMERICAS TO ACCOUNT FOR LARGEST SHARE OF MICROGRID MARKET FOR SOFTWARE IN 2029
                        TABLE 46 SOFTWARE: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     11.4 SERVICES 
             11.4.1 GROWING NUMBER OF MICROGRID INSTALLATIONS TO CREATE GROWTH OPPORTUNITIES FOR MICROGRID ENGINEERING AND CONSULTING SERVICE PROVIDERS
                        TABLE 47 SERVICES: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 69 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN MICROGRID MARKET FOR SERVICES DURING FORECAST PERIOD
                        TABLE 48 SERVICES: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
 
12 MICROGRID MARKET, BY END USER (Page No. - 183)
     12.1 INTRODUCTION 
             FIGURE 70 MICROGRID MARKET, BY END USER
             TABLE 49 MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
             FIGURE 71 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
             TABLE 50 MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
     12.2 COMMERCIAL & INDUSTRIAL BUILDINGS 
             12.2.1 INCREASING DEMAND FOR UNINTERRUPTED ELECTRICITY SUPPLY IN DATA CENTERS, MANUFACTURING FACILITIES, AND OFFICES TO DRIVE MARKET
                        TABLE 51 COMMERCIAL & INDUSTRIAL BUILDINGS: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 72 ASIA PACIFIC TO RECORD FASTEST GROWTH IN MICROGRID MARKET FOR COMMERCIAL & INDUSTRIAL BUILDINGS DURING FORECAST PERIOD
                        TABLE 52 COMMERCIAL & INDUSTRIAL BUILDINGS: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.3 REMOTE AREAS 
             12.3.1 GROWING NEED TO SET UP MICROGRID PROJECTS IN REMOTE AREAS FOR ENERGY DISTRIBUTION TO DRIVE MARKET
                        TABLE 53 REMOTE AREAS: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 73 ASIA PACIFIC TO RECORD HIGHEST CAGR IN MICROGRID MARKET FOR REMOTE AREAS DURING FORECAST PERIOD
                        TABLE 54 REMOTE AREAS: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.4 MILITARY FACILITIES 
             12.4.1 INCREASING USE OF MOBILE MICROGRIDS TO DRIVE MARKET
                        TABLE 55 MILITARY FACILITIES: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 74 ASIA PACIFIC TO HOLD LARGEST SHARE OF MICROGRID MARKET FOR MILITARY FACILITIES IN 2029
                        TABLE 56 MILITARY FACILITIES: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.5 GOVERNMENT BUILDINGS 
             12.5.1 INTEGRATION OF MICROGRIDS INTO SMART CITY PROJECTS TO BOOST MARKET GROWTH
                        TABLE 57 GOVERNMENT BUILDINGS: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 75 ASIA PACIFIC TO EXHIBIT FASTEST GROWTH IN MICROGRID MARKET FOR GOVERNMENT BUILDINGS DURING FORECAST PERIOD
                        TABLE 58 GOVERNMENT BUILDINGS: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.6 UTILITIES 
             12.6.1 NEED FOR LOW-COST ALTERNATIVES TO MEET PEAK DEMAND REQUIREMENTS TO FUEL MARKET GROWTH
                        TABLE 59 UTILITIES: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 76 AMERICAS TO DOMINATE MICROGRID MARKET FOR UTILITIES IN 2029
                        TABLE 60 UTILITIES: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.7 INSTITUTES & CAMPUSES 
             12.7.1 INCREASED ADOPTION OF LOCALIZED POWER GENERATION IN CAMPUSES TO SUPPORT MARKET GROWTH
                        TABLE 61 INSTITUTES & CAMPUSES: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 77 ASIA PACIFIC TO HOLD LARGEST SHARE OF MICROGRID MARKET FOR INSTITUTES & CAMPUSES IN 2029
                        TABLE 62 INSTITUTES & CAMPUSES: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
     12.8 HEALTHCARE FACILITIES 
             12.8.1 NEED FOR UNINTERRUPTED POWER SUPPLY IN HEALTHCARE FACILITIES TO DRIVE MARKET
                        TABLE 63 HEALTHCARE FACILITIES: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        FIGURE 78 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN MICROGRID MARKET FOR HEALTHCARE FACILITIES DURING FORECAST PERIOD
                        TABLE 64 HEALTHCARE FACILITIES: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
 
