Microgrid Market Competitive Landscape Analysis with Forecast by 2028
Added: (Fri Dec 09 2022)
The global microgrid market size was valued at USD 26.5 billion in 2021. The market is projected to grow from USD 26.5 billion in 2021 to USD 71.9 billion by 2028, exhibiting a CAGR of 18.10% during the forecast period.
A microgrid is an autonomous, neighborhood-based energy system that supplies a particular area, such as a medical facility, college campus, or commercial district. It doesn't require the assistance of a centralized grid to function autonomously. Government initiatives to reduce carbon footprint and increase demand for dependable and secure power supply in commercial and industrial sectors around the world are expected to fuel the microgrid market's expansion. The market is also anticipated to grow quickly across various end-user segments, including commercial, government, industrial, and healthcare, due to software designed to manage and control distributed energy resources with load forecasting and integrated weather. Future market growth is anticipated to be fueled by elements like the expansion of smart cities, rising demand, expansion of rugged lot, and rising use of ruggedized P.C.s.
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COVID-19 IMPACT
The COVID-19 pandemic has had an effect on society and the global economy. The supply chain is being increasingly negatively impacted by this outbreak every day. This has led to increased customer panic, slowing the supply chain, decreased business confidence, and uncertainty in the stock market. The closure of manufacturing facilities in the area has severely affected the business and revenue in lockdown-affected European nations. The COVID-19 outbreak significantly impacted the production and manufacturing processes, which prevented the microgrid market from expanding as quickly in 2020. The COVID-19 pandemic has significantly impacted global manufacturing and industrial industry, as production facilities have stalled, leading to a significant increase in demand in industries, according to microgrid market trends.
DRIVING FACTORS
Microgrid Adoption Is Supported By The Ongoing Need For Electricity In The Medical And Defense Industries
By disrupting power supplies, increasing power outages in urban and rural areas might seriously harm several locations, including hospitals and military bases. Just a few things hospitals need to run are lighting, heating, and cooling systems, as well as power for ventilators, dialysis machines, oxygen monitoring devices, and other life support systems. In a hospital, when operations are ongoing round-the-clock, and any power outage could endanger a patient's life, a reliable electrical supply becomes a critical requirement. Consequently, a microgrid can provide the hospital with power during a power outage in an emergency. As a result, this aspect is having a favorable effect on the market. Additionally, because it can operate independently of the grid, it offers the best backup power supply, enhancing military bases' physical and digital security. Because they were created with national security in mind, these factors further stimulate the global market.
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RESTRAINING FACTORS
Issues with Operating Microgrids in Island Mode on a Technical Level to Limit Market Growth
A sudden intake of current can impact the frequency and voltages of power systems during the beginning stages of electricity generation in microgrids running in the island mode. Generators may trip. As a result, cutting them off. For this, it is necessary to examine the electrical generation techniques utilised in microgrids that run in the island mode. In addition, it is necessary to have specialized controls to guarantee efficient microgrid operations. Multiple distributed electrical generation sources are used in island microgrids. Voltages must be managed during microgrid operations utilising controllers for voltage versus reactive power drop to provide local reliability and stability of power systems. Operating microgrids in the island mode is difficult and requires sufficient technical expertise.
LIST OF KEY COMPANIES PROFILED:
- ABB Group
- EATON CORPORATION
- EXELON CORPORATION
- GENERAL ELECTRIC
- HONEYWELL
- PARETO ENERGY
- Schneider Electric
- SIEMENS, SPIRAE INC.
- S&C ELECTRIC
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