February 09, 2021
According to a recent research report titled ‘Global Microgrid Market Analysis, 2020’, available with Market Study Report LLC, global microgrid market is projected to record a yearly growth rate of 12% over 2020-2025.
Industry experts cite that global microgrid market is largely driven by surging demand for secure and reliable power supply along with rising electrification of rural areas. Moreover, growing inclination towards clean energy and favorable government initiatives are augmenting the industry growth.
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On the contrary, rapidly increasing cyberattacks on energy infrastructure are hindering the market expansion. Further, Covid-19 pandemic has severely affected the industry’s growth as it has slowed down the acquisition, procurement, and allotment of grid projects. However, investments in the field will gain traction after 2021 in view of business easing.
Based on offering, power generators segment accounted for majority of global microgrid market share in 2019 and is likely to witness modest growth in the coming years. Benefits like reduced electricity costs, lower carbon emission, and better reliability are strengthening the demand for power generators. Moreover, widespread utilization of generators by end-users for achieving energy efficiency goals especially in renewable energy applications is boosting the segmental share.
In terms of power source, global microgrid market share from natural gas segment is increasing substantially owing to mounting energy demand in line with increasing focus towards sustainable and efficient power supply. In addition, rising shale gas production and strong competition from shale-rich U.S. will enhance the segment growth in the forthcoming years.
Apart from this, this domain is studied in terms of connectivity, grid type, storage device, installation size, and geographical segments.
Speaking of the competitive landscape, leading players influencing global microgrid industry trends are Cummins, Inc., Tesla, Inc., Toshiba Corp., Emerson Electric Co., Encorp, Power Analytics Corp., S&C Electric Co., Homer Energy LLC, Honeywell International, Inc., Schneider Electric SE, Caterpillar Inc., Siemens AG, Eaton Corp., General Electric, and ABB Ltd.