Microgrid Market

Microgrid Market by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating & Geography - Global Forecast to 2027

Report Code: SE 2881 Jul, 2022, by marketsandmarkets.com

[293 Pages Report] The global microgrid market size is estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period. Some of the major factors contributing to the growth of microgrid market includes the increasing emphasis on decarbonization by end users and governments, surge in the use of microgrids for rural electrification, and growing need for reliable uninterrupted power supply. Moreover, rising instances of cyberattacks on energy infrastructures, and governments initiatives to encourage the development of microgrids will drive the growth og the industry in the near future.

Microgrid Market

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Market Dynamics:

Drivers: Surging use of microgrids for rural electrification

Microgrids are increasingly becoming prevalent worldwide. They can be used in isolated installations for remote electrification, and grid-connected assets for developing resilient networks, along with facilitating local energy communities. According to the IEA, in 2020, roughly 860 million people worldwide did not have access to electricity. Of those, 87% lived in rural or remote areas ("SDG Indicators Goal 7" 2020). In areas without access to the main grid, where traditional grid extension is more expensive, microgrids can be a viable solution to energy access challenges. Furthermore, microgrids provide a way to access renewable energy sources within a local area. This has led to the adoption of microgrids as a viable option for rural electrification. Microgrids can be established in limited spaces and offer electricity at lower costs than conventional grids. For instance, the University of California claims annual savings of over USD 8 million on energy costs after the adoption of microgrids. Another factor driving the demand for microgrids for rural electrification is the growing government support and surge in the deployment of microgrid projects. For instance, in March 2021, General Electric (GE) won a contract to upgrade three gas-insulated substations (GIS) located in Khimti, Barhabise, and Lapsiphedi in Nepal. These modern substations will deliver uninterrupted hydro energy to several households in the power-scarce regions outside Nepal’s capital Kathmandu that still does not have access to the national grid. In April 2021, the Indian government's e-governance services arm, CSC, announced a collaboration with Tata Power to set up solar-powered micro grids and water pumps in rural areas across the country. In December 2020, Hitachi Energy was contracted by MCA to contribute to the development of Sub-Saharan Africa’s largest photovoltaic project, increasing access to reliable and clean energy for Angola’s 30 million people. Similarly, in May 2019, ABB supplied an MGS100 integrated microgrid solution to enable the delivery of 100% renewable power and energy storage for up to 39,000 homes and shops in remote regions in India.

Restraints: Huge installation and maintenance costs of microgrids

Microgrids have a higher initial cost than conventional electricity grids, usually between 25% and 30%. Microgrid infrastructure costs include everything from the deployment of communication systems to the installation of smart meters, as well as their maintenance. Installing smart meters is 50% more expensive than installing electric meters. Distributed energy resources (DERs) used in microgrids are also more expensive than those used in traditional centralized power plants.

It can cost tens of thousands of dollars or even hundreds of millions of dollars to build a new microgrid or convert an existing system into a hybrid microgrid. Microgrids are most expensive when it comes to generation assets such as solar PV arrays, batteries, and/or combined heat and power systems. Furthermore, a significant amount of capital is needed for grid automation and microgrid control systems that can intelligently monitor and manage all components, controlling how the microgrid consumes and produces energy. Due to the fact that microgrids can store, convert, and recycle energy as well as offer better reliability and power quality than traditional grids, their costs are higher. Microgrid market growth is hampered by this.

Opportunities: Rising encouragement from governments for developing microgrid projects

Microgrid technology is increasingly becoming cost-effective and offers a way to provide reliable, and efficient power supply for various verticals. Governments of different countries have started investing in microgrid projects. For instance, in June 2020, the Australian government-backed 17 microgrid projects with over USD 19 million in grant funding under round one of the “Regional and Remote Communities Reliability Fund”. In October 2019, the Federal Government launched a USD 50 million microgrid funding program for Australia. Of this, USD 20 million in funding was allocated for microgrid feasibility studies in the country. Such government initiatives are expected to act as growth opportunities for the microgrid market during the forecast period.

Challenges: Technical challenges of microgrids operating in island mode

During the initial stages of electricity generation in microgrids operating in the island mode, there is a sudden intake of current that can affect the frequency and voltages of power systems. This can cause generators to trip and go offline. This requires an analysis of the electricity generation methods used in microgrids that operate in the island mode. Specialized controls to ensure smooth microgrid operations are also a requirement. Island microgrids use more than one distributed electricity generation source. Voltages thus need to be regulated during microgrid operations, using voltage versus reactive power drop controllers to achieve local reliability and stability of power systems. Thus, operating microgrids in the island mode is a challenging task, which requires adequate technical knowledge.

Microgrid Market Ecosystem

Microgrid Market Ecosystem

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

During the forecast period, the microgrid market is expected to be led by the grid-connected segment. Microgrids that are grid connected consist of multiple generators, distribution systems, and sophisticated controls. In addition to improving grid resiliency, enhancing power quality, and reducing their environmental impact, these technologies have a number of other advantages, which result in increased demand. Among the key factors driving the growth of this segment is the expansion of utility-based grid networks globally, as well as the large-scale harnessing of renewable energy sources, such as offshore wind.

Hardware segment to account for largest market share of microgrid market during forecasting period

The hardware of microgrids comprises power generators, energy storage systems, and controllers. There are several factors contributing to the growth of the microgrid market for the hardware segment, including the increasing number of microgrid projects worldwide, the decreasing costs of energy storage, and the increasing number of government initiatives to promote clean energy and minimize greenhouse gas emissions. Microgrids generate electricity from different energy sources such as renewable energy sources (solar, wind, photovoltaic (PV) cells, etc.), and non-renewable energy sources (fuel cells, diesel generators, combined heat and power (CHP) and micro-CHP, microturbines, etc.).

Government initiatives like use of clean energy and minimizing greenhouse gas (GHG) emissions to drive microgrid market for commercial & industrial application

During the forecast period, the commercial & industrial microgrid market is expected to grow at the highest CAGR. The growth of this market segment can be attributed to the consistent requirement for uninterrupted power supply to maintain smooth operations during industrial operations in order to lower downtime, increase productivity, and reduce equipment damage. The growth of the microgrid market for commercial and industrial end-uses is also being driven by government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions.

