Microgrid Market

Market Leadership - Microgrid Market

The global microgrid market is estimated to grow from USD 24.6 billion in 2021 to USD 42.3 billion by 2026 at a CAGR of 11.4% during 2021–2026. The growth of the microgrid market is driven by factors such as rising focus on decarbonization by various end users and government, increasing demand for uninterrupted power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures. Initiatives by governments of different countries to encourage the development of microgrids are also fueling the growth of the market.

Key players in the microgrid market include ABB (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Eaton Corporation Inc. (Eaton, Ireland), and Schneider Electric SE (Schneider Electric, France).

ABB is considered one of the pioneers in terms of electrification and offers high brand value through its premium and high-quality microgrid products and solutions. It has a wide geographic presence with offices across the world and focuses on developing innovative products and solutions in the microgrid market. The company has a strong financial background and invests large amounts in R&D activities. ABB completed the divestment of its Power Grids business to Hitachi on July 1, 2020. Through the joint venture with Hitachi ABB Power Grid, the company continues to maintain its global presence and offerings in the microgrid market. ABB focuses on inorganic growth strategies to sustain its position in the microgrid market. The company has a strong customer base. It has a significant presence in Europe, with ~37% of its revenue generated from this region in 2020.

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GE offers a broad range of microgrid products and solutions, including GE Reservoir, Grid Analytic, and Advanced Distribution Management Solution (ADMS) solutions for microgrid applications. The company has a strong presence across regions and is known for innovative products pertaining to microgrids. GE also has a strong sales and distribution network. The company is working toward boosting demand creation through an enhanced focus on regional coverage, with strong technical expertise, supported in the mass market by an extensive distribution channel and local initiatives. It also plans to establish regional sales and marketing teams that are fully aligned with the company’s strategic end markets.

GE focuses on inorganic growth through agreements, and contracts in the microgrid market. In April 2021, GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd. announced a cross-licensing agreement related to the use of an alternative to the sulfur hexafluoride (SF6) gas used in high voltage equipment.

A global technology company, Siemens focuses on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road, and medical technology and digital healthcare services. Through its Smart Infrastructure segment, the company offers microgrid products and solutions to campuses, airports and data centers; utilities and power distribution network operators; and companies in heavy industries such as oil & gas, mining and chemicals. Siemens Smart Infrastructure’s R&D activities focus on addressing the trends of decentralization, decarbonization and digitalization of energy markets. The company develops technologies for environment-friendly and increasingly renewable energy systems, ranging from photovoltaic inverter technology to battery storage and charging solutions for e-mobility. For instance, in March 2021, Siemens accelerated decarbonization at the Coca-Cola production facility in Sweden, with 13% reduction in energy consumption and greenhouse gas emissions. The company has a wide geographic presence in Europe, Africa, Middle East, Americas, and Asia.

Eaton’s electrical business is a global leader with deep regional application expertise in power distribution and circuit protection; power quality, backup power and energy storage; control and automation; life safety and security; structural solutions; and harsh and hazardous environment solutions. The company is focusing on delivering end-to-end services, and an integrated digital platform and insights. Eaton has a wide geographic presence with offices across the world and focuses on developing innovative products and solutions in the microgrid market due to its technical expertise in power distribution and energy management. The company has a strong financial background and invests significantly in R&D activities. For instance, it invested 3.1% of its total revenue in R&D in 2020. The company has a strong presence in North America and South America.

Schneider Electric is considered one of the pioneers in energy management systems and offers high brand value through premium and high-quality microgrid products and solutions. The company’s main strength lies in its multi-local business model. It has a strong geographic presence in APAC followed by North America, and Western Europe. Schneider Electric has a strong financial background and makes large investments in R&D activities. The company focuses on providing microgrid solutions for buildings, large sites, and districts. Schneider Electric earns majority of its revenue through its Energy Management Segment, which accounted for 77% of total revenue in 2020. The company filed more than 750 new patent applications related to its core and digital technologies in 2020.

Other major players in the microgrid market are mainly focusing on acquisitions and partnerships along with new product launches to achieve continuous and sustainable development.

Related Reports:

Microgrid Market with COVID-19 Impact Analysis by Connectivity (Grid Connected, Off-grid Connected), Offering (Hardware, Software, Services), End Use (Commercial & Industrial, Remote, Utilities), Pattern, Type, and Geography - Global Forecast to 2026

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Report Code
SE 2881
RI Published ON
8/4/2021
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