Microgrid Market

Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Controllers, Energy Storage), Software, Services), End User, Type, Power Source, Power Rating (Below 1 MW, 1-5 MW, 5-10 MW) and Region - Global Forecast to 2028

Report Code: SE 2881 Jul, 2023, by marketsandmarkets.com

[331 Pages Report] The global microgrid market size is estimated to be USD 31.5 billion in 2023 and is projected to reach USD 79.0 billion by 2028, at a CAGR of 20.1% 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, and the surging demand to electrify rural areas.

Microgrid Market

Microgrid Market

Microgrid Market Forecast to 2028

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Market Dynamics:

Driver: Rising demand for EV charging infrastructure

The rapid expansion of electric vehicle (EV) charging infrastructure is spurring a heightened demand for microgrids. The growing adoption of EVs results in a substantial surge in electricity consumption, particularly in areas housing multiple charging stations. This increased demand places strain on existing electrical grid infrastructure. However, microgrids offer a feasible solution through the integration of localized power generation and distribution, effectively managing the additional electricity load stemming from EV charging. Through the optimization of energy generation, distribution, and load management, microgrids alleviate grid congestion and mitigate the need for costly grid upgrades. Moreover, EV charging stations typically contribute to peak demand periods, leading to elevated electricity costs. Microgrids equipped with advanced load management capabilities enable efficient charging schedule optimization and load balancing, minimizing peak demand, improving grid stability, and reducing overall charging costs. Additionally, microgrids are highly compatible with the integration of renewable energy sources like solar panels and wind turbines into the EV charging infrastructure. This harmonious interplay between EVs and microgrids promotes environmentally friendly and sustainable transportation, advancing the objective of carbon emissions reduction. Furthermore, microgrids can incorporate energy storage systems, complementing EV charging by storing excess energy and ensuring a dependable power supply during grid outages or emergencies. By integrating smart charging technologies, microgrids enable intelligent and dynamic charging options, optimizing charging based on grid conditions, energy prices, and user preferences. Ultimately, the expansion of EV charging infrastructure drives the demand for microgrids, as they efficiently handle heightened electricity demand, facilitate the integration of renewable energy, bolster grid stability, and enhance the resilience of charging operations.

Restraint: Complexities in grid interconnections

Grid interconnection challenges present a significant restraint to the growth of the microgrid market. Integrating microgrids with the existing electrical grid can entail technical and logistical difficulties. In many instances, modifications or upgrades to the grid infrastructure are necessary to ensure seamless integration of microgrids. Grid operators and utilities often have specific interconnection requirements that must be met, adding complexity and time to the implementation process. Adhering to these requirements and ensuring compatibility between microgrids and the larger grid system can be complex. These interconnection challenges can result in delays and increased costs, potentially discouraging organizations from pursuing microgrid installations. Resolving grid interconnection issues through streamlined processes and clear guidelines will be crucial in overcoming this restraining factor and fostering the microgrid market growth.

Opportunity: Digitalization and smart grid integration

Digitalization and smart grid integration present compelling opportunities for the growth of the microgrid market. The integration of advanced digital technologies and smart grid infrastructure allows for superior energy management and optimization within microgrids. By harnessing the power of data analytics, Internet of Things (IoT) devices, and real-time monitoring, microgrids can optimize energy generation, storage, and consumption, resulting in enhanced energy efficiency and cost-effectiveness. The convergence of microgrids with digitalization trends not only unlocks new possibilities for energy management but also paves the way for innovative solutions and the development of intelligent grid systems. Through the seamless integration of digital technologies, microgrids can respond dynamically to changing energy demands, balance loads, and make data-driven decisions to maximize efficiency. This synergy between digitalization and microgrids empowers businesses and consumers with sophisticated energy management tools, leading to improved operational performance, reduced costs, and increased sustainability. The potential for advanced energy management solutions and the creation of intelligent grid ecosystems make 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 pose significant challenges in the growth of the microgrid market. Achieving scalability involves ensuring that microgrid solutions can be effectively deployed across various applications, sectors, and geographical locations. Each deployment may have unique requirements and characteristics, requiring tailored approaches while maintaining interoperability and compatibility. This necessitates the development of consistent standards that guide the design and implementation of microgrid systems. Standardization enables the integration of diverse components and technologies, facilitating seamless interoperability and reducing integration costs. Furthermore, adopting modular design approaches allows for flexibility and adaptability, enabling microgrid systems to be easily scaled up or down based on changing needs. Best practices play a crucial role in driving standardization and ensuring microgrid solutions' consistent performance and reliability. By establishing clear guidelines and widely adopting these best practices, the industry can overcome scalability and standardization challenges, enabling the widespread deployment and integration of microgrid solutions across diverse applications, sectors, and geographic 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 (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 have access to the main power grid, which provides a backup in case of a disruption to the microgrid's own power generation or distribution system. This makes them more reliable than off-grid microgrids, which are not connected to the main grid and must rely on their own power generation and distribution systems. Grid Connected microgrids are typically less expensive to install and operate than off-grid microgrids. This is because they can take advantage of the existing power grid infrastructure, which can save on costs for transmission lines and substations. Grid Connected microgrids can also help to improve the reliability of the main power grid, reduce greenhouse gas emissions, and improve energy efficiency. These factors have all contributed to the greater market share of grid-connected microgrids.