1 MW to 5 MW power segment likely to dominate the microgrid market between 2022 and 2027

The 1 MW to 5 MW segment accounts for the largest market share in 2022. Microgrid systems covered under this segment are mostly designed for the commercial & industrial sector, the segment also covers hospital complexes, colleges, military stations, research institutes including the National Renewable Energy Laboratory (NREL), and a few remote areas such as the Decatur Island, Washington, US, where there is high power demand because of tourism. In this segment, microgrid systems use both renewable and non-renewable power sources, but the majority of the site uses non-CHP natural gas as their power source. Commercial & industrial is the major end user where microgrid systems with power ratings between 1 MW to 5 MW are required.

Americas likely to dominate the market due to increasing deployment of microgrid in commercial and industrial (C&I) segment

Microgrid Market by Region

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The Americas accounted for the largest share (~40%) of the microgrid market in 2021. The microgrid market in the Americas has been studied for North America and South America. The presence of several microgrid developers and government initiatives, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program, to promote the adoption of microgrids has given the region prominence in the microgrid market. In 2019, the Americas held the top position in the microgrid market in terms of the development and capacity of microgrids. In North America, a large quantity of fossil-based commercial and industrial (C&I) microgrids are being established as resiliency solutions. The Americas accounted for more than half of the microgrid projects deployed worldwide in 2019. Most microgrids in the US are connected to the grid.

Key Market Players

Schneider Electric (France), Siemens (Germany), General Electric (GE) (US), Eaton Corporation (US), and ABB (Switzerland) are among the major players in the microgrid market.

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Scope of the Report

Report Metric

Details

Market Size Availability for Years

2018–2027

Base Year

2021

Forecast Period

2022–2027

Forecast Units

Value (USD Billion)

Segments Covered

By Connectivity, Offering, Type, Patterns, Power Source, Power Rating, End Use, and Region

Geographies Covered

North America, Europe, Asia Pacific, and RoW

Companies Covered

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

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

Based on connectivity:

  • Grid Connected
  • Off-grid Connected

Based on Offering:

  • Hardware
    • Power Generators
    • Energy Storage Systems
    • Controllers
  • Software
  • Services

Based on Power Source:

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
  • More than 10 MW

Based on End Use:

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

Based on the Region

  • Americas (North America, South America)
  • Europe
  • Asia Pacific
  • RoW (Middle East & Africa)

Recent Developments

  • In May 2022, Siemens launched grid software suite to manage the complexity of the grid systems, Siemens Smart Infrastructure has developed an open, modular software suite.
  • In March 2022, GE Renewable Energy’s Grid Solutions partnered with BOND Civil & Utility Construction for an Engineering, Procurement & Construction (EPC) contract from Empire Offshore Wind, to design and build an onshore digital substation for Empire Wind 1, New York's first offshore wind farm.
  • In April 2022, Schneider Electric launched the EcoStruxure Energy Hub, a scalable self-service IoT software as a service (SaaS) solution, which simplifies the management of digitalized electrical and energy systems.
  • In Jan 2022, S&C Electric Company launched the VacuFuse II Self-resetting Interrupter, the newest solution for grid-edge protection.
  • In Dec 2021, Siemens and Atos collaborated on a large project for smart grid management for the National Office of Electricity and Drinking Water (ONEE) in Morocco.
  • In Nov 2021, Schneider Electric acquired DC Systems (Netherlands) to advance innovations in electrical distribution.
  • In April 2021, Hitachi Energy and GE Renewable Energy’s Grid Solutions business announced a cross-licensing agreement related to the use of an alternative to the sulfur hexafluoride (SF6) gas used in high-voltage equipment.
  • In April 2021, Siemens Smart Infrastructure introduced the 8DJH 24 switchgear, a ring main unit (RMU) for line voltages of up to 24 kilovolts (kV), completely free of fluorinated gases.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
           1.2.1 INCLUSIONS AND EXCLUSIONS: OFFERING SEGMENT
           1.2.2 INCLUSIONS AND EXCLUSIONS: OTHER SEGMENTS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 UNIT CONSIDERED
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 28)
    2.1 RESEARCH DATA
          FIGURE 2 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 Primary interviews with experts
                    2.1.2.2 List of key primary interview participants
                    2.1.2.3 Breakdown of primaries
                    2.1.2.4 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 used to arrive at market size using bottom-up analysis
                                FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
                    2.2.1.2 Approach for obtaining company-specific information in microgrid value chain
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach used to arrive at market size using top-down analysis
                                FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 FACTOR ANALYSIS
           2.3.1 MICROGRID MARKET: SUPPLY-SIDE ANALYSIS
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: (SUPPLY SIDE): REVENUE GENERATED FROM SALES OF MICROGRIDS
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (SUPPLY SIDE): REVENUE FROM MICROGRID HARDWARE, SOFTWARE, AND SERVICES
           2.3.2 MICROGRID MARKET: DEMAND-SIDE ANALYSIS
                    FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE): BOTTOM-UP APPROACH FOR ESTIMATION OF SIZE OF MICROGRID MARKET BASED ON REGION
                    FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE ANALYSIS (COUNTRY LEVEL)
           2.3.3 GROWTH FORECAST ASSUMPTIONS
                    TABLE 1 MICROGRID MARKET: KEY FORECASTING ASSUMPTIONS
    2.4 DATA TRIANGULATION
          FIGURE 9 DATA TRIANGULATION METHODOLOGY
    2.5 ASSUMPTIONS
          TABLE 2 KEY ASSUMPTIONS: MACRO- AND MICRO-ECONOMIC ENVIRONMENT
    2.6 RISK ASSESSMENT
          TABLE 3 RISK ASSESSMENT: MICROGRID MARKET

