Microgrid Market size to grow by USD 25,623.76 million from 2022 to 2027, Growth driven by need for resilience- Technavio

NEW YORK, June 15, 2023 /PRNewswire/ -- The microgrid market is set to grow by USD 25,623.76 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 13.6% during the forecast period, according to Technavio. The microgrid market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. ABB Ltd., Anbaric Development Partners LLC, Canopy Power, Eaton Corp. Plc, Emerson Electric Co, Exelon Corp, General Electric Co., General MicroGrids, Gram Power (India) Pvt. Ltd., Honeywell International Inc., Pareto Energy, Power Analytics Global Corp., Powerhive Inc., S and C Electric Co., Schneider Electric SE, Siemens AG, Spirae LLC, Tesla Inc., TotalEnergies SE, and UL LLC are some of the major market participants -. To know about the vendor offerings - Request a sample report

Microgrid Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The microgrid market report covers the following areas:

The microgrid market is fragmented, and the degree of fragmentation will accelerate. The need for resilience will offer immense growth opportunities. However, the High implementation costs will hamper the market growth.

Microgrid Market 2023-2027: Drivers & Challenges

DRIVERS

The need for resilience notably drives the microgrid market growth during the forecast period. Some of the major problems in the power industry include aging infrastructure, climate change, rising energy costs, and mass electrification. Such problems are common across the globe in any power industry and occur at different levels.

Moreover, developed countries have well-developed power infrastructure that faces outages due to aging infrastructure, whereas developing countries suffer from low electrification rates. Additionally, traditional grids follow a hierarchical power structure, where power is generated at a central location and is then sent through the transmission line to substations, distribution lines, and finally to the end-users. Hence, such factors drive the market growth during the forecast period.

CHALLENGES

High implementation costs are a major challenge that may hinder the growth of the microgrid market during the forecast period. It is a tedious and expensive process to generate power from microgrids as it involves the use of new and advanced technologies. Moreover, microgrids involve a wide array of equipment related to power generation resources, distribution infrastructure, and control systems. Such components can be classified into infrastructure, generation, and controls and need to be connected and monitored with advanced control and communications technologies.

Other than this, the components of microgrids need to be integrated with several other technologies for them to have the required platform functionalities. Hence, factors such as the high cost of microgrid components are expected to become a major barrier to the growth of the global microgrid market during the forecast period.

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Microgrid Market 2023-2027: Segment Analysis

The microgrid market is segmented as follows:

Application

Remote
Institutions And Campus
Military
Others

Geography

North America
APAC
Europe
South America
Middle East And Africa

Microgrid Market 2023-2027: Segmentation Highlights

The market share growth by the remote segment will be significant during the forecast period. The adoption of remote microgrids is high in regions where grid-connected power is not accessible or is available only for a limited period. Developing countries such as India, Indonesia, Bangladesh, and several countries in Africa and Southeast Asia are the key markets for remote microgrids. In order to function efficiently, remote systems need to generate a specified amount of electricity by implementing microgrids. The increasing demand for electricity in certain countries is fueling the growth of the segment.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Microgrid Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist microgrid market growth during the next five years
Estimation of the microgrid market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the microgrid market across North America, APAC, Europe, South America, and Middle East and Africa
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of microgrid market vendors

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Microgrid Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 13.6%
Market growth 2023-2027	USD 25,623.76 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	11.95
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 29%
Key countries	US, China, Australia, Russia, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Anbaric Development Partners LLC, Canopy Power, Eaton Corp. Plc, Emerson Electric Co, Exelon Corp, General Electric Co., General MicroGrids, Gram Power (India) Pvt. Ltd., Honeywell International Inc., Pareto Energy, Power Analytics Global Corp., Powerhive Inc., S and C Electric Co., Schneider Electric SE, Siemens AG, Spirae LLC, Tesla Inc., TotalEnergies SE, and UL LLC
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
Exhibit 06: Executive Summary – Chart on Market Segmentation by Connectivity
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global microgrid market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global microgrid market 2017 - 2021 ($ million)

4.2 Application Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

4.3 Connectivity Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Connectivity Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

6.1 Market segments

Exhibit 30: Chart on Application - Market share 2022-2027 (%)
Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

6.2 Comparison by Application

Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application

6.3 Remote - Market size and forecast 2022-2027

Exhibit 34: Chart on Remote - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Remote - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Remote - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Remote - Year-over-year growth 2022-2027 (%)

6.4 Institutions and campus - Market size and forecast 2022-2027

Exhibit 38: Chart on Institutions and campus - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Institutions and campus - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Institutions and campus - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Institutions and campus - Year-over-year growth 2022-2027 (%)

6.5 Military - Market size and forecast 2022-2027

Exhibit 42: Chart on Military - Market size and forecast 2022-2027 ($ million)
Exhibit 43: Data Table on Military - Market size and forecast 2022-2027 ($ million)
Exhibit 44: Chart on Military - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Military - Year-over-year growth 2022-2027 (%)

6.6 Others - Market size and forecast 2022-2027

Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)

6.7 Market opportunity by Application

Exhibit 50: Market opportunity by Application ($ million)

7 Market Segmentation by Connectivity

7.1 Market segments

Exhibit 51: Chart on Connectivity - Market share 2022-2027 (%)
Exhibit 52: Data Table on Connectivity - Market share 2022-2027 (%)

7.2 Comparison by Connectivity

Exhibit 53: Chart on Comparison by Connectivity
Exhibit 54: Data Table on Comparison by Connectivity

7.3 Grid connected - Market size and forecast 2022-2027

Exhibit 55: Chart on Grid connected - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on Grid connected - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on Grid connected - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Grid connected - Year-over-year growth 2022-2027 (%)