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

The hardware components of microgrids consist of power generators, energy storage systems, and controllers. The hardware segment of the microgrid market is experiencing growth due to various factors. These factors include the rise in the number of microgrid projects globally, the decreasing costs of energy storage, and the increasing government initiatives to promote clean energy and reduce greenhouse gas emissions. Microgrids utilize diverse energy sources, including renewable sources like solar, wind, and photovoltaic cells, as well as non-renewable sources such as fuel cells, diesel generators, combined heat and power (CHP) systems, micro-CHP systems, and microturbines.

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

The commercial and industrial microgrid market is projected to exhibit the highest CAGR during the forecast period. This growth can be attributed to the need for a reliable power supply to ensure uninterrupted operations in various industries. Maintaining a smooth and continuous power flow helps minimize downtime, boost productivity, and prevent equipment damage. As a result, the commercial and industrial sectors are increasingly adopting microgrid solutions to meet their power demands. Furthermore, government initiatives aimed at encouraging the adoption of clean energy and reducing greenhouse gas (GHG) emissions are also driving the growth of the microgrid market in commercial and industrial settings. These initiatives incentivize and support businesses to implement sustainable energy solutions, including microgrids. By embracing clean energy alternatives, companies can align with environmental goals, comply with regulations, and contribute to a greener future.

The 1 MW to 5 MW power segment is likely to dominate the microgrid market between 2023 and 2028.

In 2022, the 1 MW to 5 MW segment emerged as the dominant market shareholder. This segment encompasses microgrid systems primarily designed for the commercial and industrial sectors. Additionally, it includes applications in hospital complexes, colleges, military stations, research institutes such as the National Renewable Energy Laboratory (NREL), and remote areas like Decatur Island in Washington, US, which experience high power demand due to tourism.

Within this segment, microgrid systems incorporate a combination of renewable and non-renewable power sources. However, the majority of sites within this range rely on non-combined heat and power (non-CHP) natural gas as their primary power source. This implies that these microgrid systems are predominantly fueled by natural gas but also incorporate intermittent renewable energy sources to supplement their energy needs. Commercial & Industrial is the major end-user where microgrid systems with power ratings between 1 MW to 5 MW are required.

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 expected to grow significantly in the coming years. This growth is driven by several factors, including the increasing demand for reliable and resilient power supply, the growing focus on renewable energy, the increasing penetration of smart grids, and supportive government policies. The Asia-Pacific region is home to many countries prone to natural disasters, such as typhoons and earthquakes. Microgrids can provide a reliable and resilient power supply in the event of a disaster. Additionally, the region is one of the leading regions in terms of the adoption of renewable energy. Microgrids can help to integrate renewable energy sources into the grid, making the grid more sustainable. Smart grids are also being increasingly adopted in the region. Smart grids are able to communicate with each other and with devices in the grid, such as microgrids. This allows for the efficient management of power flows and the integration of renewable energy sources. Governments in the Asia-Pacific region are also supportive of the development of microgrids. This is evident in the form of subsidies and tax breaks for microgrid projects.

Key Market Players

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

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Scope of the Report

Report Metric

Details

Estimated Value

USD 31.5 billion

Expected Value 

USD 79.0 billion

Growth Rate

CAGR of 20.1%

Market Size Availability for Years

2019–2028

Base Year

2022

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Segments Covered

By Connectivity, Offering, Type, Patterns, 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 (US)
A total of 25 players are covered.

Microgrid Market Highlights

The microgrid market research report categorizes the 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
    • Controllers
  • Software
  • Services

Based on Power Source:

  • Natural Gas
  • Solar PV
  • Combined Heat and Power
  • Diesel
  • Fuel Cell
  • Others

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
  • 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.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 32)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           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 MICROGRID MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 UNITS CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
           1.8.1 IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY (Page No. - 38)
    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 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 to arrive at 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 market value chain
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to arrive at 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 SALE OF MICROGRIDS
                    FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE GENERATED FROM SALE OF MICROGRID HARDWARE, SOFTWARE, AND SERVICES
           2.3.2 DEMAND-SIDE ANALYSIS
                    FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY (DEMAND SIDE): BOTTOM-UP APPROACH FOR ESTIMATING MICROGRID MARKET SIZE BASED ON REGION
                    FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY (DEMAND-SIDE): APPROACH FOR ESTIMATING COUNTRY-LEVEL MICROGRID MARKET SIZE
           2.3.3 GROWTH FORECAST ASSUMPTIONS
           TABLE 1 MICROGRID MARKET: KEY FORECAST ASSUMPTIONS
    2.4 DATA TRIANGULATION 
           FIGURE 10 MICROGRID MARKET: DATA TRIANGULATION METHODOLOGY
    2.5 RESEARCH ASSUMPTIONS 
           TABLE 2 KEY ASSUMPTIONS: MACRO- AND MICRO-ECONOMIC ENVIRONMENT
    2.6 RISK ASSESSMENT 
           FIGURE 11 RISK ASSESSMENT
    2.7 RECESSION IMPACT 
 