3 EXECUTIVE SUMMARY (Page No. - 44)
    3.1 REALISTIC SCENARIO (POST-COVID-19)
    3.2 OPTIMISTIC SCENARIO (POST-COVID-19)
    3.3 PESSIMISTIC SCENARIO (POST-COVID-19)
          FIGURE 10 MICROGRID MARKET: OPTIMISTIC, REALISTIC, AND PESSIMISTIC SCENARIO ANALYSIS, 2018–2027 (USD BILLION)
          FIGURE 11 MICROGRID MARKET FOR GRID-CONNECTED SEGMENT TO RECORD HIGHER GROWTH RATE DURING FORECAST PERIOD
          FIGURE 12 HARDWARE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE OF MICROGRID MARKET DURING FORECASTING PERIOD
          FIGURE 13 CONTROLLERS TO RECORD HIGHEST CAGR IN MICROGRID HARDWARE MARKET FROM 2022 TO 2027
          FIGURE 14 MICROGRID MARKET FOR COMMERCIAL & INDUSTRIAL END USER TO HOLD LARGEST SHARE IN 2027
          FIGURE 15 MICROGRIDS WITH POWER RATINGS BETWEEN 1 MW TO 5 MW HOLD LARGEST MARKET SHARE
          FIGURE 16 MICROGRID MARKET IN ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 50)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN MICROGRID MARKET
          FIGURE 17 INCREASING DEMAND FOR UNINTERRUPTED AND RELIABLE POWER SUPPLY DRIVING MICROGRID MARKET
    4.2 MICROGRID MARKET, BY OFFERING
          FIGURE 18 HARDWARE TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2022 AND 2027
    4.3 MICROGRID MARKET, BY HARDWARE TYPE
          FIGURE 19 POWER GENERATORS TO ACCOUNT FOR LARGEST SIZE OF MICROGRID HARDWARE MARKET FROM 2022 TO 2027
    4.4 MICROGRID MARKET, BY CONNECTIVITY
          FIGURE 20 GRID-CONNECTED MICROGRIDS TO ACCOUNT FOR LARGER SHARE OF MARKET FROM 2022 TO 2027
    4.5 MICROGRID MARKET, BY POWER RATING
          FIGURE 21 MICROGRIDS WITH POWER RATINGS FROM 1 MW TO 5 MW ARE LIKELY TO ACCOUNT FOR LARGEST MARKET SIZE FROM 2022 TO 2027
    4.6 MICROGRID MARKET, BY END USER
          FIGURE 22 COMMERCIAL & INDUSTRIAL TO ACCOUNT FOR LARGEST SIZE OF MICROGRID MARKET FROM 2022 TO 2027

5 MARKET OVERVIEW (Page No. - 53)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
          FIGURE 23 MICROGRID MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing emphasis on decarbonization by end users and governments
                                FIGURE 24 GLOBAL SOLAR PV AND WIND INSTALLATIONS, 2018–2027 IN GIGAWATTS (GW)
                                FIGURE 25 GLOBAL INVESTMENTS IN CLEAN ENERGY AND ENERGY EFFICIENCY, 2018–2021
                    5.2.1.2 Growing need for reliable, uninterrupted power supply
                    5.2.1.3 Surging use of microgrids for rural electrification
                    5.2.1.4 Rising instances of cyberattacks on energy infrastructure
                                FIGURE 26 DRIVERS AND THEIR IMPACT ON MICROGRID MARKET
           5.2.2 RESTRAINTS
                    5.2.2.1 Huge installation and maintenance costs of microgrids
                                FIGURE 27 RESTRAINTS AND THEIR IMPACT ON MICROGRID MARKET
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing number of microgrid projects across different industries
                    5.2.3.2 Surging energy demand and adoption of renewable energy in Asia Pacific
                    5.2.3.3 Growing interest of investors in EaaS business model to minimize costs
                                TABLE 4 BUSINESS MODEL OF COMPANIES IN MICROGRID ECOSYSTEM
                    5.2.3.4 Rising encouragement from governments for developing microgrid projects
                                FIGURE 28 OPPORTUNITIES AND THEIR IMPACT ON MICROGRID MARKET
           5.2.4 CHALLENGES
                    5.2.4.1 Lack of standardization and regulatory frameworks related to microgrid operations
                    5.2.4.2 Technical challenges of microgrids operating in island mode
                                FIGURE 29 CHALLENGES AND THEIR IMPACT ON MICROGRID MARKET
    5.3 VALUE CHAIN ANALYSIS
          FIGURE 30 MICROGRID MARKET: VALUE CHAIN ANALYSIS
    5.4 MICROGRID MARKET ECOSYSTEM
          TABLE 5 MICROGRID MARKET: ECOSYSTEM
          FIGURE 31 KEY PLAYERS IN MICROGRID MARKET ECOSYSTEM
    5.5 PRICING ANALYSIS
          FIGURE 32 AVERAGE MICROGRID COST, BY END USER AND PROJECT SIZE
          TABLE 6 AVERAGE COST OF MICROGRID PROJECTS FOR TOP 3 APPLICATIONS (USD MILLION/MW)
           5.5.1 ANALYSIS AND TREND OF AVERAGE MICROGRID COST
                    FIGURE 33 MICROGRID MARKET: AVERAGE COST OF MICROGRID PROJECTS
    5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
          FIGURE 34 REVENUE SHIFT FOR MICROGRID MARKET
    5.7 KEY TECHNOLOGY TRENDS
           5.7.1 BLOCKCHAIN-BASED MICROGRIDS/BLOCKCHAIN MICROGRIDS
           5.7.2 SMART MICROGRIDS
           5.7.3 ADVENT OF AI-BASED MICROGRIDS
    5.8 PORTER'S FIVE FORCES ANALYSIS
          FIGURE 35 MICROGRID MARKET: PORTER’S FIVE FORCES ANALYSIS
          FIGURE 36 IMPACT OF PORTER’S FIVE FORCES ON MICROGRID MARKET
          TABLE 7 IMPACT OF PORTER’S 5 FORCES ON MICROGRID MARKET
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF SUPPLIERS
           5.8.4 BARGAINING POWER OF BUYERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 KEY STAKEHOLDERS & BUYING CRITERIA
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 37 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 END USERS
                    TABLE 8 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 END USERS (%)
           5.9.2 BUYING CRITERIA
                    FIGURE 38 KEY BUYING CRITERIA FOR TOP 3 END USERS
                    TABLE 9 KEY BUYING CRITERIA FOR TOP 3 END USERS
    5.10 CASE STUDIES: MICROGRID MARKET
           5.10.1 GE PROVIDED CAMPUS-BASED MICROGRID SYSTEM TO UNIVERSITY OF ONTARIO INSTITUTE OF TECHNOLOGY (CANADA)
                     TABLE 10 GE INSTALLED BATTERY ENERGY STORAGE SYSTEM FOR UNIVERSITY OF ONTARIO INSTITUTE OF TECHNOLOGY CAMPUS
           5.10.2 GE PROVIDED SYSTEMS OFFERING RESILIENT, RELIABLE POWER FOR NAVY SHIPYARD PROJECT IN PHILADELPHIA (US)
                     TABLE 11 GE: MICROGRID ENERGY MANAGEMENT SYSTEM FOR NAVY SHIPYARD PROJECT IN PHILADELPHIA
           5.10.3 SOLAR ONE ENERGY USED HOMER GRID TO MODEL ENERGY COSTS FOR ACE NATURAL
                     TABLE 12 HOMER ENERGY PROVIDED HOMER GRID SOFTWARE FOR SOLAR ONE ENERGY
           5.10.4 S&C ELECTRIC SUPPLIED SERVICES FOR HALF MOON VENTURES’ PROJECT
                     TABLE 13 S&C ELECTRIC COMPANY PROVIDED ENERGY STORAGE FOR MICROGRID PROJECT BY HALF MOON VENTURES IN WESTERN OHIO, US
           5.10.5 ERGON ENERGY PARTNERED WITH S&C ELECTRIC COMPANY
                     TABLE 14 S&C ELECTRIC PROVIDED ENERGY STORAGE SYSTEMS FOR MICROGRIDS OF ERGON ENERGY
    5.11 TRADE ANALYSIS
           TABLE 15 IMPORT DATA FOR ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), HS CODE: 8501 (USD MILLION)
           FIGURE 39 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), IMPORT VALUES FOR MAJOR COUNTRIES, 2017–2021
           TABLE 16 EXPORT DATA FOR ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), HS CODE: 8501 (USD MILLION)
           FIGURE 40 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), EXPORT VALUES FOR MAJOR COUNTRIES, 2017–2021
           TABLE 17 IMPORT DATA FOR ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, HS CODE: 854231 (USD MILLION)
           FIGURE 41 ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, IMPORT VALUES FOR MAJOR COUNTRIES, 2017–2021
           TABLE 18 EXPORT DATA FOR ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, HS CODE: 854231 (USD MILLION)
           FIGURE 42 ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, EXPORT VALUES FOR MAJOR COUNTRIES, 2017–2021
    5.12 PATENT ANALYSIS
           FIGURE 43 NUMBER OF PATENTS GRANTED IN MICROGRID MARKET, 2011–2021
           FIGURE 44 REGIONAL ANALYSIS OF PATENTS GRANTED FOR MICROGRIDS, 2011–2021
           TABLE 19 LIST OF KEY PATENTS IN MICROGRID MARKET, 2020–2022
    5.13 KEY CONFERENCES AND EVENTS IN 2022–2024
           TABLE 20 MICROGRID MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.14 TARIFFS AND REGULATORY LANDSCAPE
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                     TABLE 21 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.14.2 CODES AND STANDARDS RELATED TO MICROGRIDS
                     TABLE 22 CODES AND STANDARDS RELATED TO MICROGRIDS