13 MICROGRID MARKET, BY REGION (Page No. - 202)
     13.1 INTRODUCTION 
             FIGURE 79 MICROGRID MARKET, BY REGION
             FIGURE 80 SOUTH KOREA TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
             TABLE 65 MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
             FIGURE 81 ASIA PACIFIC TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2029
             TABLE 66 MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
             TABLE 67 MICROGRID INSTALLED CAPACITY, BY REGION, 2020–2023 (MW)
             TABLE 68 MICROGRID INSTALLED CAPACITY, BY REGION, 2024–2029 (MW)
     13.2 AMERICAS 
             13.2.1 RECESSION IMPACT ON MICROGRID MARKET IN AMERICAS
                        FIGURE 82 AMERICAS: MICROGRID MARKET SNAPSHOT
                        TABLE 69 AMERICAS: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        TABLE 70 AMERICAS: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
                        TABLE 71 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 72 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 73 AMERICAS: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 74 AMERICAS: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 75 AMERICAS: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 76 AMERICAS: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 77 AMERICAS: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 78 AMERICAS: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
             13.2.2 NORTH AMERICA
                        TABLE 79 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2020–2023 (USD BILLION)
                        TABLE 80 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2024–2029 (USD BILLION)
                        TABLE 81 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 82 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 83 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 84 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 85 NORTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 86 NORTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 87 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 88 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
                        13.2.2.1 US
                                     13.2.2.1.1 Increasing investment in clean energy sources for power generation to drive market
                        13.2.2.2 Canada
                                     13.2.2.2.1 Rising microgrid installations in remote areas to foster market growth
                        13.2.2.3 Mexico
                                     13.2.2.3.1 Growing support for renewable energy to ensure grid resilience to augment market growth
             13.2.3 SOUTH AMERICA
                        TABLE 89 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2020–2023 (USD BILLION)
                        TABLE 90 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2024–2029 (USD BILLION)
                        TABLE 91 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 92 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 93 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 94 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 95 SOUTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 96 SOUTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 97 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 98 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
                        13.2.3.1 Brazil
                                     13.2.3.1.1 Government initiatives to ensure uninterrupted power supply in rural areas to propel market
                        13.2.3.2 Argentina
                                     13.2.3.2.1 Focus on reducing dependence on fossil fuels for electricity generation to facilitate market growth
                        13.2.3.3 Rest of South America
     13.3 EUROPE 
             13.3.1 RECESSION IMPACT ON MICROGRID MARKET IN EUROPE
                        FIGURE 83 EUROPE: MICROGRID MARKET SNAPSHOT
                        TABLE 99 EUROPE: MICROGRID MARKET, BY COUNTRY, 2020–2023 (USD BILLION)
                        TABLE 100 EUROPE: MICROGRID MARKET, BY COUNTRY, 2024–2029 (USD BILLION)