7.4 Off-grid connected - Market size and forecast 2022-2027

Exhibit 59: Chart on Off-grid connected - Market size and forecast 2022-2027 ($ million)
Exhibit 60: Data Table on Off-grid connected - Market size and forecast 2022-2027 ($ million)
Exhibit 61: Chart on Off-grid connected - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Off-grid connected - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Connectivity

Exhibit 63: Market opportunity by Connectivity ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 65: Chart on Market share by geography 2022-2027 (%)
Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 67: Chart on Geographic comparison
Exhibit 68: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 APAC - Market size and forecast 2022-2027

Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.5 Europe - Market size and forecast 2022-2027

Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 China - Market size and forecast 2022-2027

Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

9.10 Russia - Market size and forecast 2022-2027

Exhibit 97: Chart on Russia - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on Russia - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Russia - Year-over-year growth 2022-2027 (%)

9.11 Germany - Market size and forecast 2022-2027

Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.12 Australia - Market size and forecast 2022-2027

Exhibit 105: Chart on Australia - Market size and forecast 2022-2027 ($ million)
Exhibit 106: Data Table on Australia - Market size and forecast 2022-2027 ($ million)
Exhibit 107: Chart on Australia - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on Australia - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 110: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 112: Overview on factors of disruption

11.4 Industry risks

Exhibit 113: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 114: Vendors covered

12.2 Market positioning of vendors

Exhibit 115: Matrix on vendor position and classification

12.3 ABB Ltd.

Exhibit 116: ABB Ltd. - Overview
Exhibit 117: ABB Ltd. - Business segments
Exhibit 118: ABB Ltd. - Key news
Exhibit 119: ABB Ltd. - Key offerings
Exhibit 120: ABB Ltd. - Segment focus

12.4 Eaton Corp. Plc

Exhibit 121: Eaton Corp. Plc - Overview
Exhibit 122: Eaton Corp. Plc - Business segments
Exhibit 123: Eaton Corp. Plc - Key news
Exhibit 124: Eaton Corp. Plc - Key offerings
Exhibit 125: Eaton Corp. Plc - Segment focus

12.5 Emerson Electric Co

Exhibit 126: Emerson Electric Co - Overview
Exhibit 127: Emerson Electric Co - Business segments
Exhibit 128: Emerson Electric Co - Key news
Exhibit 129: Emerson Electric Co - Key offerings
Exhibit 130: Emerson Electric Co - Segment focus

12.6 Exelon Corp

Exhibit 131: Exelon Corp - Overview
Exhibit 132: Exelon Corp - Business segments
Exhibit 133: Exelon Corp - Key offerings
Exhibit 134: Exelon Corp - Segment focus

12.7 General Electric Co.

Exhibit 135: General Electric Co. - Overview
Exhibit 136: General Electric Co. - Business segments
Exhibit 137: General Electric Co. - Key news
Exhibit 138: General Electric Co. - Key offerings
Exhibit 139: General Electric Co. - Segment focus

12.8 General MicroGrids

Exhibit 140: General MicroGrids - Overview
Exhibit 141: General MicroGrids - Product / Service
Exhibit 142: General MicroGrids - Key offerings

12.9 Honeywell International Inc.

Exhibit 143: Honeywell International Inc. - Overview
Exhibit 144: Honeywell International Inc. - Business segments
Exhibit 145: Honeywell International Inc. - Key news
Exhibit 146: Honeywell International Inc. - Key offerings
Exhibit 147: Honeywell International Inc. - Segment focus

12.10 Pareto Energy

Exhibit 148: Pareto Energy - Overview
Exhibit 149: Pareto Energy - Product / Service
Exhibit 150: Pareto Energy - Key offerings

12.11 Powerhive Inc.

Exhibit 151: Powerhive Inc. - Overview
Exhibit 152: Powerhive Inc. - Product / Service
Exhibit 153: Powerhive Inc. - Key offerings

12.12 S and C Electric Co.

Exhibit 154: S and C Electric Co. - Overview
Exhibit 155: S and C Electric Co. - Product / Service
Exhibit 156: S and C Electric Co. - Key offerings

12.13 Schneider Electric SE

Exhibit 157: Schneider Electric SE - Overview
Exhibit 158: Schneider Electric SE - Business segments
Exhibit 159: Schneider Electric SE - Key news
Exhibit 160: Schneider Electric SE - Key offerings
Exhibit 161: Schneider Electric SE - Segment focus

12.14 Siemens AG

Exhibit 162: Siemens AG - Overview
Exhibit 163: Siemens AG - Business segments
Exhibit 164: Siemens AG - Key news
Exhibit 165: Siemens AG - Key offerings
Exhibit 166: Siemens AG - Segment focus

12.15 Tesla Inc.

Exhibit 167: Tesla Inc. - Overview
Exhibit 168: Tesla Inc. - Business segments
Exhibit 169: Tesla Inc. - Key news
Exhibit 170: Tesla Inc. - Key offerings
Exhibit 171: Tesla Inc. - Segment focus

12.16 TotalEnergies SE

Exhibit 172: TotalEnergies SE - Overview
Exhibit 173: TotalEnergies SE - Business segments
Exhibit 174: TotalEnergies SE - Key news
Exhibit 175: TotalEnergies SE - Key offerings
Exhibit 176: TotalEnergies SE - Segment focus

12.17 UL LLC

Exhibit 177: UL LLC - Overview
Exhibit 178: UL LLC - Product / Service
Exhibit 179: UL LLC - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 180: Inclusions checklist
Exhibit 181: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 182: Currency conversion rates for US$

13.4 Research methodology

Exhibit 183: Research methodology
Exhibit 184: Validation techniques employed for market sizing
Exhibit 185: Information sources

13.5 List of abbreviations

Exhibit 186: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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