6 MICROGRID MARKET, BY CONNECTIVITY (Page No. - 90)
    6.1 INTRODUCTION
          FIGURE 45 MICROGRID MARKET, BY CONNECTIVITY
          TABLE 23 MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
          FIGURE 46 GRID-CONNECTED MICROGRIDS TO RECORD HIGHER GROWTH RATE DURING FORECAST PERIOD
          TABLE 24 MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
    6.2 GRID-CONNECTED
           6.2.1 GRID-CONNECTED MICROGRIDS ACCOUNTED FOR LARGER SHARE DUE TO EXPANSION OF UTILITY-BASED GRID NETWORKS AND USE OF RENEWABLE SOURCES
                    TABLE 25 GRID-CONNECTED MICROGRID MARKET, BY REGION, 2018–2021 (USD BILLION)
                    FIGURE 47 ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE IN GRID-CONNECTED MICROGRID MARKET DURING FORECAST PERIOD
                    TABLE 26 GRID-CONNECTED MICROGRID MARKET, BY REGION, 2022–2027 (USD BILLION)
    6.3 OFF-GRID
           6.3.1 GROWING OFF-GRID SOLAR PROJECTS TO CREATE NEW MARKET OPPORTUNITIES IN COMING YEARS
                    TABLE 27 OFF-GRID MICROGRID MARKET, BY REGION, 2018–2021 (USD BILLION)
                    FIGURE 48 AMERICAS HOLDS LARGEST MARKET SIZE IN OFF-GRID MICROGRID MARKET IN 2022
                    TABLE 28 OFF-GRID MICROGRID MARKET, BY REGION, 2022–2027 (USD BILLION)

