Microgrid Market Size Worth $17.51 Billion By 2025 | Grand View Research, Inc

November 25 01:22 2020
Microgrid Market Size Worth $17.51 Billion By 2025 | Grand View Research, Inc

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, the global microgrid market size was valued at USD 3.76 billion in 2016. Rising power demand in developing countries including Mexico, China, India, and Russia as a result of growth in household and industrial sectors is expected to be a driving force.

The global microgrid market is expected to reach USD 17.51 billion by 2025, growing at a CAGR of 17.0%, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.

Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

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U.S. microgrid market, by power source, 2014 – 2025 (USD Million)

U.S. microgrid market, by power source, 2014 - 2025 (USD Million)

Key Takeaways from the report:

  • The global microgrid demand was stood at 1.48 GW in 2016 and is projected to reach 6.54 GW by the end of 2025, expanding at a CAGR of 16.3% from 2017 to 2025.
  • Remote microgrid market demand was 568.2 MW in 2016. The segment is expected to foresee tremendous gains owing to the upcoming installation of new projects in Arctic circle, Russia
  • Natural gas is expected to witness revenue growth at a CAGR of 18.1% from 2017 to 2025. The governments of Russia and Syria signed Russia-Syria Offshore Gas Deal which is aimed for the exploration and production of natural gas in the Syrian Coast. The abovementioned favorable trends in the natural gas industry of Russia is expected to open new markets.
  • The utility is projected to account for 9.6% of global volume share by the end of 2025 as a result of increasing power demand amid the inclusion of new HVAC and heavy load machinery in the manufacturing sector
  • North America is expected to account for 71.4% of global revenue by the end of 2025. The increasing number of new solar PV microgrids for utility in the Northeast and West regions of the U.S. is expected to have a positive impact.
  • Key vendors include Siemens AG, Exelon, GE, Lockheed Martin Corporation, Lockheed Martin Corporation, ABB Group, Power Analytics, Toshiba Corporation, Honeywell International Inc, ZBB Energy Corporation, Echelon Corporation, and Schneider Electric. In November 2016, Exelon launched five new microgrids at USD 250 million through the assistance with Anarbic. This launch is anticipated to play a crucial role in increasing the market share of Exelon in the global industry over the next eight years.

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Microgrid market volume, by application, 2016, (%)

Microgrid market volume, by application, 2016, (%)

Major Players:

  • Lockheed Martin Corporation
  • Siemens AG
  • GE
  • Power Analytics
  • ABB Group
  • Microgrid LLC
  • Spirae Inc
  • Schneider Electric
  • ZBB Energy Corporation
  • Pareto Energy
  • Toshiba Corporation
  • Honeywell International Inc.

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Grand View Research has segmented the global microgrid market on the basis of power source, product, application, and region:

Microgrid Power Source Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

  • Natural Gas
  • CHP
  • Solar PV
  • Diesel
  • Fuel Cell
  • Others

Microgrid Product Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

  • Remote
  • Grid-connected
  • Hybrid

Microgrid Application Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

  • Government
  • Education
  • Commercial
  • Utility
  • Defense
  • Others

Microgrid Regional Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

  • North America
    • The U.S.
  • Europe
    • Germany
  • Asia Pacific
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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