3 EXECUTIVE SUMMARY (Page No. - 56)
    FIGURE 12 MICROGRID MARKET SIZE, 2019–2028 (USD BILLION)
    FIGURE 13 GRID-CONNECTED SEGMENT TO DOMINATE MICROGRID MARKET IN 2028
    FIGURE 14 HARDWARE SEGMENT TO LEAD MICROGRID MARKET IN 2028
    FIGURE 15 POWER GENERATORS SEGMENT TO HOLD LARGEST SHARE OF MICROGRID HARDWARE MARKET FROM 2023 TO 2028
    FIGURE 16 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2028
    FIGURE 17 MICROGRIDS WITH POWER RATINGS FROM 1 TO 5 MW TO HOLD LARGEST MARKET SHARE IN 2028
    FIGURE 18 MICROGRID MARKET IN ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 62)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN MICROGRID MARKET 
           FIGURE 19 INCREASING DEMAND FOR RURAL ELECTRIFICATION AND MINIMIZING GREENHOUSE GAS EMISSIONS TO DRIVE MICROGRID MARKET
    4.2 MICROGRID MARKET, BY OFFERING 
           FIGURE 20 HARDWARE SEGMENT TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2028
    4.3 MICROGRID MARKET, BY HARDWARE TYPE 
           FIGURE 21 POWER GENERATORS SEGMENT TO LEAD MICROGRID HARDWARE MARKET FROM 2023 TO 2028
    4.4 MICROGRID MARKET, BY CONNECTIVITY 
           FIGURE 22 GRID-CONNECTED MICROGRIDS SEGMENT TO DOMINATE MARKET FROM 2023 TO 2028
    4.5 MICROGRID MARKET, BY POWER RATING 
           FIGURE 23 MICROGRIDS WITH POWER RATINGS FROM 1 TO 5 MW TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
    4.6 MICROGRID MARKET, BY END USER 
           FIGURE 24 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MICROGRID MARKET FROM 2019 TO 2028
    4.7 MICROGRID MARKET, BY REGION 
           FIGURE 25 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF MICROGRID MARKET IN 2028
 
5 MARKET OVERVIEW (Page No. - 66)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 26 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 Growing instances of cyberattacks on energy infrastructure
                    5.2.1.5 Rising demand for EV charging infrastructure
                    5.2.1.6 Increasing need for demand response and load management capabilities
                               FIGURE 27 DRIVERS AND THEIR IMPACT ON MICROGRID MARKET
           5.2.2 RESTRAINTS
                    5.2.2.1 Huge installation and maintenance costs of microgrids
                    5.2.2.2 Complexities in grid interconnections
                               FIGURE 28 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 cost
                               TABLE 3 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
                               FIGURE 29 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
                    5.2.4.3 Complexities in standardizing scalability of microgrids
                               FIGURE 30 CHALLENGES AND THEIR IMPACT ON MICROGRID MARKET
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 31 MICROGRID MARKET VALUE CHAIN ANALYSIS, 2022
    5.4 MICROGRID MARKET ECOSYSTEM 
           FIGURE 32 MICROGRID MARKET: ECOSYSTEM
           TABLE 4 MICROGRID MARKET: ECOSYSTEM
           FIGURE 33 KEY PLAYERS IN MICROGRID MARKET ECOSYSTEM
    5.5 PRICING ANALYSIS 
           FIGURE 34 AVERAGE PRICE OF MICROGRIDS, BY END USER AND PROJECT SIZE
           TABLE 5 AVERAGE PRICE OF MICROGRID PROJECTS FOR TOP THREE APPLICATIONS (USD MILLION/MW)
           5.5.1 PRICING TREND
                    FIGURE 35 MICROGRID MARKET: COST OF MICROGRID PROJECTS
    5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 36 REVENUE SHIFT IN MICROGRID MARKET
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 BLOCKCHAIN-BASED MICROGRIDS
           5.7.2 SMART MICROGRIDS
           5.7.3 AI-BASED MICROGRIDS
           5.7.4 VIRTUAL POWER PLANTS (VPPS)
           5.7.5 MICROGRID SMART CONTROLLERS
           5.7.6 ADVANCED MATERIALS FOR MICROGRIDS
    5.8 PORTER'S FIVE FORCES ANALYSIS 
           TABLE 6 IMPACT OF PORTER’S FIVE FORCES ON MICROGRID MARKET
           FIGURE 37 MICROGRID MARKET: PORTER’S FIVE FORCES ANALYSIS
           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 AND BUYING CRITERIA 
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 38 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
                    TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS (%)
           5.9.2 BUYING CRITERIA
                    FIGURE 39 KEY BUYING CRITERIA FOR TOP THREE END USERS
                    TABLE 8 KEY BUYING CRITERIA FOR TOP THREE END USERS
    5.10 CASE STUDIES 
           5.10.1 GE PROVIDED CAMPUS-BASED MICROGRID SYSTEM TO UNIVERSITY OF ONTARIO INSTITUTE OF TECHNOLOGY (CANADA)
           5.10.2 GE PROVIDED RESILIENT AND RELIABLE POWER SUPPLY SYSTEMS FOR NAVY SHIPYARD PROJECT IN PHILADELPHIA (US)
           5.10.3 SOLAR ONE ENERGY USED HOMER GRID TO MODEL ENERGY COSTS FOR ACE NATURAL
           5.10.4 S&C ELECTRIC COMPANY PROVIDED ENERGY STORAGE INTEGRATOR FOR MICROGRID PROJECT BY HALF MOON VENTURES
           5.10.5 S&C ELECTRIC COMPANY PROVIDED ENERGY STORAGE SYSTEMS FOR MICROGRIDS OF ERGON ENERGY
           5.10.6 AEG POWER SOLUTIONS PROVIDED GRID-FORMING INVERTER FOR UNINTERRUPTED POWER SUPPLY TO MBOGO VALLEY TEA FACTORY
           5.10.7 HITACHI ENERGY PROVIDED AFFORDABLE POWER TO SOUTH AFRICA
    5.11 TRADE ANALYSIS 
           TABLE 9 IMPORT DATA FOR ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), HS CODE: 8501 (USD MILLION)
           FIGURE 40 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), IMPORT VALUES FOR MAJOR COUNTRIES, 2018–2022
           TABLE 10 EXPORT DATA FOR ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), HS CODE: 8501 (USD MILLION)
           FIGURE 41 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS), EXPORT VALUES FOR MAJOR COUNTRIES, 2018–2022
           TABLE 11 IMPORT DATA FOR ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, HS CODE: 854231 (USD MILLION)
           FIGURE 42 ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, IMPORT VALUES FOR MAJOR COUNTRIES, 2018–2022
           TABLE 12 EXPORT DATA FOR ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, HS CODE: 854231 (USD MILLION)
           FIGURE 43 ELECTRONIC-INTEGRATED CIRCUITS AS PROCESSORS AND CONTROLLERS, EXPORT VALUES FOR MAJOR COUNTRIES, 2018–2022
    5.12 PATENT ANALYSIS 
           FIGURE 44 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
           FIGURE 45 NUMBER OF PATENTS GRANTED PER YEAR FROM 2013 TO 2022
           TABLE 13 NUMBER OF PATENTS RELATED TO MICROGRID MARKET REGISTERED IN LAST 10 YEARS
           TABLE 14 LIST OF KEY PATENTS IN MICROGRID MARKET, 2020–2023
    5.13 KEY CONFERENCES AND EVENTS, 2023–2024 
           TABLE 15 MICROGRID MARKET: LIST OF CONFERENCES AND EVENTS
    5.14 REGULATORY LANDSCAPE 
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 16 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.14.2 CODES AND STANDARDS RELATED TO MICROGRIDS
                    TABLE 17 CODES AND STANDARDS RELATED TO MICROGRIDS
           5.14.3 STANDARDS AND REGULATIONS RELATED TO MICROGRID MARKET
                    5.14.3.1 North America
                               5.14.3.1.1 US
                               5.14.3.1.2 Canada
                    5.14.3.2 Europe
                               5.14.3.2.1 European Union
                               5.14.3.2.2 Germany
                               5.14.3.2.3 UK
                    5.14.3.3 Asia Pacific
                               5.14.3.3.1 China
                               5.14.3.3.2 India
                               5.14.3.3.3 Japan
                               5.14.3.3.4 Australia
                    5.14.3.4 Rest of the World
                               5.14.3.4.1 Brazil
                               5.14.3.4.2 Kenya
 