7 MICROGRID MARKET, BY OFFERING (Page No. - 97)
    7.1 INTRODUCTION
          FIGURE 49 MICROGRID MARKET, BY OFFERING
          TABLE 29 MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
          FIGURE 50 SOFTWARE TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
          TABLE 30 MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
          TABLE 31 MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
          TABLE 32 MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
    7.2 HARDWARE
          FIGURE 51 MICROGRID HARDWARE MARKET, BY TYPE
          TABLE 33 MICROGRID HARDWARE MARKET, BY REGION, 2018–2021 (USD BILLION)
          FIGURE 52 MICROGRID HARDWARE MARKET IN ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
          TABLE 34 MICROGRID HARDWARE MARKET, BY REGION, 2022–2027 (USD BILLION)
           7.2.1 POWER GENERATORS
                    7.2.1.1 Power generators to account for largest share of microgrid hardware market during forecast period
                                TABLE 35 MICROGRID HARDWARE MARKET FOR POWER GENERATORS, BY REGION, 2018–2021 (USD BILLION)
                                TABLE 36 MICROGRID HARDWARE MARKET FOR POWER GENERATORS, BY REGION, 2022–2027 (USD BILLION)
           7.2.2 ENERGY STORAGE SYSTEMS
                    7.2.2.1 Growing need for energy storage systems to optimize power delivery
                                TABLE 37 MICROGRID HARDWARE MARKET FOR ENERGY STORAGE SYSTEMS, BY REGION, 2018–2021 (USD BILLION)
                                TABLE 38 MICROGRID HARDWARE MARKET FOR ENERGY STORAGE SYSTEMS, BY REGION, 2022–2027 (USD BILLION)
                    7.2.2.2 Lithium-ion batteries
                    7.2.2.3 Flow batteries
                    7.2.2.4 Flywheels
                    7.2.2.5 Others
           7.2.3 CONTROLLERS
                    7.2.3.1 Controllers are required to monitor and optimally carry out different functions of microgrids
                                TABLE 39 MICROGRID HARDWARE MARKET FOR CONTROLLERS, BY REGION, 2018–2021 (USD BILLION)
                                TABLE 40 MICROGRID HARDWARE MARKET FOR CONTROLLERS, BY REGION, 2022–2027 (USD BILLION)
    7.3 SOFTWARE
           7.3.1 USE OF SOFTWARE IN MICROGRID PROJECTS HELPS SIMPLIFY TECHNICAL AND ECONOMIC FACTORS
                    TABLE 41 MICROGRID SOFTWARE MARKET, BY REGION, 2018–2021 (USD BILLION)
                    FIGURE 53 MICROGRID SOFTWARE MARKET IN AMERICAS TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD
                    TABLE 42 MICROGRID SOFTWARE MARKET, BY REGION, 2022–2027 (USD BILLION)
    7.4 SERVICES
           7.4.1 RISING NUMBER OF MICROGRID INSTALLATIONS CREATES NEW OPPORTUNITIES FOR SERVICES
                    TABLE 43 MICROGRID MARKET FOR SERVICES, BY REGION, 2018–2021 (USD BILLION)
                    FIGURE 54 MICROGRID SERVICES MARKET IN ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
                    TABLE 44 MICROGRID MARKET FOR SERVICES, BY REGION, 2022–2027 (USD BILLION)

8 MICROGRID MARKET, BY POWER SOURCE (Page No. - 113)
    8.1 INTRODUCTION
          FIGURE 55 MICROGRID MARKET, BY POWER SOURCE
          FIGURE 56 GLOBAL MICROGRID PROJECT DEPLOYMENT TREND, BY POWER SOURCE, 2021 VS. 2027
    8.2 NATURAL GAS
    8.3 SOLAR PV
    8.4 COMBINED HEAT AND POWER
    8.5 DIESEL
    8.6 FUEL CELL
    8.7 OTHERS

9 MICROGRID MARKET, BY PATTERN (Page No. - 118)
    9.1 INTRODUCTION
    9.2 URBAN/METROPOLITAN
           9.2.1 INCREASING DEVELOPMENT OF MICROGRIDS IN URBAN AREAS BOOSTING MARKET GROWTH
                    FIGURE 57 DRIVERS OF MICROGRID MARKET IN URBAN/METROPOLITAN AREAS
    9.3 SEMIURBAN
           9.3.1 GROWING INITIATIVES TO DEVELOP MICROGRIDS FOR SEMIURBAN AREAS IN VARIOUS COUNTRIES DRIVING MARKET
    9.4 RURAL/ISLAND
           9.4.1 RISING NUMBER OF ELECTRIFICATION PROJECTS LEADING TO GROWTH OF MICROGRID MARKET

10 MICROGRID MARKET, BY TYPE (Page No. - 121)
     10.1 INTRODUCTION
             FIGURE 58 MICROGRID MARKET, BY TYPE
     10.2 AC MICROGRIDS
             10.2.1 ELIMINATE INVERTER REQUIREMENT FOR POWER SUPPLY TO AC LOADS
     10.3 DC MICROGRIDS
             10.3.1 OFFER HIGHER EFFICIENCY, RELIABILITY, AND STABILITY
     10.4 HYBRID MICROGRIDS
             10.4.1 USE OF DIFFERENT ENERGY SOURCES FOR POWER GENERATION REDUCES DEPENDENCE ON FOSSIL FUEL

11 MICROGRID MARKET, BY POWER RATING (Page No. - 124)
     11.1 INTRODUCTION
             FIGURE 59 1 MW TO 5 MW MICROGRID POWER RATING TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
             TABLE 45 MICROGRID MARKET, BY POWER RATING, 2018–2021 (USD BILLION)
             TABLE 46 MICROGRID MARKET, BY POWER RATING, 2022–2027 (USD BILLION)
     11.2 LESS THAN 1 MW
             11.2.1 REMOTE AREAS, GOVERNMENTS, AND UTILITIES USE MICROGRIDS WITH POWER RATINGS OF LESS THAN 1 MW
     11.3 1 MW TO 5 MW
             11.3.1 GROWTH OF MARKET FOR MICROGRID SYSTEMS WITH POWER RATINGS BETWEEN 1 MW AND 5 MW FUELLED BY INCREASING DEPLOYMENT IN COMMERCIAL AND INDUSTRIAL SECTOR
     11.4 5 MW TO 10 MW
             11.4.1 MICROGRIDS WITH POWER RATINGS BETWEEN 5 MW TO 10 MW MEET HIGH-POWER REQUIREMENTS IN UNIVERSITIES, SMART CITIES, AND COMMERCIAL APPLICATIONS
     11.5 ABOVE 10 MW
             11.5.1 SECTORS WITH HIGH POWER REQUIREMENTS UTILIZE MICROGRID SYSTEMS WITH POWER RATINGS ABOVE 10 MW

