HOME Top Market Reports Microgrid Market by Offering (Hardware- Power Generation & Energy Storage System, Software, and Service), Connectivity (Grid Connected and Remote/ Island), Grid Type (AC, DC, and Hybrid Microgrid), Vertical & Geography - Global Forecast to 2022

Microgrid Market by Offering (Hardware- Power Generation & Energy Storage System, Software, and Service), Connectivity (Grid Connected and Remote/ Island), Grid Type (AC, DC, and Hybrid Microgrid), Vertical & Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: March 2017
Report Code: SE 2881

 

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The microgrid market was valued at USD 16.58 Billion in 2015 and is expected to reach USD 38.99 Billion by 2022, at a CAGR of 12.45% during the forecast period. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022.

The main objectives of this study are as follows:

  • To define, describe, and forecast the microgrid market on the basis of offering, connectivity, grid type, vertical, and geography
  • To provide a detailed Porter’s analysis and market life cycle analysis, along with the technology and market roadmap for the microgrid market
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)

The research methodology used to estimate and forecast the microgrid market begins with obtaining data on key vendor revenues through secondary research such as International District Energy Association, Microgrid Institute, and Smart Electric Power Association. The vendor offerings have been taken into consideration to determine the market segmentation. The top-down procedure has been employed to arrive at the overall size of the global microgrid market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

Microgrid Market

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

The microgrid market comprises hardware and software providers, and system integrators.

  • Hardware providers: ABB Ltd. (Switzerland), General Electric (U.S.), Eaton Corporation PLC (Ireland), Siemens AG (Germany), Schneider Electric (France), Caterpillar Inc. (U.S.), and S&C Electric Company (U.S.).
  • Software providers: HOMER Energy LLC (U.S.), Power Analytics Corporation (U.S.), Siemens AG (Germany), Advanced Microgrid Solution (U.S.), Pareto Energy Inc. (U.S.), and Green Energy Corporation (U.S.).
  • System integrators: Eaton Corporation PLC (Ireland), HOMER Energy LLC (U.S.), NREL (U.S.), and Sustainable Power System (U.S.).

Target Audience:

  • Raw material and equipment suppliers
  • Microgrid systems integrators and developers
  • Transmission system operators
  • Energy storage vendors
  • Smart grid software vendors
  • Solar PV companies
  • Government agencies
  • Utilities
  • Investor community

“This study also answers several questions for the stakeholders, such as which market segments to focus on in the next two to five years for prioritizing the efforts and investments.”

Scope of the Report:

The global microgrid market has been segmented on the basis of offering, connectivity, grid type, vertical, and geography.

Microgrid Market, by Offering

  • Hardware
  • Software
  • Services

Microgrid Market, by Connectivity

  • Grid Connected
  • Remote/Island

Microgrid Market, by Grid Type

  • AC Microgrid
  • DC Microgrid
  • Hybrid

Microgrid Market, by Vertical

  • Healthcare
  • Educational Institutions
  • Industrial
  • Military
  • Electric Utility
  • Others

Microgrid Market, by Region

  • Americas
  • Europe
  • APAC
  • RoW

Available Customizations:

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

  • Geographic Analysis
    • Comprehensive coverage of regulations followed in each region (the Americas, APAC, and Europe)
  • Company Information
    • Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           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 Breakdown of Primaries
                    2.1.2.3 Key Data From Primary Sources
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Capturing Market Share By Bottom-Up Analysis (Demand Side)
                    2.2.1.2 Approach for Capturing Market Share With the Help of Various Players in the Value Chain of the Microgrid Market
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Opportunities in the Microgrid Market
    4.2 Microgrid Market, By Offering
    4.3 Americas Held the Largest Share of the Microgrid Market in 2016
    4.4 China Held the Largest Share of the Microgrid Market in APAC in 2016
    4.5 Microgrid Market, By Connectivity

5 Market Overview (Page No. - 40)
    5.1 Market Segmentation
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Demand for Automated Grid Systems
                    5.2.1.2 Reduced Carbon Footprint
                    5.2.1.3 Enhancement in Microgrid Connectivity Through Integration of IoT
                    5.2.1.4 Advantages of Low-Cost and Clean Energy Storage
           5.2.2 Restraints
                    5.2.2.1 High Installation Cost of Microgrids
                    5.2.2.2 Utility Franchise Rights for Connecting Multisite Microgrids
                    5.2.2.3 Land Acquisition and Registration Complications Pertaining to Solar PV Installations in Rural Areas
           5.2.3 Opportunities
                    5.2.3.1 Increase in Microgrid Installations for Rural Electrification Projects in Africa and APAC
                    5.2.3.2 Growing Demand for Microgrids in the Healthcare and Military Sectors
           5.2.4 Challenges
                    5.2.4.1 Complex Design and Processes
                    5.2.4.2 Technological Risks Associated With the Installation and Implementation of Microgrids
                    5.2.4.3 Interoperability and Compatibility
                    5.2.4.4 Policies, Regulations, and Standards

