The Microgrid Market Is Expected To Reach Nearly $30 Billion By 2027, Due To Increasing Electricity Demand - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 9, 2023 /PRNewswire/ -- The increasing electricity demand is expected to propel the growth of the microgrid market going forward. Microgrids are local power grids that are operated independently of the main and generally much bigger electricity grid in an area. For example, according to ExxonMobil, a USA-based oil and gas corporation, globally, electricity demand is expected to rise by 1.8% per year, growing to almost 50% of this sector by 2050, as traditional biomass, coal and oil demand decline. Additionally, according to Indian Government's data, India's power consumption logged a double-digit growth of 13.6% to 112.81 billion units in November 2022 compared to the year-ago period. Therefore, the increasing electricity demand would boost the microgrid market growth during the forecast period.
The microgrid market size reached a value of nearly $11.90 billion in 2022, having grown at a compound annual growth rate (CAGR) of 10.2% since 2017. The microgrid market is expected to grow from $11,901.6 million in 2022 to $29.49 billion in 2027 at a rate of 19.9%. The microgrid market is then expected to grow at a CAGR of 17.1% from 2027 and reach $65.02 billion in 2032.
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Microgrid Market Trend – Solar And Battery-Powered Microgrid Community
Companies in the microgrid market are increasingly focusing on adoption of solar and battery-powered microgrid community. A community solar microgrid is a small energy system planned, designed and installed to provide reliable and clean energy for vital community facilities and assets within a defined area. Battery energy storage systems (BESS) use lithium-ion, magnesium-ion, or another of a variety of options to store generated energy. For example, in November 2022, KB Home, a US-based homebuilding company, has launched a solar and battery-powered microgrid community in California in partnership with the US Department of Energy (DOE). The aim is to test new energy efficient technologies in a new build community. Each of the new homes will be equipped with smart technologies and a backup battery, plus community microgrid connectivity.
Microgrid Market Segments
The global microgrid market research is segmented -
- By Type: AC Microgrids, DC Microgrids, Hybrid
- By Connectivity: Grid Connected, Off-grid Connected
- By Component: Hardware, Software, Services
- By Application: Remote Systems, Institutional Buildings, Commercial Utility
- By End User: Commercial And Industrial, Institutes And Campuses, Military
North America Held The Largest Microgrid Market Share In 2022
As per the microgrid market forecast, North America was the largest region in the microgrid market and was worth $4.05 billion in 2022. The microgrid market in North America is supported by the large economy, technological advancements and by the presence of a robust power generation infrastructure. Also, the presence of large military and defense organizations and a large number of campuses and institutions help the market to grow as adoption of microgrids are increasing in these places to boost electric reliability and sustainable energy supply and to lower costs and improve efficiency.
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