The global microgrid market has significant growth potential over the forecast period due to growing demand for uninterrupted and high quality power. An electric grid serves the purpose of distributing electricity or power from the producer to the consumer. Increased need for green and clean energy and emphasis on distributed power generation are some of the major factors expected to impel market growth.
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Consistency and quality of power supply continues to remain substandard in several countries. Microgrids provide high quality and reliable power supply with negligible power shortages. Microgrids ensure improved quality power supply by allowing connections to macrogrids, thereby minimizing irregularities and discontinuities in the grid and power supply. Public purpose microgrids have the ability to offer collective benefits at times when the macrogrid is down or crashes. Microgrids enable an innovative and economic integration of generation, distribution, and energy storage systems throughout routine operations. During imbalances or power failures in the central grid systems, microgrids continue to provide an uninterrupted energy supply. Microgrids can function independently by segregating or isolating the power generation loads. Aging infrastructure, rising need for secure and reliable electric power and regulatory incentives are expected to drive the market over the next seven years. When a macrogrid crashes or ceases to meet the power demand, microgrid facilitates by providing access to power, thereby considerably reducing the load on macrogrids.
Prominent vendors in the microgrid market have increased their focus on research & development activities which is expected to encourage the rollout of efficient solutions.
Transmission of electric power produced from fossil fuels, nuclear power plants and hydro power plants over long distances can adversely impact the environment. Use of microgrids helps in minimizing the negative environmental impacts by avoiding wastage. Microgrids are vital components in distributed power generation and industrial sectors as they provide greater accuracy in detecting faults and identifying & amplifying weak electric signals. The growth in the microgrid market has created many opportunities in the electrical and electronics industry especially for control system suppliers, micro turbine manufacturers, wind turbine manufacturers, storage players and generators.
The microgrid market can be segmented on the basis of technology, application, consumption pattern, and grid type. Based on technology, microgrids can be classified into sodium metal halide battery, flow battery, advanced Li-ion battery, advanced lead-acid battery and flywheel. Microgrids find application in various verticals such as campuses, commercial & industrial sectors, military sector, community or utility sector, and in remote systems. Various grid types deployed include hybrid, off grid, and connected grid types.
Countries in the European region are expected to witness surge in growth since the European Union is taking up initiatives for developing microgrid solutions to accelerate the penetration levels of renewable energy for creating a sustainable environment. Key organizations in the Asia Pacific region are heavily investing on research and development initiatives related to microgrids, which is expected to impel market growth in this region. Growing population and the rise in demand for electrification in developing countries such as India and China is expected to further increase the growth of microgrid market in this region. High implementation of microgrids in the remote and rural areas and for military & industrial applications in the North American countries of U.S. and Canada has accelerated the market growth in this region.
Technological and economic barriers are the major restraining factors in the microgrid market. Expensive task of integration is a major challenge faced by the microgrid industry. The rising electricity and gas prices are expected to pose a major challenge to the microgrid market.
Key players in the microgrid market include ABB, Bosch, Chevron Energy, General Microgrids, General Electric, Lockheed Martin, Microgrid Solar, Power Analytics, S&C Electric Company, Siemens, Spirae, and Viridity Energy.
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