6 Industry Trends (Page No. - 50)
    6.1 Value Chain Analysis
    6.2 Porter’s Five Forces Analysis
           6.2.1 Intensity of Competitive Rivalry
           6.2.2 Threat of Substitutes
           6.2.3 Bargaining Power of Buyers
           6.2.4 Bargaining Power of Suppliers
           6.2.5 Threat of New Entrants
    6.3 Safety, Islanding, and Energy Storage Standards
           6.3.1 UL Standards
                    6.3.1.1 UL 1741 Standard
                    6.3.1.2 UL 9741 Standard
                    6.3.1.3 UL 62109 Standard
           6.3.2 IEEE Standards
                    6.3.2.1 IEEE Standard 1547
                    6.3.2.2 IEEE Standard 2030
           6.3.3 IEC Standards
                    6.3.3.1 IEC 61850 Standard
                    6.3.3.2 IEC 61724 Standard
                    6.3.3.3 IEC 61727 Standard
    6.4 Regulatory Standards

7 Microgrid Market, By Offering (Page No. - 60)
    7.1 Introduction
    7.2 Hardware
           7.2.1 Switchgears
           7.2.2 Power Inverters
           7.2.3 Smart Meters
           7.2.4 Reciprocating Engines
           7.2.5 Energy Storage Systems and Power Generators
                    7.2.5.1 Power Generators
                               7.2.5.1.1 Fuel Cells and Diesel Gensets
                               7.2.5.1.2 CHP and Micro-CHP
                               7.2.5.1.3 Microturbines
                               7.2.5.1.4 Renewables
                                             7.2.5.1.4.1 PV Cells
                                             7.2.5.1.4.2 Wind Based
                                             7.2.5.1.4.3 Others
                    7.2.5.2 Energy Storage Systems
                               7.2.5.2.1 Lithium-Ion Batteries
                               7.2.5.2.2 Lead-Acid Batteries
                               7.2.5.2.3 Flywheels
                               7.2.5.2.4 Flow Batteries
                               7.2.5.2.5 Others
    7.3 Software
           7.3.1 Software as A Service
    7.4 Services
           7.4.1 Engineering and Design
           7.4.2 Monitoring and Control
           7.4.3 Operations and Maintenance

8 Microgrid Market, By Connectivity (Page No. - 76)
    8.1 Introduction
    8.2 Grid Connected
    8.3 Remote/Island

9 Microgrid Market, By Grid Type (Qualitative Chapter) (Page No. - 86)
    9.1 Introduction
    9.2 AC Microgrid
    9.3 DC Microgrid
    9.4 Hybrid

10 Microgrid Market, By Vertical (Page No. - 88)
     10.1 Introduction
     10.2 Healthcare
     10.3 Educational Institutions
     10.4 Industrial
             10.4.1 Steel
             10.4.2 Mining
             10.4.3 Others
     10.5 Military
     10.6 Electric Utility
             10.6.1 Urban Electrification
             10.6.2 Rural Electrification
     10.7 Others