12 MICROGRID MARKET, BY END USER (Page No. - 128)
     12.1 INTRODUCTION
             FIGURE 60 MICROGRID MARKET, BY END USER
             TABLE 47 MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
             FIGURE 61 COMMERCIAL & INDUSTRIAL SEGMENT TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
             TABLE 48 MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
     12.2 COMMERCIAL & INDUSTRIAL
             12.2.1 REQUIREMENT FOR UNINTERRUPTED ELECTRICITY SUPPLY IN COMMERCIAL AND INDUSTRIAL SECTOR TO DRIVE MARKET
                        TABLE 49 MICROGRID MARKET FOR COMMERCIAL & INDUSTRIAL END USER, BY REGION, 2018–2021 (USD BILLION)
                        FIGURE 62 COMMERCIAL & INDUSTRIAL SECTOR IN ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
                        TABLE 50 MICROGRID MARKET FOR COMMERCIAL & INDUSTRIAL, BY REGION, 2022–2027 (USD BILLION)
     12.3 REMOTE AREAS
             12.3.1 SURGE IN DEPLOYMENT OF MICROGRID PROJECTS IN REMOTE AREAS DUE TO UNAVAILABILITY OF MAIN UTILITY-GRID SYSTEMS FOR ENERGY DISTRIBUTION TO BOOST MARKET
                        TABLE 51 MICROGRID MARKET FOR REMOTE AREAS, BY REGION, 2018–2021 (USD BILLION)
                        FIGURE 63 REMOTE AREAS SEGMENT IN ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
                        TABLE 52 MICROGRID MARKET FOR REMOTE AREAS, BY REGION, 2022–2027 (USD BILLION)
     12.4 MILITARY
             12.4.1 WIDE USE OF MICROGRIDS FOR ENERGY SECURITY AND RESILIENCY TO PROPEL MARKET GROWTH
                        TABLE 53 MICROGRID MARKET FOR MILITARY, BY REGION, 2018–2021 (USD BILLION)
                        FIGURE 64 MILITARY SEGMENT IN AMERICAS TO ACCOUNT FOR LARGEST SHARE IN 2022
                        TABLE 54 MICROGRID MARKET FOR MILITARY, BY REGION, 2022–2027 (USD BILLION)
     12.5 GOVERNMENT
             12.5.1 DECLINE IN PRICES OF ELECTRICITY GENERATED FROM RENEWABLE ENERGY SOURCES LEADS TO RISING ADOPTION OF MICROGRIDS
                        TABLE 55 MICROGRID MARKET FOR GOVERNMENT, BY REGION, 2018–2021 (USD BILLION)
                        TABLE 56 MICROGRID MARKET FOR GOVERNMENT, BY REGION, 2022–2027 (USD BILLION)
     12.6 UTILITIES
             12.6.1 MICROGRIDS PROVIDE UTILITIES WITH LESS EXPENSIVE ALTERNATIVE
                        TABLE 57 MICROGRID MARKET FOR UTILITIES, BY REGION, 2018–2021 (USD BILLION)
                        FIGURE 65 UTILITIES SEGMENT IN AMERICAS TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
                        TABLE 58 MICROGRID MARKET FOR UTILITIES, BY REGION, 2022–2027 (USD BILLION)
     12.7 INSTITUTES & CAMPUSES
             12.7.1 INCREASED ADOPTION OF MICROGRIDS TO ENSURE UNINTERRUPTED POWER SUPPLY
                        TABLE 59 MICROGRID MARKET FOR INSTITUTES & CAMPUSES, BY REGION, 2018–2021 (USD BILLION)
                        TABLE 60 MICROGRID MARKET FOR INSTITUTES & CAMPUSES, BY REGION, 2022–2027 (USD BILLION)
     12.8 HEALTHCARE
             12.8.1 HOSPITALS RAPIDLY TURNING TO MICROGRIDS TO COUNTER GRID INSTABILITY
                        TABLE 61 MICROGRID MARKET FOR HEALTHCARE, BY REGION, 2018–2021 (USD BILLION)
                        TABLE 62 MICROGRID MARKET FOR HEALTHCARE, BY REGION, 2022–2027 (USD BILLION)

