Microgrid Market Is Enhancing Energy Resilience And Reliability

Microgrid Industry Overview

The global microgrid market size was estimated at USD 76.88 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2024 to 2030. 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. A microgrid is a local electric system, which can provide power either in parallel or isolation from electric grids. Shifting inclination from remote central station power plants to more localized and distributed generation for enhanced reliability, resiliency, and energy in cities, communities, and campuses is projected to have a substantial impact on market growth.

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These electrical distribution services are used for providing enhanced local resiliency and improvement of operation & stability of the regional electric grid. Furthermore, the utilization of renewable resources for power generation is expected to upscale the requirements of microgrids in the near future. The rising importance of the captive power generation system in the manufacturing sector to reduce the reliance on electricity supply from the regional electric grid is expected to remain a key driving factor. Growing awareness about power generation using alternative renewable sources including wind, solar, and hydrogen is projected to have a positive impact on market growth.

Over the past few years, population growth and urbanization in emerging markets have resulted in increasing government spending on infrastructure development. It is expected to play a crucial role in promoting power demand, thereby boosting the microgrid industry growth. Rising spending on the development of new prototypes of smart microgrids through the implementation of the Galvin Energy Initiative by The Galvin Project Inc. is expected to open new markets. Furthermore, the emergence of the U.S. and Canada as shale gas production destinations due to the increased adoption of hydraulic fracturing technology is projected to ensure the access of power sources to buyers.

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Key Companies profiled:

• ABB

• Siemens AG

• General Electric

• Eaton Corp.

• Exelon

• Honeywell International

• NRG International

• Anarbic

• Pareto

• Spirae

• Northern Power

• Viridity