6 MICROGRID MARKET, BY TYPE (Page No. - 110)
    6.1 INTRODUCTION 
           FIGURE 46 MICROGRID MARKET, BY TYPE
    6.2 AC MICROGRIDS 
           6.2.1 RISING NEED FOR RURAL AND REMOTE ELECTRIFICATION TO DRIVE MARKET
    6.3 DC MICROGRIDS 
           6.3.1 HIGHER DEMAND FROM DATA CENTERS TO PROPEL MARKET
    6.4 HYBRID MICROGRIDS 
           6.4.1 GRID INDEPENDENCE AND ISLANDING CAPABILITIES TO BOOST MARKET
 
7 MICROGRID MARKET, BY PATTERN (Page No. - 115)
    7.1 INTRODUCTION 
           FIGURE 47 MICROGRID MARKET, BY PATTERN
    7.2 URBAN/METROPOLITAN 
           7.2.1 INCREASING POWER REQUIREMENT IN CRITICAL INFRASTRUCTURE TO BOOST MARKET
           FIGURE 48 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 TO REMOTE AREAS AND AGRICULTURAL APPLICATIONS TO FUEL MARKET GROWTH
 
8 MICROGRID MARKET, BY CONNECTIVITY (Page No. - 120)
    8.1 INTRODUCTION 
           FIGURE 49 MICROGRID MARKET, BY CONNECTIVITY
           TABLE 18 MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
           FIGURE 50 GRID-CONNECTED MICROGRIDS TO RECORD HIGHER CAGR DURING FORECAST PERIOD
           TABLE 19 MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
    8.2 GRID-CONNECTED 
           8.2.1 EXPANSION OF UTILITY-BASED GRID NETWORKS TO DRIVE MARKET
                    TABLE 20 GRID-CONNECTED: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                    FIGURE 51 ASIA PACIFIC TO EXHIBIT FASTEST GROWTH IN GRID-CONNECTED MICROGRID MARKET DURING FORECAST PERIOD
                    TABLE 21 GRID-CONNECTED: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
    8.3 OFF-GRID 
           8.3.1 COST SAVINGS AND ENVIRONMENT-FRIENDLY BENEFITS OF USING RENEWABLE ENERGY SOURCES TO SUPPORT MARKET GROWTH
                    TABLE 22 OFF-GRID: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                    FIGURE 52 ASIA PACIFIC TO HOLD LARGEST SHARE OF OFF-GRID MICROGRID MARKET IN 2028
                    TABLE 23 OFF-GRID: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
 