13 MICROGRID MARKET, BY REGION (Page No. - 143)
     13.1 INTRODUCTION
             FIGURE 66 SOUTH KOREA TO EXPERIENCE HIGHEST CAGR DURING FORECAST PERIOD
             FIGURE 67 AMERICAS ACCOUNTS FOR LARGEST SHARE OF MICROGRID MARKET IN 2022
             TABLE 63 MICROGRID MARKET, BY REGION, 2018–2021 (USD BILLION)
             TABLE 64 MICROGRID MARKET, BY REGION, 2022–2027 (USD BILLION)
             TABLE 65 MICROGRID INSTALLED CAPACITY, BY REGION, 2018–2021 (MW)
             TABLE 66 MICROGRID INSTALLED CAPACITY, BY REGION, 2022–2027 (MW)
     13.2 AMERICAS
             FIGURE 68 AMERICAS: MICROGRID MARKET SNAPSHOT
             TABLE 67 AMERICAS: MICROGRID MARKET, BY REGION, 2018–2021 (USD BILLION)
             TABLE 68 AMERICAS: MICROGRID MARKET, BY REGION, 2022–2027 (USD BILLION)
             TABLE 69 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
             TABLE 70 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
             TABLE 71 AMERICAS: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
             TABLE 72 AMERICAS: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
             TABLE 73 AMERICAS: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
             TABLE 74 AMERICAS: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
             TABLE 75 AMERICAS: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
             TABLE 76 AMERICAS: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
             13.2.1 NORTH AMERICA
                        TABLE 77 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                        TABLE 78 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
                        TABLE 79 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
                        TABLE 80 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
                        TABLE 81 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
                        TABLE 82 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
                        TABLE 83 NORTH AMERICA: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
                        TABLE 84 NORTH AMERICA: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
                        TABLE 85 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
                        TABLE 86 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
                        13.2.1.1 US
                                     13.2.1.1.1 Growing use of renewable energy sources in microgrids and presence of key players to drive market in coming years
                                                      TABLE 87 MICROGRID PROJECTS IN US FROM 2018 TO 2020
                        13.2.1.2 Canada
                                     13.2.1.2.1 Remote communities in Canada to create opportunities for microgrid developers
                        13.2.1.3 Mexico
                                     13.2.1.3.1 Mexican market to record highest CAGR in North America during forecast period
             13.2.2 SOUTH AMERICA
                        TABLE 88 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                        TABLE 89 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
                        TABLE 90 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
                        TABLE 91 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
                        TABLE 92 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
                        TABLE 93 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
                        TABLE 94 SOUTH AMERICA: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
                        TABLE 95 SOUTH AMERICA: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
                        TABLE 96 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
                        TABLE 97 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
                        13.2.2.1 Brazil
                                     13.2.2.1.1 Brazil held largest size of microgrid market in South America in 2021
                        13.2.2.2 Argentina
                                     13.2.2.2.1 Focus on renewable energy sources and development of smart grids
                        13.2.2.3 Rest of South America
     13.3 EUROPE
             FIGURE 69 EUROPE: MICROGRID MARKET SNAPSHOT
             TABLE 98 EUROPE: MICROGRID MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
             TABLE 99 EUROPE: MICROGRID MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
             TABLE 100 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
             TABLE 101 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
             TABLE 102 EUROPE: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
             TABLE 103 EUROPE: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
             TABLE 104 EUROPE: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
             TABLE 105 EUROPE: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
             TABLE 106 EUROPE: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
             TABLE 107 EUROPE: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
             TABLE 108 MICROGRID PROJECTS IN EUROPE FROM 2018 TO 2021
             13.3.1 UK
                        13.3.1.1 Rising use of microgrids to reduce wastage of heat generated by traditional systems
                                      TABLE 109 MICROGRID PROJECTS IN UK FROM 2018 TO 2021
             13.3.2 GERMANY
                        13.3.2.1 Surging adoption of microgrids due to government initiatives
             13.3.3 FRANCE
                        13.3.3.1 Increasing government investments to promote adoption of microgrids
             13.3.4 ITALY
                        13.3.4.1 Growing installations of PV systems to boost demand for microgrids
             13.3.5 REST OF EUROPE
     13.4 ASIA PACIFIC
             FIGURE 70 ASIA PACIFIC: MICROGRID MARKET SNAPSHOT
             TABLE 110 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
             TABLE 111 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
             TABLE 112 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
             TABLE 113 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
             TABLE 114 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
             TABLE 115 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
             TABLE 116 ASIA PACIFIC: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
             TABLE 117 ASIA PACIFIC: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
             TABLE 118 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
             TABLE 119 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
             13.4.1 AUSTRALIA
                        13.4.1.1 Rising shift to microgrids due to surging prices of traditional grid electricity
                                      TABLE 120 MICROGRID PROJECTS IN AUSTRALIA FROM 2018 TO 2020
             13.4.2 CHINA
                        13.4.2.1 Increasing government initiatives to promote use of clean energy
             13.4.3 JAPAN
                        13.4.3.1 Growing need for reliable power supply fueling growth of microgrid market
             13.4.4 SOUTH KOREA
                        13.4.4.1 South Korea to record highest CAGR in microgrid market during forecast period
             13.4.5 REST OF ASIA PACIFIC
                        TABLE 121 MICROGRID PROJECTS IN REST OF ASIA PACIFIC FROM 2018 TO 2021
     13.5 ROW
             TABLE 122 ROW: MICROGRID MARKET, BY REGION, 2018–2021 (USD BILLION)
             TABLE 123 ROW: MICROGRID MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
             TABLE 124 ROW: MICROGRID MARKET, BY CONNECTIVITY, 2018–2021 (USD BILLION)
             TABLE 125 ROW: MICROGRID MARKET, BY CONNECTIVITY, 2022–2027 (USD BILLION)
             TABLE 126 ROW: MICROGRID MARKET, BY OFFERING, 2018–2021 (USD BILLION)
             TABLE 127 ROW: MICROGRID MARKET, BY OFFERING, 2022–2027 (USD BILLION)
             TABLE 128 ROW: MICROGRID HARDWARE MARKET, BY TYPE, 2018–2021 (USD BILLION)
             TABLE 129 ROW: MICROGRID HARDWARE MARKET, BY TYPE, 2022–2027 (USD BILLION)
             TABLE 130 ROW: MICROGRID MARKET, BY END USER, 2018–2021 (USD BILLION)
             TABLE 131 ROW: MICROGRID MARKET, BY END USER, 2022–2027 (USD BILLION)
             13.5.1 MIDDLE EAST
                        13.5.1.1 Growth of healthcare sector and rising demand for reliable power supply contribute to growth of microgrid market
             13.5.2 AFRICA
                        13.5.2.1 Surging number of microgrid projects in region due to various government initiatives
                                      TABLE 132 MICROGRID PROJECTS IN AFRICA FROM 2018 TO 2020

14 COMPETITIVE LANDSCAPE (Page No. - 180)
     14.1 INTRODUCTION
     14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
             TABLE 133 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN MICROGRID MARKET
     14.3 MARKET SHARE ANALYSIS
             FIGURE 71 MICROGRID MARKET: MARKET SHARE ANALYSIS
             TABLE 134 MICROGRID MARKET: DEGREE OF COMPETITION
     14.4 HISTORICAL REVENUE ANALYSIS (2017–2021)
             FIGURE 72 REVENUE ANALYSIS OF KEY COMPANIES IN PAST FIVE YEARS
     14.5 COMPANY EVALUATION QUADRANT, 2021
             FIGURE 73 MICROGRID MARKET (GLOBAL) COMPANY EVALUATION MATRIX, 2021
             14.5.1 STARS
             14.5.2 EMERGING LEADERS
             14.5.3 PERVASIVE COMPANIES
             14.5.4 PARTICIPANTS
     14.6 COMPANY FOOTPRINT
             TABLE 135 COMPANY FOOTPRINT
             TABLE 136 COMPANY FOOTPRINT, BY OFFERING
             TABLE 137 COMPANY FOOTPRINT, BY END USER
             TABLE 138 COMPANY FOOTPRINT, BY REGION
     14.7 SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION MATRIX
             FIGURE 74 SME EVALUATION MATRIX, 2021
             14.7.1 PROGRESSIVE COMPANIES
             14.7.2 RESPONSIVE COMPANIES
             14.7.3 DYNAMIC COMPANIES
             14.7.4 STARTING BLOCKS
     14.8 COMPETITIVE BENCHMARKING
             TABLE 139 MICROGRID MARKET: DETAILED LIST OF KEY SMES
             TABLE 140 MICROGRID MARKET: COMPETITIVE BENCHMARKING OF KEY PLAYERS (SMES)
     14.9 COMPETITIVE SCENARIO AND TRENDS
             14.9.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                        TABLE 141 MICROGRID MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS, JUNE 2018– FEBRUARY 2022
             14.9.2 DEALS
                        TABLE 142 MICROGRID MARKET: DEALS, JANUARY 2018–JANUARY 2022
             14.9.3 OTHERS
                        TABLE 143 MICROGRID MARKET: OTHERS

