The global microgrid market is expected to exhibit strong growth, reaching USD 71.9 billion by 2028. As per the report titled “Microgrid Market Size, Share & COVID-19 Impact Analysis, By Connectivity (Grid Connected and Off-grid Connected), By Type (A.C. Microgrids, DC Microgrids and Hybrid Microgrids), By End User (Commercial and Industrial, Government, Healthcare, Remote, Utility, and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 26.5 billion and USD 71.9 billion in 2028. The market is expected to exhibit a CAGR of 18.10% during the forecast period.
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G.E. Digital and Florida Power & Light Company (FPL) have Announced the Launch of a New Advanced Microgrid Control Lab
In November 2021, the University of Central Florida's brand-new, cutting-edge Microgrid Control Lab officially opened, according to G.E. Digital and Florida Power & Light Company (FPL). The lab will serve as a cutting-edge research facility and control room for engineering faculty and students. The UCF lab, which will include control center hardware and software that students will use to simulate and test actual grid control operations and discover ways to improve and keep the future grid secure, is sponsored by FPL and G.E. Digital.
Government Initiatives for Reduction of Carbon Footprint to Drive the Growth of Market
The demand for energy storage systems is projected to increase because of the increasing need for reliable and secure power supply worldwide and government efforts to decrease carbon footprints. The advent of IoT in microgrid connectivity to manage and regulate distributed energy resources, as well as extensive industrialization, are two more causes that have boosted the market for the product. Utilities typically view these systems as the cornerstone of a smart grid and place a strong emphasis on R&D. For instance, the SmartGrid Consortium (NYS) reports that the New York government has been putting microgrids into place. As a result, 20 projects were chosen from a large pool of New York candidates. These projects are thoroughly analyzed based on several factors, such as laws, energy delivery, technology, and development.
Market is Being Held Back by Massive Installation and High Maintenance Costs
These systems typically have an initial cost between 25% and 30% greater than conventional power grids. The infrastructure expenditures cover everything from setting up communication systems to installing and maintaining smart meters. Additionally, installing smart meters is around 50% more expensive than installing electricity meters. A considerable sum of money is needed for grid automation and control systems to monitor and manage all components intelligently and properly control the microgrid electricity. Even though these systems can store and transform energy and outperform conventional grids in terms of quality and reliability of power, they are quite expensive. This element constrains the market's expansion.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the microgrid market plan acquisitions to improve their brand recognition globally. For instance, in November 2021, By strategically partnering with ACCIONA Energia, Schneider Electric unveiled the first industrial Microgrid in Spain that could imitate any industrial facility. Energy storage, electric vehicles, and renewable energy sources can all be added. As a result, improving the reliability and flexibility of the energy supply.
Notable Industry Development
- August 2021: For POISED (Preparing Outer Islands for Sustainable Energy Development), Toshiba Energy Systems & Solutions will provide a microgrid energy management system for Hithadhoo Island in the Maldives' Addu Atoll. On Maldivian Hithadhoo Island's hybrid microgrid, a 10 M.W. system, the contract was won to install the controller and energy management system. In addition to a 1MW-0.3MWh battery energy storage system, this system will incorporate 1.7MW of currently installed solar and diesel generators.
List of Key Players Profiled in the Report
- ABB Group
- EATON CORPORATION
- EXELON CORPORATION
- GENERAL ELECTRIC
- HONEYWELL
- PARETO ENERGY
- Schneider Electric
- SIEMENS, SPIRAE INC.
- S&C ELECTRIC
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Further Report Findings
- The market in North America is expected to gain a huge portion of the global microgrid market share in the coming years. It is anticipated that the high rate of captive power generation methods adoption in the U.S. industrial and municipal sectors will have a significant impact on reducing reliance on the centrally controlled power supply.
- The United States and Canada are relatively developed nations that saw early North American adoption of microgrid technologies.
- In Asia Pacific, the growth is primarily driven by the expansion of favorable standards and incentives by different nations to speed up the use of sustainable energy sources. Throughout the forecast period, regional carbon emission targets and the rising use of standalone power sources will also boost demand for technology.
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