Microgrid Market: Current Analysis and Forecast (2021-2027)
発行: UnivDatos Market Insights Pvt Ltd
ページ情報: 英文 192 Pages
Microgrid is an autonomously operating traditional energy grid i.e., it is like a local energy grid but has control capability ad can disconnect form the grid to operate autonomously. According to the U.S. Department of Energy Microgrid Exchange Group, a microgrid is a group of connected loads and energy sources within clearly defined electrical boundaries and acts like a single controllable entity with respect to the grid. A microgrid can connect and disconnect from the grid which enables it to operate in both grid-connected and island-mode. With the falling cost of solar energy and its environmental benefits, most microgrids nowadays are being designed to supply electricity with a combination of solar power and battery storage.
Grids connects businesses, homes and other buildings to a central power source which allows the working of appliances like electronics, heating/cooling systems etc. Due to this when a part of the grid needs to be repaired, everyone is affected. Microgrids help in this aspect. Microgrids can break off from the main grid and word on its own local energy in times of crisis like power outages and storms.
Based on connectivity, the global microgrid market is segmented into Grid Connected and Off Grid. Amongst connectivity, the off-grid segment of the global microgrid market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
Based on grid type, the global microgrid market is segmented into AC Microgrid, DC Microgrid and Hybrid. Amongst grid type, AC microgrid accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
Based on power source, the global microgrid market is segmented into Diesel generators, Natural Gas, Solar PV, CHP, and Others. The natural gas segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
Based on storage device, the global microgrid market is segmented into Lithium-ion, Lead Acid, Flow Battery, Flywheels, and Others. Amongst storage device, the lithium-ion segment of the global microgrid market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
Based on application, the global microgrid market is segmented into Healthcare, Educational Institutes, Military, Utility, Industrial/ Commercial, Remote, and Others. Amongst application, industrial/commercial segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
For a better understanding of the market adoption of Global Microgrid Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Global Microgrid market on account of the increasing usage and connection of electricity and its capability to use renewable energy.
Some of the major players operating in the market include ABB, General Electric Company, Siemens AG, Eaton Corporation Inc, Schneider Electric SE, Honeywell International Inc., HOMER Energy LLC, S&C Electric Company, Power Analytics Corporation, and Exelon Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.