FACTS AT A GLANCE
Editing: 6; Posted: June 2021
Executive pool: 22231
Companies: 55 – Actors covered include ABB Ltd; SMA; Caterpillar; Eaton Corporation Inc .; GE’s network solutions; General micro-grids; Heila Technologies; Hitachi ABB power grids; HOMER Energy LLC; Honeywell International Inc .; Lockheed Martin Company; Power analysis company; S&C Electricity Company; Schneider Electric SE; Siemens SA; Spirae, LLC; Tesla, Inc .; Toshiba Corporation and others.
Blanket: All major geographies and key segments
Segments: Connectivity (connected to the network, connected outside the network); End use (remote, commercial and industrial, government, educational institutions, military, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Latin America; Middle East; Africa.
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Global Microgrid Market to Reach $ 46.5 billion by 2026
Micro-grid refers to a local energy grid with control capability, allowing the micro-grid to disconnect from the conventional grid and operate independently. To be an autonomous energy system, a micro-grid while continuing to operate while remaining connected to the main grid, and to disconnect and start operating autonomously whenever an electrical crisis occurs. With traditional utilities stretched to breaking point due to rapid population growth, urbanization and the demands of the digital age, microgrids are the future of power generation and distribution. intelligent and distributed energy. The increasing complexity of ICT infrastructures and the widespread deployment of high density IT infrastructures have reduced the tolerance of business processes and systems to power outages. With the potential risk of power outages being computer system failure, loss of critical data, inability to provide customer services, and business losses, among others, the demand for sophisticated power distribution solutions will remain strong, so which will benefit the adoption of microgrids. There is an increase in the establishment of micro-grids in areas rich in green energy sources such as photovoltaic (PV) and wind power. Independent microgrids are also gaining popularity because, unlike grid-connected systems, no complex government permits and cooperation with utilities are required.
Amid the COVID-19 crisis, the estimated global microgrid market US $ 27 billion in 2020, is expected to reach a revised size of US $ 46.5 billion by 2026, with a CAGR of 9.3% over the analysis period. Grid Connected, one of the segments analyzed in the report, is expected to grow at a CAGR of 10.2% to reach US $ 35.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Off-Grid Connected segment is readjusted to a revised CAGR of 7.3% for the next 7-year period. This segment currently represents a 33.2% share of the global microgrid market. As investments in renewables increase, demand for both grid-connected and off-grid segments is expected to experience strong demand.
The US market is estimated at $ 6.6 billion in 2021, when China is expected to reach $ 12.1 billion by 2026
The microgrid market in the United States is estimated at 6.6 billion US dollars in 2021. The country currently represents a 22.4% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 12.1 billion in 2026, with a CAGR of 10.7% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 7.1% and 7.9% respectively during the analysis period. In Europe, Germany is expected to grow by around 7.8% CAGR while the rest of the European market (as defined in the study) will reach US $ 13.2 billion at the end of the analysis period. Frequent power cuts have become an unfortunate norm around the world. While the phenomenon is more prevalent in developing economies, developed regions are no strangers to power outages, with the United States experiencing more outages than other developed countries. The rise of microgrids set up with the aim of ensuring the independence of the network and leveling out power inconsistencies will therefore stimulate the demand for microgrids. Renewable microgrids are particularly important for developing countries such as India with large geographic lands and low electrification in rural areas. Solar microgrids are particularly on the increase in developing countries where a large part of the population does not have access to an electricity grid. After
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