                        TABLE 101 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 102 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 103 EUROPE: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 104 EUROPE: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 105 EUROPE: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 106 EUROPE: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 107 EUROPE: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 108 EUROPE: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
             13.3.2 UK
                        13.3.2.1 Surging adoption of microgrids to prevent waste heat generation to boost market growth
             13.3.3 GERMANY
                        13.3.3.1 Increasing deployment of solar PV technologies to fuel market growth
             13.3.4 FRANCE
                        13.3.4.1 Rising focus on clean energy generation to augment demand for microgrids
             13.3.5 ITALY
                        13.3.5.1 Growing efforts to minimize GHG emissions to contribute to market growth
             13.3.6 REST OF EUROPE
     13.4 ASIA PACIFIC 
             13.4.1 RECESSION IMPACT ON MICROGRID MARKET IN ASIA PACIFIC
                        FIGURE 84 ASIA PACIFIC: MICROGRID MARKET SNAPSHOT
                        TABLE 109 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2020–2023 (USD BILLION)
                        TABLE 110 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2024–2029 (USD BILLION)
                        TABLE 111 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 112 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 113 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 114 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 115 ASIA PACIFIC: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 116 ASIA PACIFIC: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 117 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 118 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
             13.4.2 AUSTRALIA
                        13.4.2.1 Rising rural area electrification to accelerate market growth
             13.4.3 CHINA
                        13.4.3.1 Increasing implementation of supportive regulatory frameworks related to microgrids to foster market growth
             13.4.4 JAPAN
                        13.4.4.1 Growing focus on enhancing energy resilience to contribute to market growth
             13.4.5 SOUTH KOREA
                        13.4.5.1 Rising investment in renewable energy projects to foster market growth
             13.4.6 REST OF ASIA PACIFIC
     13.5 ROW 
             13.5.1 RECESSION IMPACT ON MICROGRID MARKET IN ROW
                        TABLE 119 ROW: MICROGRID MARKET, BY REGION, 2020–2023 (USD BILLION)
                        TABLE 120 ROW: MICROGRID MARKET, BY REGION, 2024–2029 (USD BILLION)
                        FIGURE 85 AFRICA TO ACCOUNT FOR LARGER SHARE OF ROW MICROGRID MARKET IN 2029
                        TABLE 121 ROW: MICROGRID MARKET, BY CONNECTIVITY, 2020–2023 (USD BILLION)
                        TABLE 122 ROW: MICROGRID MARKET, BY CONNECTIVITY, 2024–2029 (USD BILLION)
                        TABLE 123 ROW: MICROGRID MARKET, BY OFFERING, 2020–2023 (USD BILLION)
                        TABLE 124 ROW: MICROGRID MARKET, BY OFFERING, 2024–2029 (USD BILLION)
                        TABLE 125 ROW: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2020–2023 (USD BILLION)
                        TABLE 126 ROW: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2024–2029 (USD BILLION)
                        TABLE 127 ROW: MICROGRID MARKET, BY END USER, 2020–2023 (USD BILLION)
                        TABLE 128 ROW: MICROGRID MARKET, BY END USER, 2024–2029 (USD BILLION)
             13.5.2 MIDDLE EAST
                        TABLE 129 MIDDLE EAST: MICROGRID MARKET, BY REGION/COUNTRY, 2020–2023 (USD BILLION)
                        TABLE 130 MIDDLE EAST: MICROGRID MARKET, BY REGION/COUNTRY, 2024–2029 (USD BILLION)
                        13.5.2.1 GCC countries
                                     13.5.2.1.1 Expansion of renewable energy capacity to contribute to market growth
                        13.5.2.2 Rest of Middle East
 