11 Geographic Analysis (Page No. - 106)
     11.1 Introduction
     11.2 Americas
             11.2.1 Strong Support From Government
             11.2.2 North America
                        11.2.2.1 Government Mandates to Install Solar (PV) Microgrids in the Healthcare Sector
                        11.2.2.2 US
                                     11.2.2.2.1 Increasing Investments to Enhance Operations in the Solar Industry to Drive the Adoption of Microgrids
                        11.2.2.3 Rest of North America
                                     11.2.2.3.1 Focus on the Development of Microgrid Technology
             11.2.3 Latin America
                        11.2.3.1 Increasing Deployment of Remote Microgrids Driving Market Growth
                        11.2.3.2 Brazil
                                     11.2.3.2.1 Increasing Use of Microgrids in the Residential Sector
                        11.2.3.3 Rest of Latin America
                                     11.2.3.3.1 Huge Growth Opportunities for the Microgrid Market in the Future
     11.3 Europe
             11.3.1 R&D Projects Shaping the Future of the Microgrid Market in Europe
                        11.3.1.1 Russia
                                     11.3.1.1.1 Increasing Focus on Expanding the Microgrid Market
                        11.3.1.2 Germany
                                     11.3.1.2.1 Large Investments in Grid Projects
                        11.3.1.3 France
                                     11.3.1.3.1 Investments in the Software Microgrid Market
                        11.3.1.4 UK
                                     11.3.1.4.1 Steps Taken By Government of UK to Reduce Greenhouse Emission By 80% Till 2050 Driving the Microgrid Market
                        11.3.1.5 Rest of Europe
                                     11.3.1.5.1 Increased Demand for Photovoltaic Plants
     11.4 APAC
             11.4.1 Increase in Installation of Microgrids Due to the Rising Demand for Energy
             11.4.2 India
                        11.4.2.1 Increasing Adoption of Microgrids in Rural Areas
             11.4.3 China
                        11.4.3.1 Several Initiatives By Various Companies
             11.4.4 Australia
                        11.4.4.1 Several Initiatives By Arena to Drive the PV Cells Market
             11.4.5 Japan
                        11.4.5.1 Expanding Microgrid Facilities
             11.4.6 Rest of APAC
                        11.4.6.1 Huge Potential for Off-Grid System
     11.5 Rest of the World
             11.5.1 High Demand for Microgrids in Industrial Applications
             11.5.2 Middle East
                        11.5.2.1 Developing Utility-Scale Solar Power Sources to Increase the Adoption of Microgrids
             11.5.3 Africa
                        11.5.3.1 Increasing Number of Microgrid Projects

12 Competitive Landscape (Page No. - 129)
     12.1 Overview
     12.2 Market Ranking Analysis: Microgrid Market
     12.3 Competitive Scenario
     12.4 Recent Developments
             12.4.1 Partnerships/Agreements/Joint Ventures/Collaborations
             12.4.2 Product Launches
             12.4.3 Expansions
             12.4.4 Mergers and Acquisitions

13 Company Profiles (Page No. - 136)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     13.1 Introduction
     13.2 ABB Ltd.
     13.3 General Electric
     13.4 Eaton Corporation PLC
     13.5 Siemens AG
     13.6 Exelon Corporation
     13.7 Schneider Electric
     13.8 Caterpillar Inc.
     13.9 Power Analytics Corporation
     13.10 Homer Energy LLC
     13.11 S&C Electric Company
     13.12 Key Innovators
             13.12.1 Tesla Motors Inc.
             13.12.2 Steama Co., Ltd.
             13.12.3 Green Energy Corp.
             13.12.4 Advanced Microgrid Solutions
             13.12.5 General Microgrids, Inc.
             13.12.6 Viridity Energy, Inc.

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 164)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (84 Tables)