9 MICROGRID MARKET, BY OFFERING (Page No. - 128)
    9.1 INTRODUCTION 
           FIGURE 53 MICROGRID MARKET, BY OFFERING
           TABLE 24 MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
           FIGURE 54 SOFTWARE SEGMENT TO RECORD FASTEST GROWTH RATE DURING MICROGRID MARKET FORECAST PERIOD
           TABLE 25 MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
    9.2 HARDWARE 
           FIGURE 55 MICROGRID HARDWARE MARKET, BY TYPE
           TABLE 26 HARDWARE: MICROGRID MARKET, BY TYPE, 2019–2022 (USD BILLION)
           FIGURE 56 POWER GENERATORS TO HOLD LARGEST MARKET SHARE IN 2028
           TABLE 27 HARDWARE: MICROGRID MARKET, BY TYPE, 2023–2028 (USD BILLION)
           TABLE 28 HARDWARE: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
           FIGURE 57 MICROGRID HARDWARE MARKET IN ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 29 HARDWARE: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
           9.2.1 POWER GENERATORS
                    9.2.1.1 Increasing need to achieve reliable electricity supply from different fuel sources to boost segment
                               TABLE 30 POWER GENERATORS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                               TABLE 31 POWER GENERATORS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
           9.2.2 ENERGY STORAGE SYSTEMS
                    9.2.2.1 Growing requirement for energy storage for uninterrupted power supply to propel segment
                               TABLE 32 ENERGY STORAGE SYSTEMS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                               TABLE 33 ENERGY STORAGE SYSTEMS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
                    9.2.2.2 Lithium-ion batteries
                    9.2.2.3 Lead-acid batteries
                    9.2.2.4 Flow batteries
                    9.2.2.5 Flywheels
                    9.2.2.6 Others
           9.2.3 CONTROLLERS
                    9.2.3.1 Rising need for automation to support segment growth
                               TABLE 34 CONTROLLERS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                               TABLE 35 CONTROLLERS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
    9.3 SOFTWARE 
           9.3.1 INCREASING DEMAND FOR PREDICTIVE AND REMOTE MAINTENANCE TO PROPEL SEGMENT
                    TABLE 36 SOFTWARE: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                    FIGURE 58 MICROGRID SOFTWARE MARKET IN AMERICAS TO ACCOUNT FOR LARGEST SHARE IN 2028
                    TABLE 37 SOFTWARE: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
    9.4 SERVICES 
           9.4.1 GROWING NUMBER OF MICROGRID INSTALLATIONS TO CREATE NEW OPPORTUNITIES FOR SEGMENT
                    TABLE 38 SERVICES: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                    FIGURE 59 MICROGRID SERVICES MARKET IN ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 39 SERVICES: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
 
10 MICROGRID MARKET, BY POWER RATING (Page No. - 149)
     10.1 INTRODUCTION 
             TABLE 40 MICROGRID MARKET, BY POWER RATING, 2019–2022 (USD BILLION)
             FIGURE 60 MICROGRIDS WITH 1 TO 5 MW POWER RATING TO HOLD LARGEST MARKET SHARE IN 2028
             TABLE 41 MICROGRID MARKET, BY POWER RATING, 2023–2028 (USD BILLION)
     10.2 <1 MW 
             10.2.1 INCREASING USE IN REMOTE AREAS, UTILITIES, AND TEMPORARY CONSTRUCTION SITES TO DRIVE DEMAND
     10.3 1 TO 5 MW 
             10.3.1 RISING DEPLOYMENT IN AGRICULTURE, COMMERCIAL BUILDINGS, AND INSTITUTIONS TO BOOST MARKET
     10.4 >5 TO 10 MW 
             10.4.1 HIGH ADOPTION IN HOSPITALS AND DATA CENTERS TO PROPEL MARKET
     10.5 >10 MW 
             10.5.1 SURGING DEMAND FROM REMOTE MINING AND HEAVY MACHINERY SECTORS TO FUEL MICROGRID MARKET GROWTH
 
11 MICROGRID MARKET, BY POWER SOURCE (Page No. - 154)
     11.1 INTRODUCTION 
             FIGURE 61 MICROGRID MARKET, BY POWER SOURCE
             FIGURE 62 GLOBAL MICROGRID PROJECT DEPLOYMENT TREND, BY POWER SOURCE, 2023 VS. 2028
     11.2 NATURAL GAS 
             11.2.1 INCREASING NEED FOR CLEANER ENERGY SOLUTIONS OVER COAL AND OIL TO DRIVE SEGMENT
     11.3 SOLAR PV 
             11.3.1 REDUCED GREENHOUSE GAS EMISSIONS AND LOWER CARBON FOOTPRINT TO PROPEL SEGMENT
     11.4 COMBINED HEAT AND POWER 
             11.4.1 INCREASING DEMAND FOR COGENERATION IN UNIVERSITIES/INSTITUTIONS TO BOOST SEGMENT
     11.5 DIESEL 
             11.5.1 RISING DEMAND FOR RELIABLE ELECTRICITY SUPPLY DURING POWER OUTAGES TO SUPPORT SEGMENT GROWTH
     11.6 FUEL CELLS 
             11.6.1 INCREASED AVAILABILITY OF AND ACCESSIBILITY TO HYDROGEN TO FUEL SEGMENT GROWTH
     11.7 OTHERS 
 