15 COMPANY PROFILES (Page No. - 217)
(Business overview, Products/solutions/services offered, Recent developments & MnM View)*
     15.1 KEY PLAYERS
             15.1.1 SCHNEIDER ELECTRIC
                        TABLE 144 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 75 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
                        TABLE 145 SCHNEIDER ELECTRIC: PRODUCTS OFFERED
                        TABLE 146 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES
                        TABLE 147 SCHNEIDER ELECTRIC: DEALS
                        TABLE 148 SCHNEIDER ELECTRIC: OTHERS
             15.1.2 SIEMENS
                        TABLE 149 SIEMENS: BUSINESS OVERVIEW
                        FIGURE 76 SIEMENS: COMPANY SNAPSHOT
                        TABLE 150 SIEMENS: PRODUCTS OFFERED
                        TABLE 151 SIEMENS: PRODUCT LAUNCHES
                        TABLE 152 SIEMENS: DEALS
             15.1.3 GENERAL ELECTRIC
                        TABLE 153 GENERAL ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 77 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 154 GENERAL ELECTRIC: PRODUCTS OFFERED
                        TABLE 155 GENERAL ELECTRIC: PRODUCT LAUNCHES
                        TABLE 156 GENERAL ELECTRIC: DEALS
             15.1.4 EATON CORPORATION
                        TABLE 157 EATON CORPORATION: BUSINESS OVERVIEW
                        FIGURE 78 EATON CORPORATION: COMPANY SNAPSHOT
                        TABLE 158 EATON CORPORATION: PRODUCTS OFFERED
                        TABLE 159 EATON CORPORATION: PRODUCT LAUNCHES
                        TABLE 160 EATON CORPORATION: DEALS
                        TABLE 161 EATON CORPORATION: OTHERS
             15.1.5 ABB
                        TABLE 162 ABB: BUSINESS OVERVIEW
                        FIGURE 79 ABB: COMPANY SNAPSHOT
                        TABLE 163 ABB: PRODUCTS OFFERED
                        TABLE 164 ABB: PRODUCT LAUNCHES
                        TABLE 165 ABB: DEALS
             15.1.6 HITACHI ENERGY
                        TABLE 166 HITACHI ENERGY: BUSINESS OVERVIEW
                        TABLE 167 HITACHI ENERGY: PRODUCTS OFFERED
                        TABLE 168 HITACHI ENERGY: PRODUCT LAUNCHES
                        TABLE 169 HITACHI ENERGY: DEALS
             15.1.7 HONEYWELL INTERNATIONAL INC.
                        TABLE 170 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW
                        FIGURE 80 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
                        TABLE 171 HONEYWELL INTERNATIONAL INC.: PRODUCTS OFFERED
                        TABLE 172 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES
                        TABLE 173 HONEYWELL INTERNATIONAL INC.: DEALS
             15.1.8 HOMER ENERGY (PART OF UL)
                        TABLE 174 HOMER ENERGY: BUSINESS OVERVIEW
                        TABLE 175 HOMER ENERGY: PRODUCTS OFFERED
                        TABLE 176 HOMER ENERGY: PRODUCT LAUNCHES
                        TABLE 177 HOMER ENERGY: DEALS
             15.1.9 S&C ELECTRIC COMPANY
                        TABLE 178 S&C ELECTRIC COMPANY: BUSINESS OVERVIEW
                        TABLE 179 S&C ELECTRIC COMPANY: PRODUCTS OFFERED
                        TABLE 180 S&C ELECTRIC COMPANY: PRODUCT LAUNCHES
                        TABLE 181 S&C ELECTRIC COMPANY: DEALS
                        TABLE 182 S&C ELECTRIC COMPANY: OTHERS
             15.1.10 POWER ANALYTICS CORPORATION
                        TABLE 183 POWER ANALYTICS CORPORATION: BUSINESS OVERVIEW
                        TABLE 184 POWER ANALYTICS CORPORATION: PRODUCTS OFFERED
                        TABLE 185 POWER ANALYTICS CORPORATION: PRODUCT LAUNCHES
                        TABLE 186 POWER ANALYTICS CORPORATION: DEALS
*Details on Business overview, Products/solutions/services offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     15.2 OTHER PLAYERS
             15.2.1 CATERPILLAR INC.
             15.2.2 TESLA ENERGY (SUBSIDIARY OF TESLA)
             15.2.3 EMERSON ELECTRIC
             15.2.4 PARETO ENERGY
             15.2.5 ANBARIC TRANSMISSION
             15.2.6 EXELON CORPORATION
             15.2.7 SPIRAE LLC
             15.2.8 GENERAL MICROGRIDS
             15.2.9 GRAM POWER INC.
             15.2.10 POWERHIVE
             15.2.11 ADVANCED MICROGRID SOLUTIONS
             15.2.12 GO ELECTRIC
             15.2.13 FERROAMP
             15.2.14 CANOPY POWER
             15.2.15 GREEN ENERGY CORP

16 APPENDIX (Page No. - 286)
     16.1 INSIGHTS FROM INDUSTRY EXPERTS
     16.2 DISCUSSION GUIDE
     16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     16.4 AVAILABLE CUSTOMIZATIONS
     16.5 RELATED REPORTS
     16.6 AUTHOR DETAILS

The study involved four major activities for estimating the size of the microgrid market. Exhaustive secondary research has been carried out 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 the 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 that has been used to estimate and forecast the size of the microgrid market began with the acquisition of data related to the revenues of key vendor in the market through secondary research. The secondary research referred to for this research study involves 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 information useful for a technical, market-oriented, and commercial study of the microgrid market. Vendor offerings have been taken into consideration to determine the market segmentation. The entire research methodology included the study of annual reports, press releases, and investor presentations of companies; white papers; and certified publications and articles by recognized authors; directories; and databases.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the microgrid market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand and supply-side players across key regions, namely, North America, Europe, APAC, and Middle East and Africa (MEA), and South America. 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, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Microgrid Market Size, and Share

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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 Share

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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.

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 (RoW), 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 micromarkets with respect to individual growth trends, prospects, and their contributions to the overall market
  • To strategically analyze the ecosystem, Porter’s five forces, regulations, 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

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:

Company Information:

  • Detailed analysis and profiling of additional market players based on various blocks of the value chain.
Report Code
SE 2881
Published ON
Jul, 2022
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