Table 1 Microgrid Market Segmentation, By Offering
Table 2 Microgrid Market Segmentation, By Connectivity
Table 3 Microgrid Market Segmentation, By Grid Type
Table 4 Microgrid Market Segmentation, By Vertical
Table 5 Estimated Cost of A 2mw Microgrid
Table 6 Porter’s Five Forces Analysis: Threat of Substitutes Likely to Have A Minimum Impact on the Overall Market
Table 7 Microgrid Market: Regulatory Landscape
Table 8 Microgrid Market, By Offering, 2013–2022 (USD Billion)
Table 9 Microgrid Market, By Hardware, 2013–2022 (USD Billion)
Table 10 Microgrid Market for Hardware, By Connectivity, 2013–2022 (USD Billion)
Table 11 Microgrid Market for Switchgears, By Connectivity, 2013–2022 (USD Billion)
Table 12 Microgrid Market for Power Inverters, By Connectivity, 2013–2022 (USD Billion)
Table 13 Microgrid Market for Smart Meters, By Connectivity, 2013–2022 (USD Billion)
Table 14 Microgrid Market for Reciprocating Engines, By Connectivity, 2013–2022 (USD Billion)
Table 15 Microgrid Market for Energy Storage Systems and Power Generators, By Connectivity, 2013–2022 (USD Billion)
Table 16 Microgrid Market, By Energy Storage Systems and Power Generators, 2013–2022 (USD Billion)
Table 17 Microgrid Market for Fuel Cells and Diesel Gensets, By Connectivity, 2013–2022 (USD Billion)
Table 18 Microgrid Market for CHP and Micro-CHP, By Connectivity, 2013–2022 (USD Billion)
Table 19 Microgrid Market for Microturbines, By Connectivity, 2013–2022 (USD Billion)
Table 20 Microgrid Market for Renewables, By Connectivity, 2013–2022 (USD Billion)
Table 21 Microgrid Market, By Renewable, 2013–2022 (USD Billion)
Table 22 Microgrid Market for Batteries, By Connectivity, 2013–2022 (USD Billion)
Table 23 Microgrid Market, By Connectivity, 2013–2022 (USD Billion)
Table 24 Microgrid Market for Grid-Connected Microgrids, By Offering, 2013–2022 (USD Billion)
Table 25 Microgrid Market for Grid-Connected Microgrids, By Hardware, 2013–2022 (USD Billion)
Table 26 Microgrid Market for Grid-Connected Microgrids, By Energy Storage System and Power Generator, 2013–2022 (USD Billion)
Table 27 Microgrid Market for Grid-Connected Microgrids, By Vertical, 2013–2022 (USD Billion)
Table 28 Microgrid Market for Grid-Connected Microgrids, By Industrial, 2013–2022 (USD Billion)
Table 29 Microgrid Market for Grid-Connected Microgrids, By Electric Utility, 2013–2022 (USD Billion)
Table 30 Microgrid Market for Remote/Island Microgrids, By Offering, 2013–2022 (USD Billion)
Table 31 Microgrid Market for Remote/Island Microgrids, By Hardware, 2013–2022 (USD Billion)
Table 32 Microgrid Market for Remote/Island Microgrids, By Energy Storage System and Power Generator, 2013–2022 (USD Billion)
Table 33 Microgrid Market for Remote/Island Microgrids, By Vertical, 2013–2022 (USD Billion)
Table 34 Microgrid Market for Remote/Island Microgrids, By Industrial, 2013–2022 (USD Billion)
Table 35 Microgrid Market for Remote/Island Microgrids, By Electric Utility, 2013–2022 (USD Billion)
Table 36 Microgrid Market, By Vertical, 2013–2022 (USD Billion)
Table 37 Microgrid Market for Healthcare, By Connectivity, 2013–2022 (USD Billion)
Table 38 Microgrid Market for Healthcare, By Region, 2013–2022 (USD Billion)
Table 39 Microgrid Market for Educational Institutions, By Connectivity, 2013–2022 (USD Billion)
Table 40 Microgrid Market for Educational Institutions, By Region, 2013–2022 (USD Billion)
