HOME Research Insight ABB (Switzerland) and General Electric (US) are the Key Players in the Microgrid Market

ABB (Switzerland) and General Electric (US) are the Key Players in the Microgrid Market

The microgrid market is expected to grow from USD 22.22 million in 2018 to USD 39.10 million by 2023, at a CAGR of 11.97% between 2018 and 2023. The growth of the microgrid market can be attributed to the increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; government initiatives to reduce carbon footprint; the convergence of IoT in enhancing microgrid connectivity; and the advantages of cheap and clean energy storage.

The key players in the microgrid market are increasingly adopting the product launch strategy to achieve growth in the market. As per the present scenario, major companies in the microgrid market are significantly investing in R&D. ABB (Switzerland), General Electric (US), Eaton (Ireland), Siemens (Germany), Schneider Electric (France), Honeywell (US), Homer Energy (US), S&C Electric (US), Power Analytics (US), and Exelon Corporation (US) provide microgrids worldwide.

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ABB has expertise in designing and building off-grid and grid-connected microgrids. Its portfolio includes a full range of enabling technologies, including conventional and renewable power generation, automation, grid stabilization, grid connection, energy storage, and intelligent control technology, as well as consulting services. The company’s microgrid solutions ensure power supply resilience, power quality, sustainability, and cost-effectiveness in a broad range of applications. ABB focuses on new projects, partnerships, and expansions to maintain its market presence globally. The company has a huge customer base with long-term contracts. In February 2018, ABB started a new project in Jamaica with a 24.5 MW microgrid facility and energy storage system to help integrate renewable solar and wind energy into the large tropical island’s power supply.

General Electric holds the second rank in the microgrid market. The company mainly operates in Power, Oil & Gas, Aviation, Healthcare, Transportation, Renewable Energy, Appliances & Lighting, and GE Capital segments. The energy management division of GE offers electrical distribution and control products and services, grid management products and grid modernization services, and industrial automation and software solutions. The company is growing through product launches, collaborations, and agreements in the microgrid market. In March 2018, GE launched the GE Reservoir—a comprehensive energy storage platform. It provides a complete suite of customized storage solutions for microgrids to help address new challenges and seek new opportunities in a rapidly transforming microgrid market. In February 2018, GE and ORES (Belgium) collaborated to deliver an integrated software solution for the operation of the distribution network.

Related Reports:

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

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