                        13.5.3.1 Rising need to improve energy access in remote areas to drive market
 
14 COMPETITIVE LANDSCAPE (Page No. - 245)
     14.1 INTRODUCTION 
     14.2 STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2023 
             TABLE 131 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN MICROGRID MARKET, 2020–2023
     14.3 MARKET SHARE ANALYSIS, 2023 
             TABLE 132 MICROGRID MARKET: DEGREE OF COMPETITION, 2023
             FIGURE 86 MICROGRID MARKET SHARE ANALYSIS, 2023
     14.4 REVENUE ANALYSIS, 2018–2022 
             FIGURE 87 MICROGRID MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2018–2022
     14.5 COMPANY VALUATION AND FINANCIAL METRICS, 2022 
             FIGURE 88 COMPANY VALUATION, 2022 (USD BILLION)
             FIGURE 89 FINANCIAL METRICS (EV/EBITDA), 2022
     14.6 BRAND/PRODUCT COMPARISON 
             FIGURE 90 BRAND/PRODUCT COMPARISON
     14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 
             14.7.1 STARS
             14.7.2 EMERGING LEADERS
             14.7.3 PERVASIVE PLAYERS
             14.7.4 PARTICIPANTS
                        FIGURE 91 MICROGRID MARKET: COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
             14.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
                        14.7.5.1 Overall footprint
                                     FIGURE 92 COMPANY OVERALL FOOTPRINT
                        14.7.5.2 Offering footprint
                                     TABLE 133 MICROGRID MARKET: COMPANY OFFERING FOOTPRINT
                        14.7.5.3 End user footprint
                                     TABLE 134 MICROGRID MARKET: COMPANY END USER FOOTPRINT
                        14.7.5.4 Connectivity footprint
                                     TABLE 135 MICROGRID MARKET: COMPANY CONNECTIVITY FOOTPRINT
                        14.7.5.5 Power rating footprint
                                     TABLE 136 MICROGRID MARKET: COMPANY POWER RATING FOOTPRINT
                        14.7.5.6 Region footprint
                                     TABLE 137 MICROGRID MARKET: COMPANY REGION FOOTPRINT
     14.8 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023 
             14.8.1 PROGRESSIVE COMPANIES
             14.8.2 RESPONSIVE COMPANIES
             14.8.3 DYNAMIC COMPANIES
             14.8.4 STARTING BLOCKS
                        FIGURE 93 MICROGRID MARKET: COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023
             14.8.5 COMPETITIVE BENCHMARKING: START-UPS/SMES, 2023
                        14.8.5.1 List of key start-ups/SMEs
                                     TABLE 138 MICROGRID MARKET: LIST OF KEY START-UPS/SMES
                        14.8.5.2 Competitive benchmarking of key start-ups/SMEs
                                     TABLE 139 MICROGRID MARKET: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
             14.8.6 COMPANY FOOTPRINT: START-UPS/SMES, 2023
                        14.8.6.1 Overall footprint
                                     FIGURE 94 MICROGRID MARKET: START-UP/SME OVERALL FOOTPRINT
                        14.8.6.2 Offering footprint
                                     TABLE 140 MICROGRID MARKET: START-UP/SME OFFERING FOOTPRINT
                        14.8.6.3 Connectivity footprint
                                     TABLE 141 MICROGRID MARKET: START-UP/SME CONNECTIVITY FOOTPRINT
                        14.8.6.4 Power rating footprint
                                     TABLE 142 MICROGRID MARKET: START-UP/SME POWER RATING FOOTPRINT
                        14.8.6.5 End user footprint
                                     TABLE 143 MICROGRID MARKET: START-UP/SME END USER FOOTPRINT
                        14.8.6.6 Region footprint
                                     TABLE 144 MICROGRID MARKET: START-UP/SME REGION FOOTPRINT
     14.9 COMPETITIVE SCENARIOS AND TRENDS 
             14.9.1 PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 145 MICROGRID MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, JULY 2020–NOVEMBER 2023
             14.9.2 DEALS
                        TABLE 146 MICROGRID MARKET: DEALS, FEBRUARY 2020–APRIL 2023
             14.9.3 OTHERS
                        TABLE 147 MICROGRID MARKET: OTHERS, APRIL 2021–JULY 2023
 