Table 41 Microgrid Market for Industrial Vertical, By Connectivity, 2013–2022 (USD Billion)
Table 42 Microgrid Market for Industrial Vertical, By Region, 2013–2022 (USD Billion)
Table 43 Microgrid Market, By Industrial Vertical, 2013–2022 (USD Billion)
Table 44 Microgrid Market for Steel Industry, By Connectivity, 2013–2022 (USD Billion)
Table 45 Microgrid Market for Steel Industry, By Region, 2013–2022 (USD Billion)
Table 46 Microgrid Market for Mining Industry, By Connectivity, 2013–2022 (USD Billion)
Table 47 Microgrid Market for Mining Industry, By Region, 2013–2022 (USD Billion)
Table 48 Microgrid Market for Other Industrial Verticals, By Connectivity, 2013–2022 (USD Billion)
Table 49 Microgrid Market for Other Industrial Verticals, By Region, 2013–2022 (USD Billion)
Table 50 Microgrid Market for Military Vertical, By Connectivity, 2013–2022 (USD Billion)
Table 51 Microgrid Market for Military Vertical, By Region, 2013–2022 (USD Billion)
Table 52 Microgrid Market for Electric Utility Vertical, By Connectivity, 2013–2022 (USD Billion)
Table 53 Microgrid Market for Electric Utility Vertical, By Region, 2013–2022 (USD Billion)
Table 54 Microgrid Market, By Electric Utility, 2013–2022 (USD Billion)
Table 55 Microgrid Market for Urban Electrification, By Connectivity, 2013–2022 (USD Billion)
Table 56 Microgrid Market for Urban Electrification, By Region, 2013–2022 (USD Billion)
Table 57 Microgrid Market for Rural Electrification, By Connectivity, 2013–2022 (USD Billion)
Table 58 Microgrid Market for Rural Electrification, By Region, 2013–2022 (USD Billion)
Table 59 Microgrid Market for Other Verticals, By Connectivity, 2013–2022 (USD Billion)
Table 60 Microgrid Market for Other Verticals, By Region, 2013–2022 (USD Billion)
Table 61 Microgrid Market, By Region, 2013–2022 (USD Billion)
Table 62 Microgrid Market in Americas, By Vertical, 2013–2022 (USD Billion)
Table 63 Microgrid Market in Americas, By Industrial, 2013–2022 (USD Billion)
Table 64 Microgrid Market in Americas, By Electric Utility, 2013–2022 (USD Billion)
Table 65 Microgrid Market in Americas, By Region, 2013–2022 (USD Billion)
Table 66 Microgrid Market in North America, By Country/Region, 2013–2022 (USD Billion)
Table 67 Microgrid Market in Latin America, By Country/Region, 2013–2022 (USD Billion)
Table 68 Microgrid Market in Europe, By Vertical, 2013–2022 (USD Billion)
Table 69 Microgrid Market in Europe, By Industrial, 2013–2022 (USD Billion)
Table 70 Microgrid Market in Europe, By Electric Utility, 2013–2022 (USD Billion)
Table 71 Microgrid Market in Europe, By Country/Region, 2013–2022 (USD Billion)
Table 72 Microgrid Market in APAC, By Vertical, 2013–2022 (USD Billion)
Table 73 Microgrid Market in APAC, By Industrial, 2013–2022 (USD Billion)
Table 74 Microgrid Market in APAC, By Electric Utility, 2013–2022 (USD Billion)
Table 75 Microgrid Market in APAC, By Country/Region, 2013–2022 (USD Billion)
Table 76 Microgrid Market in RoW, By Vertical, 2013–2022 (USD Billion)
Table 77 Microgrid Market in RoW, By Industrial, 2013–2022 (USD Billion)
Table 78 Microgrid Market in RoW, By Electric Utility, 2013–2022 (USD Billion)
Table 79 Microgrid Market in RoW, By Region, 2013–2022 (USD Billion)
Table 80 Market Ranking of the Top 5 Players in the Microgrid Market, 2015
Table 81 Partnerships/Agreements/Joint Ventures/Collaborations, 2014–2016
Table 82 Product Launches, 2015–2016
Table 83 Expansions, 2014–2016
Table 84 Mergers and Acquisitions, 2015–2016