12 MICROGRID MARKET, BY END USER (Page No. - 161)
     12.1 INTRODUCTION 
           FIGURE 63 MICROGRID MARKET, BY END USER
           TABLE 42 MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
           FIGURE 64 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 43 MICROGRID MARKET, BY END USER, 2023–2028 (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 44 COMMERCIAL & INDUSTRIAL BUILDINGS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 65 COMMERCIAL & INDUSTRIAL BUILDINGS SEGMENT IN ASIA PACIFIC TO RECORD FASTEST GROWTH DURING FORECAST PERIOD
                        TABLE 45 COMMERCIAL & INDUSTRIAL BUILDINGS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.3 REMOTE AREAS 
             12.3.1 SURGE IN DEPLOYMENT OF MICROGRID PROJECTS IN REMOTE AREAS FOR ENERGY DISTRIBUTION TO BOOST MARKET
                        TABLE 46 REMOTE AREAS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 66 REMOTE AREAS SEGMENT IN ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
                        TABLE 47 REMOTE AREAS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.4 MILITARY FACILITIES 
             12.4.1 INCREASING USAGE OF MOBILE MICROGRIDS TO PROPEL SEGMENT
                        TABLE 48 MILITARY FACILITIES: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 67 MILITARY FACILITIES SEGMENT IN ASIA PACIFIC TO HOLD LARGEST MARKET SHARE IN 2028
                        TABLE 49 MILITARY FACILITIES: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.5 GOVERNMENT BUILDINGS 
             12.5.1 INTEGRATION OF MICROGRIDS IN SMART CITY PROJECTS TO BOOST SEGMENT
                        TABLE 50 GOVERNMENT BUILDINGS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 68 GOVERNMENT BUILDINGS SEGMENT IN ASIA PACIFIC TO EXHIBIT FASTEST GROWTH DURING FORECAST PERIOD
                        TABLE 51 GOVERNMENT BUILDINGS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.6 UTILITIES 
             12.6.1 NEED FOR LESS EXPENSIVE ALTERNATIVES TO MEET PEAK DEMAND REQUIREMENTS TO FUEL SEGMENT
                        TABLE 52 UTILITIES: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 69 UTILITIES SEGMENT IN AMERICAS TO DOMINATE MARKET IN 2028
                        TABLE 53 UTILITIES: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.7 INSTITUTES & CAMPUSES 
             12.7.1 INCREASED ADOPTION OF LOCALIZED POWER GENERATION IN CAMPUSES TO SUPPORT SEGMENT GROWTH
                        TABLE 54 INSTITUTES & CAMPUSES: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 70 INSTITUTES & CAMPUSES SEGMENT IN AMERICAS TO HOLD SECOND LARGEST MARKET SHARE IN 2028
                        TABLE 55 INSTITUTES & CAMPUSES: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
     12.8 HEALTHCARE FACILITIES 
             12.8.1 REQUIREMENT FOR UNINTERRUPTED POWER SUPPLY IN HEALTHCARE FACILITIES TO DRIVE SEGMENT
                        TABLE 56 HEALTHCARE FACILITIES: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        FIGURE 71 HEALTHCARE SEGMENT IN ASIA PACIFIC TO EXHIBIT FASTEST CAGR DURING FORECAST PERIOD
                        TABLE 57 HEALTHCARE FACILITIES: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
 