15 COMPANY PROFILES (Page No. - 278)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
             15.1.1 SCHNEIDER ELECTRIC
                        TABLE 148 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
                        FIGURE 95 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
                        TABLE 149 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 150 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 151 SCHNEIDER ELECTRIC: DEALS
                        TABLE 152 SCHNEIDER ELECTRIC: OTHERS
                        TABLE 153 SCHNEIDER ELECTRIC: EXPANSIONS
             15.1.2 SIEMENS
                        TABLE 154 SIEMENS: COMPANY OVERVIEW
                        FIGURE 96 SIEMENS: COMPANY SNAPSHOT
                        TABLE 155 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 156 SIEMENS: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 157 SIEMENS: DEALS
                        TABLE 158 SIEMENS: OTHERS
             15.1.3 GENERAL ELECTRIC
                        TABLE 159 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 97 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 160 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 161 GENERAL ELECTRIC: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 162 GENERAL ELECTRIC: DEALS
                        TABLE 163 GENERAL ELECTRIC: OTHERS
             15.1.4 EATON
                        TABLE 164 EATON: COMPANY OVERVIEW
                        FIGURE 98 EATON: COMPANY SNAPSHOT
                        TABLE 165 EATON: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 166 EATON: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 167 EATON: DEALS
                        TABLE 168 EATON: OTHERS
                        TABLE 169 EATON: EXPANSIONS
             15.1.5 ABB
                        TABLE 170 ABB: COMPANY OVERVIEW
                        FIGURE 99 ABB: COMPANY SNAPSHOT
                        TABLE 171 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 172 ABB: DEALS
                        TABLE 173 ABB: OTHERS
             15.1.6 HITACHI ENERGY LTD.
                        TABLE 174 HITACHI ENERGY LTD.: COMPANY OVERVIEW
                        TABLE 175 HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 176 HITACHI ENERGY LTD.: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 177 HITACHI ENERGY LTD.: DEALS
                        TABLE 178 HITACHI ENERGY LTD.: OTHERS
             15.1.7 HONEYWELL INTERNATIONAL INC.
                        TABLE 179 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW
                        FIGURE 100 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
                        TABLE 180 HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 181 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 182 HONEYWELL INTERNATIONAL INC.: DEALS
             15.1.8 HOMER ENERGY
                        TABLE 183 HOMER ENERGY: COMPANY OVERVIEW
                        TABLE 184 HOMER ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 185 HOMER ENERGY: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 186 HOMER ENERGY: DEALS
                        TABLE 187 HOMER ENERGY: OTHERS
             15.1.9 S&C ELECTRIC COMPANY
                        TABLE 188 S&C ELECTRIC COMPANY: COMPANY OVERVIEW
                        TABLE 189 S&C ELECTRIC COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 190 S&C ELECTRIC COMPANY: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 191 S&C ELECTRIC COMPANY: EXPANSIONS
             15.1.10 POWER ANALYTICS GLOBAL CORPORATION
                        TABLE 192 POWER ANALYTICS GLOBAL CORPORATION: COMPANY OVERVIEW
                        TABLE 193 POWER ANALYTICS GLOBAL CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 194 POWER ANALYTICS GLOBAL CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 195 POWER ANALYTICS GLOBAL CORPORATION: DEALS
     15.2 OTHER PLAYERS 
             15.2.1 CATERPILLAR
             15.2.2 TESLA ENERGY
             15.2.3 EMERSON ELECTRIC CO.
             15.2.4 PARETO ENERGY
             15.2.5 ANBARIC DEVELOPMENT PARTNERS, LLC.
             15.2.6 EXELON CORPORATION
             15.2.7 SPIRAE LLC
             15.2.8 GENERAL MICROGRIDS
             15.2.9 POLARIS INC.
             15.2.10 HEILA TECHNOLOGIES
             15.2.11 AMERESCO
             15.2.12 GO ELECTRIC INC.
             15.2.13 FERROAMP
             15.2.14 CANOPY POWER
             15.2.15 POWERSECURE, INC.
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
 
16 APPENDIX (Page No. - 378)
     16.1 DISCUSSION GUIDE 
     16.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     16.3 CUSTOMIZATION OPTIONS 
     16.4 RELATED REPORTS 
     16.5 AUTHOR DETAILS 

 

 

The study involved four major activities for estimating the microgrid market size. Exhaustive secondary research has been conducted to collect information relevant to the market, its peer markets, and its child market. Primary research has been undertaken to validate key findings, assumptions, and sizing with industry experts across the value chain of the microgrid market. Both top-down and bottom-up approaches have been employed to estimate the complete market size. It has been followed by the market breakdown and data triangulation methods to estimate the size of different segments and subsegments of the market.

Secondary Research

The research methodology used to estimate and forecast the size of the microgrid market began with the acquisition of data related to the revenues of key vendors in the market through secondary research. Various secondary sources have been referred to in the secondary research process for identifying and collecting information for this study. Secondary sources include annual reports, press releases, and investor presentations of companies; white papers, journals, certified publications, and articles by recognized authors; websites; directories; and databases. Secondary research has mainly been used to obtain key information about the supply chain of the microgrid market, the value chain of the market, key players, market classification, and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both market and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated through primary research. The secondary research referred to for this research study involves the International Energy Association (IEA), Microgrid Knowledge, Solar Energy Industries Association (SEIA), Institute of Electrical and Electronics Engineers (IEEE) Smart Grid, and Clean Energy Council. Moreover, the study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect valuable information for a technical, market-oriented, and commercial study of the microgrid market. Vendor offerings have been taken into consideration to determine market segmentation.