List of Figures (67 Figures)

Figure 1 Microgrid Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Major Players Comprising Each Stage of the Value Chain
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Microgrid Market for Rural Electrification to Grow at A Higher Rate Between 2016 and 2022
Figure 7 Microgrid Market for Healthcare Vertical to Grow at the Highest Rate During the Forecast Period
Figure 8 Microgrid Market for PV Cells to Grow at the Highest Rate During the Forecast Period
Figure 9 Microgrid Market for Energy Storage Systems & Power Generators to Grow at the Highest Rate During the Forecast Period
Figure 10 Microgrid Market in APAC to Grow at the Highest Rate Between 2016 and 2022
Figure 11 Significant Increase in the Number of Microgrid Installations to Drive Market Growth During the Forecast Period
Figure 12 Microgrid Market for Software to Grow at the Highest Rate During the Forecast Period
Figure 13 Microgrid Market in India to Grow at the Highest Rate During the Forecast Period
Figure 14 Healthcare Held the Largest Share of the Microgrid Market in APAC in 2016
Figure 15 Market for Remote/Island Microgrids to Grow at A Higher Rate Between 2016 and 2022
Figure 16 Microgrid Market Segmentation, By Region
Figure 17 Increase in Demand for Low-Cost Energy Storage Options to Drive the Growth of the Microgrid Market
Figure 18 ABB Project List: Microgrids Installed Between 2000 and 2016
Figure 19 Decline in Levelized Cost of Electricity (LCOE) for Wind and Solar PV During 2009–2014
Figure 20 Rise in Deployment of Microgrids Over Time, 2012 to 2017
Figure 21 Major Value Added During the Component Providers and System Integrators Phases
Figure 22 Porter’s Five Forces Analysis
Figure 23 Microgrid Market: Porter’s Five Forces Analysis
Figure 24 Intensity of Competitive Rivalry in the Microgrid Market
Figure 25 Threat of Substitutes in the Microgrid Market
Figure 26 Bargaining Power of Buyers in the Microgrid Market
Figure 27 Bargaining Power of Suppliers in the Microgrid Market
Figure 28 Threat of New Entrants in the Microgrid Market
Figure 29 Microgrid Market, By Offering
Figure 30 Microgrid Market, By Hardware
Figure 31 Microgrid Market for Remote/Island Grids Expected to Grow at A Higher Rate During the Forecast Period
Figure 32 Microgrid Market for Remote/Island Grids to Grow at A Higher Rate During the Forecast Period
Figure 33 Microgrid Market for Remote/Island Grids to Grow at A Higher Rate During the Forecast Period
Figure 34 Microgrid Market, By Service
Figure 35 Microgrid Market, By Connectivity
Figure 36 Market for Grid-Connected Microgrids for Rural Electrification to Grow at A Higher Rate During the Forecast Period
Figure 37 Market for Remote/Island Microgrids for Steel Industry to Grow at the Highest Rate During the Forecast Period
Figure 38 Microgrid Market, By Grid Type
Figure 39 Microgrid Market, By Vertical
Figure 40 Microgrid Market, By Industrial Vertical
Figure 41 Microgrid Market for Other Industrial Verticals in APAC to Grow at the Highest Rate During the Forecast Period
Figure 42 Microgrid Market, By Electric Utility
Figure 43 Market for Remote/Island Microgrids for Rural Electrification to Grow at A Higher Rate During the Forecast Period
Figure 44 Microgrid Market, By Geography
Figure 45 Microgrid Market in APAC to Grow at the Highest Rate During the Forecast Period
Figure 46 Microgrid Market in India, Brazil, and Australia to Grow at High Rate Between 2016 and 2022
Figure 47 Microgrid Market in Americas
Figure 48 Microgrid Market in Europe
Figure 49 Snapshot of the Microgrid Market in Europe
Figure 50 Microgrid Market in APAC
Figure 51 Snapshot of the Microgrid Market in APAC
Figure 52 Microgrid Market in RoW
Figure 53 Key Growth Strategies Adopted By Top Companies, 2013–2016
Figure 54 Market Evaluation Framework: Partnerships/Agreements/Joint Ventures/Collaborations Fuelled Growth and Innovation Between 2014 and 2016
Figure 55 Battle for Market Share: Partnerships/Agreements/Joint Ventures/Collaborations Emerged as the Key Strategies Adopted By the Players Between 2013 and 2016
Figure 56 Geographic Revenue Mix of Top Market Players
Figure 57 ABB Ltd.: Company Snapshot
Figure 58 ABB Ltd.: SWOT Analysis
Figure 59 General Electric: Company Snapshot
Figure 60 General Electric: SWOT Analysis
Figure 61 Eaton Corporation PLC: Company Snapshot
Figure 62 Eaton Corporation PLC: SWOT Analysis
Figure 63 Siemens AG: Company Snapshot
Figure 64 Siemens AG: SWOT Analysis
Figure 65 Exelon Corporation: SWOT Analysis
Figure 66 Schneider Electric: Company Snapshot
Figure 67 Caterpillar Inc.: Company Snapshot

The microgrid market was valued at USD 16.58 Billion in 2015 and is expected to reach USD 38.99 Billion by 2022, at a CAGR of 12.45% during the forecast period. Many countries are focusing on innovations, and expansions are being carried out through rural electrification projects, which would help increase the demand for microgrid systems in the coming years.

The microgrid market has been segmented on the basis of offering into hardware, software, and services. The market for software is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software as a service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting.

The microgrid market has been segmented on the basis of connectivity into grid connected and remote/island. The key reasons for the high growth of remote microgrids are heavy decline in prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits such as less heat generation and smog.

Microgrid Market

On the basis of geography, the microgrid market has been segmented into the Americas, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. The market growth can be attributed to the several initiatives by the governments in APAC and many major players in the microgrid ecosystem, increasing the adoption of the solution.

However, utility franchise rights for connecting multisite microgrids and high initial cost of installation are some of the major restraints for the market.

Key players in this market focus on strategic new product launches and expansions to increase their revenue. In June 2016, ABB commissioned an integrated solar diesel microgrid installation at its 96,000 m2 Longmeadow facility in Johannesburg, South Africa. This is a world premiere for the solution with fully grid-connected and off-grid functionalities designed to maximize the use of renewable energy and ensure uninterrupted power supply to keep the lights on and the factories running during any planned or unplanned power outages on the main grid supply.

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