13 MICROGRID MARKET, BY REGION (Page No. - 180)
     13.1 INTRODUCTION 
             FIGURE 72 MICROGRID MARKET, BY REGION
             FIGURE 73 SOUTH KOREA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
             FIGURE 74 ASIA PACIFIC TO HOLD LARGEST SHARE OF MICROGRID MARKET IN 2028
             TABLE 58 MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
             TABLE 59 MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
             TABLE 60 MICROGRID INSTALLED CAPACITY, BY REGION, 2019–2022 (MW)
             TABLE 61 MICROGRID INSTALLED CAPACITY, BY REGION, 2023–2028 (MW)
     13.2 AMERICAS 
             13.2.1 IMPACT OF RECESSION ON MICROGRID MARKET IN AMERICAS
                        FIGURE 75 AMERICAS: MICROGRID MARKET SNAPSHOT
                        TABLE 62 AMERICAS: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
                        TABLE 63 AMERICAS: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
                        TABLE 64 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 65 AMERICAS: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 66 AMERICAS: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 67 AMERICAS: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 68 AMERICAS: MICROGRID HARDWARE MARKET, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 69 AMERICAS: MICROGRID HARDWARE MARKET, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 70 AMERICAS: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 71 AMERICAS: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
             13.2.2 NORTH AMERICA
                        TABLE 72 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
                        TABLE 73 NORTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                        TABLE 74 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 75 NORTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 76 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 77 NORTH AMERICA: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 78 NORTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 79 NORTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 80 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 81 NORTH AMERICA: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
                        13.2.2.1 US
                                     13.2.2.1.1 Large presence of key players to drive market
                        13.2.2.2 Canada
                                     13.2.2.2.1 Remote communities to create opportunities for microgrid developers
                        13.2.2.3 Mexico
                                     13.2.2.3.1 Increasing demand for microgrids during natural calamities to boost market
             13.2.3 SOUTH AMERICA
                        TABLE 82 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
                        TABLE 83 SOUTH AMERICA: MICROGRID MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                        TABLE 84 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 85 SOUTH AMERICA: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 86 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 87 SOUTH AMERICA: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 88 SOUTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 89 SOUTH AMERICA: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 90 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 91 SOUTH AMERICA: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
                        13.2.3.1 Brazil
                                     13.2.3.1.1 Lack of national main grid to boost market
                        13.2.3.2 Argentina
                                     13.2.3.2.1 Focus on renewable energy sources and development of smart grids to drive market
                        13.2.3.3 Rest of South America
     13.3 EUROPE 
             13.3.1 IMPACT OF RECESSION ON MICROGRID MARKET IN EUROPE
                        FIGURE 76 EUROPE: MICROGRID MARKET SNAPSHOT
                        TABLE 92 EUROPE: MICROGRID MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
                        TABLE 93 EUROPE: MICROGRID MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                        TABLE 94 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 95 EUROPE: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 96 EUROPE: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 97 EUROPE: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 98 EUROPE: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 99 EUROPE: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 100 EUROPE: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 101 EUROPE: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
             13.3.2 UK
                        13.3.2.1 Increasing demand for microgrids due to heat generation by traditional power generation systems to propel market
             13.3.3 GERMANY
                        13.3.3.1 Ongoing industrialization and rising number of government initiatives to drive adoption of microgrids
             13.3.4 FRANCE
                        13.3.4.1 Higher focus on clean energy generation to boost demand for microgrids
             13.3.5 ITALY
                        13.3.5.1 Growing solar photovoltaic installations to propel market
             13.3.6 REST OF EUROPE
     13.4 ASIA PACIFIC 
             13.4.1 IMPACT OF RECESSION ON MICROGRID MARKET IN ASIA PACIFIC
                        FIGURE 77 ASIA PACIFIC: MICROGRID MARKET SNAPSHOT
                        TABLE 102 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
                        TABLE 103 ASIA PACIFIC: MICROGRID MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                        TABLE 104 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 105 ASIA PACIFIC: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 106 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 107 ASIA PACIFIC: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 108 ASIA PACIFIC: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 109 ASIA PACIFIC: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 110 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 111 ASIA PACIFIC: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
             13.4.2 AUSTRALIA
                        13.4.2.1 Increased remote operations for mining and offshore platforms to drive market
             13.4.3 CHINA
                        13.4.3.1 Ambitious carbon-reduction goals and national smart grid plans to boost market
             13.4.4 JAPAN
                        13.4.4.1 Growing need for resilient and energy-efficient power supply to fuel market
             13.4.5 SOUTH KOREA
                        13.4.5.1 Increased efforts to support green recovery to propel market
             13.4.6 REST OF ASIA PACIFIC
     13.5 REST OF THE WORLD 
             13.5.1 IMPACT OF RECESSION ON MICROGRID MARKET IN REST OF THE WORLD
                        TABLE 112 REST OF THE WORLD: MICROGRID MARKET, BY REGION, 2019–2022 (USD BILLION)
           FIGURE 78 AFRICA TO GROW AT FASTEST RATE IN REST OF THE WORLD DURING FORECAST PERIOD
                        TABLE 113 REST OF THE WORLD: MICROGRID MARKET, BY REGION, 2023–2028 (USD BILLION)
                        TABLE 114 REST OF THE WORLD: MICROGRID MARKET, BY CONNECTIVITY, 2019–2022 (USD BILLION)
                        TABLE 115 REST OF THE WORLD: MICROGRID MARKET, BY CONNECTIVITY, 2023–2028 (USD BILLION)
                        TABLE 116 REST OF THE WORLD: MICROGRID MARKET, BY OFFERING, 2019–2022 (USD BILLION)
                        TABLE 117 REST OF THE WORLD: MICROGRID MARKET, BY OFFERING, 2023–2028 (USD BILLION)
                        TABLE 118 REST OF THE WORLD: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2019–2022 (USD BILLION)
                        TABLE 119 REST OF THE WORLD: MICROGRID MARKET FOR HARDWARE, BY TYPE, 2023–2028 (USD BILLION)
                        TABLE 120 REST OF THE WORLD: MICROGRID MARKET, BY END USER, 2019–2022 (USD BILLION)
                        TABLE 121 REST OF THE WORLD: MICROGRID MARKET, BY END USER, 2023–2028 (USD BILLION)
             13.5.2 MIDDLE EAST
                        13.5.2.1 Growth of healthcare sector and rising demand for reliable power supply contribute to market growth
             13.5.3 AFRICA
                        13.5.3.1 Rising number of government initiatives to support microgrid projects
 
