Microgrid Market Worldwide Analysis on Revenue, Segmentation and Key Players

Posted by edwardzmusso on July 6th, 2022

The Microgrid market size is estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period. Rising government initiatives to encourage the development of microgrids will drive the growth of the industry in the near future.

Government initiatives like use of clean energy and minimizing greenhouse gas (GHG) emissions to drive microgrid market for commercial & industrial application

During the forecast period, the commercial & industrial microgrid market is expected to grow at the highest CAGR. The growth of this market segment can be attributed to the consistent requirement for uninterrupted power supply to maintain smooth operations during industrial operations in order to lower downtime, increase productivity, and reduce equipment damage. The growth of the microgrid market for commercial and industrial end-uses is also being driven by government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions.

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1 MW to 5 MW power segment likely to dominate the microgrid market between 2022 and 2027

The 1 MW to 5 MW segment accounts for the largest market share in 2022. Microgrid systems covered under this segment are mostly designed for the commercial & industrial sector, the segment also covers hospital complexes, colleges, military stations, research institutes including the National Renewable Energy Laboratory (NREL), and a few remote areas such as the Decatur Island, Washington, US, where there is high power demand because of tourism. In this segment, microgrid systems use both renewable and non-renewable power sources, but the majority of the site uses non-CHP natural gas as their power source. Commercial & industrial is the major end user where microgrid systems with power ratings between 1 MW to 5 MW are required.

Key players in the microgrid market include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton Corporation (US), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy (Switzerland), HOMER Energy (US), S&C Electric (US), and Power Analytics (US).

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