Microgrid Market

Microgrid Companies - Schneider Electric (France) and Siemens (Germany) are the Key Players

The global microgrid market size is estimated to be USD 37.6 billion in 2024 and is projected to reach USD 87.8 billion by 2029, at a CAGR of 18.5% during the forecast period. The key factors fuelling the growth of this market is the increasing need for uninterrupted power supply, the requirement for decarbonization by governments, growing demand for electrification in rural areas.

Major players operating in the microgrid market achieved their positions by launching new and innovative products. Various major players dominating the microgrid market include 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 Global Corporation (US). Various companies are implementing diverse approaches to thrive in the microgrid industry. These firms emphasize the utilization of both natural and inorganic expansion tactics, including the introduction and enhancement of products, forging partnerships and contracts, expanding their operations, and acquiring other entities. These strategies aim to bolster their market standing.

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Major Microgrid Market companies include:

  • Schneider Electric (France)
  • General Electric (US)
  • Siemens (Germany)
  • Eaton (Ireland)
  • ABB (Switzerland)
  • Honeywell International Inc. (US)
  • Hitachi Energy Ltd. (Switzerland)
  • HOMER Energy (US)
  • S&C Electric Company (US)
  • Power Analytics Global Corporation (US).

Schneider Electric (France): Schneider Electric, a leading provider of energy management systems, delivers top-tier microgrid products and solutions. Operating under a multi-local business model, the company boasts a wide global footprint, generating diverse and substantial revenues from each region. Backed by a robust financial foundation, Schneider Electric allocates significant resources to research and development endeavors. Catering to a range of needs, the company offers microgrid solutions tailored for buildings, large sites, and districts, primarily through its Energy Management Segment. Leveraging its EcoStruxure architecture, Schneider Electric furnishes a resilient and scalable platform for seamlessly integrating and managing microgrid systems. This comprehensive approach encompasses advanced monitoring, control, and optimization features, optimizing the efficiency and performance of microgrids. Schneider Electric's microgrid product portfolio is further bolstered by the development of EcoStruxure, an all-encompassing software solution addressing various customer requirements, including network balancing functionalities and adaptive protection measures for stable and optimized microgrid operations, along with flexible control over onsite distributed energy resources. To drive sales growth, Schneider Electric strategically invests in lucrative, high-growth markets, aiming to establish innovative business models. The company capitalizes on its strong brand reputation and supply chain capabilities to bolster its presence in the microgrid market. Additionally, Schneider Electric actively pursues acquisitions, partnerships, and collaborations with other firms to expand its footprint and influence in the microgrid sector.

Siemens (Germany): Siemens places a significant emphasis on automation and digitalization within manufacturing industries, intelligent building infrastructure, distributed energy systems, smart mobility solutions, and healthcare services. Under its Smart Infrastructure segment, the company provides microgrid products and solutions tailored for various sectors, including campuses, airports, data centers, utilities, power distribution network operators, and heavy industries such as oil & gas, mining, and chemicals. Siemens Smart Infrastructure prioritizes research and development activities aimed at addressing the trends of decentralization, decarbonization, and digitalization in energy markets. The company endeavors to develop technologies that support environmentally friendly and increasingly renewable energy systems, encompassing advancements in photovoltaic inverter technology, battery storage solutions, and charging infrastructure for e-mobility. Significant revenue growth enhances Siemens' attractiveness to investors and bolsters its capacity to allocate funds for expansion initiatives. With a broad global presence, Siemens has diversified its footprint and product portfolio through organic and inorganic growth strategies, including product launches, acquisitions, contract engagements, collaborations, and partnerships.

General Electric (US): General Electric (GE) offers several key solutions in the field of microgrid applications, including GE Reservoir, Grid Analytic, and Advanced Distribution Management Solution (ADMS). With a robust global presence, General Electric is renowned for its innovative products tailored for microgrids. The company is actively engaged in conducting feasibility studies for various microgrid projects. For instance, in collaboration with Nexant (US), its subcontractor and partner, GE Energy Consulting initiated a microgrid feasibility and evaluation study for the Town of Bedford, Massachusetts. The primary objective of this study is to assess the economic and financial viability of implementing a microgrid project in the town. General Electric maintains its position in the microgrid market through strategic product launches and inorganic growth initiatives such as agreements and contracts. Furthermore, General Electric has undertaken significant endeavors to enhance global grid systems' sustainability. To reinforce its market presence and target emerging and rapidly growing markets like India, China, and South Korea in the Asia Pacific region, General Electric could accentuate organic growth strategies such as product launches, developments, and expansions. Over the past three years, the company has forged numerous partnerships and collaborations, enabling it to diversify its projects and portfolios effectively.

Eaton (Ireland):  Eaton's electrical division is a prominent global player, boasting extensive regional expertise in power distribution, circuit protection, power quality, backup power and energy storage, control and automation, life safety and security, structural solutions, and solutions for harsh and hazardous environments. The company offers comprehensive services, an integrated digital platform, and invaluable insights. With a wide-reaching geographic footprint and a strategic focus on the microgrid market, Eaton excels in pioneering innovative products and solutions, leveraging its technical proficiency in power distribution and energy management. Additionally, the company boasts a robust financial foundation and dedicates significant investments to research and development initiatives. With a strong presence in North America and South America, Eaton is deeply committed to advancing microgrid projects. The company primarily emphasizes acquisitions and agreements to broaden its footprint in the microgrid market. The increasing demand for microgrid solutions in countries such as China, India, and South Korea presents ample opportunities for Eaton to expand its presence beyond the US market. Continuously undertaking projects and expanding its partnerships and collaborations, Eaton remains proactive in addressing microgrid initiatives.

ABB (Switzerland): ABB, a frontrunner in the electrification business, boasts a global footprint and dedicates resources to pioneering innovative products for the microgrid market. The company allocates a significant portion of its revenue to research and development endeavors. Offering a comprehensive range of products, services, and solutions such as Microgrid Power Management Solutions, Microgrid Power Management Controller, and Microgrid Smart Power Solutions, ABB enjoys a balanced revenue distribution across regions, reducing dependence on any single region for revenue generation. Despite experiencing a decline in revenue generation in 2020, the company has since demonstrated substantial revenue growth. ABB holds a distinctive position as a trailblazer in microgrid and energy distribution systems, supported by an extensive portfolio of products and a robust intellectual property (IP) patent portfolio pertaining to the energy industry. Focused on cultivating new projects, partnerships, and collaborations, ABB maintains its global market presence. Leveraging its strong financial performance and R&D investments, ABB is poised to develop innovative microgrid products, akin to its competitors. The company has strategically forged partnerships over the past three years to further its objectives.

Related Reports:

Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029

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Microgrid Market Size,  Share & Growth Report
Report Code
SE 2881
RI Published ON
3/1/2024
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