14 COMPETITIVE LANDSCAPE (Page No. - 222)
     14.1 INTRODUCTION 
     14.2 STRATEGIES ADOPTED BY KEY PLAYERS 
             TABLE 122 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN MICROGRID MARKET
             14.2.1 PRODUCT PORTFOLIO
             14.2.2 REGIONAL FOCUS
             14.2.3 MANUFACTURING FOOTPRINT
             14.2.4 ORGANIC/INORGANIC GROWTH STRATEGIES
     14.3 MARKET SHARE ANALYSIS 
             TABLE 123 MICROGRID MARKET: DEGREE OF COMPETITION, 2022
     14.4 FIVE-YEAR COMPANY REVENUE ANALYSIS, 2018–2022 
             FIGURE 79 FIVE-YEAR COMPANY REVENUE ANALYSIS OF LEADING MARKET PLAYERS
     14.5 KEY COMPANY EVALUATION MATRIX, 2022 
             14.5.1 STARS
             14.5.2 EMERGING LEADERS
             14.5.3 PERVASIVE PLAYERS
             14.5.4 PARTICIPANTS
                        FIGURE 80 MICROGRID MARKET (GLOBAL): KEY COMPANY EVALUATION MATRIX, 2022
     14.6 COMPANY FOOTPRINT 
           TABLE 124 OVERALL COMPANY FOOTPRINT
           TABLE 125 COMPANY FOOTPRINT, BY OFFERING
           TABLE 126 COMPANY FOOTPRINT, BY END USER
           TABLE 127 COMPANY FOOTPRINT, BY REGION
     14.7 STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION MATRIX, 2022 
             14.7.1 PROGRESSIVE COMPANIES
             14.7.2 RESPONSIVE COMPANIES
             14.7.3 DYNAMIC COMPANIES
             14.7.4 STARTING BLOCKS
                        FIGURE 81 MICROGRID MARKET (GLOBAL): STARTUPS/SMES EVALUATION MATRIX, 2022
     14.8 COMPETITIVE BENCHMARKING 
             TABLE 128 MICROGRID MARKET: LIST OF KEY STARTUPS/SMES
             TABLE 129 MICROGRID MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES
     14.9 COMPETITIVE SCENARIOS AND  MICROGRID MARKET TRENDS 
             14.9.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                        TABLE 130 MICROGRID MARKET: PRODUCT LAUNCHES, JANUARY 2020–JUNE 2023
             14.9.2 DEALS
                        TABLE 131 MICROGRID MARKET: DEALS, JANUARY 2020–JUNE 2023
             14.9.3 OTHERS
                        TABLE 132 MICROGRID MARKET: OTHERS, JANUARY 2020–JUNE 2023
 
15 COMPANY PROFILES (Page No. - 244)
(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 KEY PLAYERS 
             15.1.1 SCHNEIDER ELECTRIC
                        TABLE 133 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
                        FIGURE 82 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
                        TABLE 134 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 135 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES
                        TABLE 136 SCHNEIDER ELECTRIC: DEALS
                        TABLE 137 SCHNEIDER ELECTRIC: OTHERS
             15.1.2 SIEMENS
                        TABLE 138 SIEMENS: COMPANY OVERVIEW
                        FIGURE 83 SIEMENS: COMPANY SNAPSHOT
                        TABLE 139 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 140 SIEMENS: PRODUCT LAUNCHES
                        TABLE 141 SIEMENS: DEALS
                        TABLE 142 SIEMENS: OTHERS
             15.1.3 GENERAL ELECTRIC
                        TABLE 143 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 84 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 144 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 145 GENERAL ELECTRIC: PRODUCT LAUNCHES
                        TABLE 146 GENERAL ELECTRIC: DEALS
                        TABLE 147 GENERAL ELECTRIC: OTHERS
             15.1.4 EATON
                        TABLE 148 EATON: COMPANY OVERVIEW
                        FIGURE 85 EATON: COMPANY SNAPSHOT
                        TABLE 149 EATON: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 150 EATON: PRODUCT LAUNCHES
                        TABLE 151 EATON: DEALS
                        TABLE 152 EATON: OTHERS
             15.1.5 ABB
                        TABLE 153 ABB: COMPANY OVERVIEW
                        FIGURE 86 ABB: COMPANY SNAPSHOT
                        TABLE 154 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 155 ABB: PRODUCT LAUNCHES
                        TABLE 156 ABB: DEALS
             15.1.6 HITACHI ENERGY LTD.
                        TABLE 157 HITACHI ENERGY LTD.: COMPANY OVERVIEW
                        TABLE 158 HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 159 HITACHI ENERGY LTD.: PRODUCT LAUNCHES
                        TABLE 160 HITACHI ENERGY LTD.: DEALS
                        TABLE 161 HITACHI ENERGY LTD.: OTHERS
             15.1.7 HONEYWELL INTERNATIONAL INC.
                        TABLE 162 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW
                        FIGURE 87 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
                        TABLE 163 HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 164 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES
                        TABLE 165 HONEYWELL INTERNATIONAL INC.: DEALS
             15.1.8 HOMER ENERGY (PART OF UL LLC)
                        TABLE 166 HOMER ENERGY: COMPANY OVERVIEW
                        TABLE 167 HOMER ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 168 HOMER ENERGY: PRODUCT LAUNCHES
                        TABLE 169 HOMER ENERGY: DEALS
                        TABLE 170 HOMER ENERGY: OTHERS
             15.1.9 S&C ELECTRIC COMPANY
                        TABLE 171 S&C ELECTRIC COMPANY: COMPANY OVERVIEW
                        TABLE 172 S&C ELECTRIC COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 173 S&C ELECTRIC COMPANY: PRODUCT LAUNCHES
                        TABLE 174 S&C ELECTRIC COMPANY: OTHERS
             15.1.10 POWER ANALYTICS
                        TABLE 175 POWER ANALYTICS: COMPANY OVERVIEW
                        TABLE 176 POWER ANALYTICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 177 POWER ANALYTICS: PRODUCT LAUNCHES
                        TABLE 178 POWER ANALYTICS: DEALS
     15.2 OTHER PLAYERS 
             15.2.1 CATERPILLAR
             15.2.2 TESLA ENERGY (SUBSIDIARY OF TESLA)
             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 GRAM POWER
             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. - 325)
     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 commercial & industrial, institutes & campuses, military, government, healthcare, remote areas, and utilities end users.

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, military, 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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