Primary Research

In the primary research, various primary sources from both the supply and demand sides have been interviewed to obtain the qualitative and quantitative information relevant to this report. Primary sources from the supply side include the key industry participants, subject-matter experts (SMEs), and C-level executives and consultants from various key companies and organizations in the microgrid ecosystem. After the complete market engineering (including calculations for the market statistics, the market breakdown, the market size estimations, the market forecasting, and the data triangulation), extensive primary research has been conducted to verify and validate the critical market numbers obtained. Extensive qualitative and quantitative analyses have been performed during the market engineering process to list key information/insights throughout the report. Extensive primary research has been conducted after understanding the microgrid market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand and supply-side players across key regions, namely, the Americas, Europe, Asia Pacific, and the Rest of the World (Middle East & Africa). Various primary sources from both the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents.

Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the findings described in the remainder of this report.

Microgrid Market
 Size, and Share

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

Market Size Estimation

The total size of the microgrid market has been estimated and validated using both top-down and bottom-up approaches. Furthermore, these methods have also been used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size is as follows:

  • Identifying different entities influencing the value chain of the microgrid market
  • Identifying major companies, system integrators, and service providers operating in the market
  • Estimating the size of the microgrid market for each region based on demand for microgrids
  • Tracking the ongoing and upcoming microgrid projects to forecast the market size based on these developments and other critical parameters
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Global Microgrid Market Size: Bottom-Up Approach

Microgrid Market
 Size, and Bottom-Up Approach

Global Microgrid Market Size: Top-down Approach

Microgrid Market
 Size, and Top-down Approach

Data Triangulation

After arriving at the overall size of the microgrid market from the market size estimation process explained above, the total market has been split into several segments and subsegments. Data triangulation and market breakdown procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated using both top-down and bottom-up approaches.

Market Definition

A microgrid is a self-sufficient energy system that serves a discrete geographic footprint, such as college campuses, hospital complexes, business centers, or neighborhoods. It acts as a single controllable entity for energy generation with respect to a grid. A microgrid can be connected to or disconnected from the main grid to enable it to operate in either grid-connected or off-grid-connected (island) mode. It can be used as a backup or supplementary power source for the main grid when there is an increased demand for electricity. A microgrid comprises one or more kinds of distributed energy hardware (solar panels, wind turbines, controllers, generators) that help produce power. Microgrids are used by end users such as commercial & industrial buildings, institutes & campuses, military facilities, government buildings, healthcare facilities, remote areas, and utilities.

Stakeholders:

  • Raw material suppliers and microgrid developers
  • Distribution network service providers
  • Power-generating companies, retailers, and consultants
  • Industrial and commercial end users
  • Government agencies such as energy regulators and policymakers
  • Energy producers
  • Electric utilities
  • End-use verticals utilizing microgrid services such as commercial & industrial buildings, military facilities, remote areas, institutes & campuses, and healthcare facilities
  • Consultants for ensuring energy efficiency and sustainability
  • Research organizations
  • Technology standard organizations, forums, alliances, and associations
  • Venture capitalists, private equity firms, and startups

Report Objectives

  • To define, describe, segment, and forecast the size of the microgrid market by connectivity, offering, and end-user in terms of value
  • To describe the various types, patterns, power sources, and power ratings of microgrids
  • To describe and forecast the market for four main regions, namely, the Americas, Asia Pacific, Europe, and Rest of the World, in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To provide a detailed overview of the value chain of the microgrid ecosystem
  • To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contributions to the overall market
  • To strategically analyze the ecosystem, Porter’s five forces, regulations, region-wise regulations, upcoming technologies in the market, revenue shift model in the market, patent landscape, trade landscape, and case studies pertaining to the market under study
  • To analyze opportunities in the market for the stakeholders by identifying high-growth segments in the market
  • To strategically profile key players and provide details of the current competitive landscape
  • To analyze strategic approaches adopted by players in the microgrid market, such as product launches and developments, acquisitions, collaborations, agreements, contracts, expansions, and partnerships

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Report Code
SE 2881
Published ON
Mar, 2024
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