The report segments the global microgrid market by application (remote, institutions and campus, and military) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global microgrid market, according to Technavio energy researchers:
- Increasing government support: a major market driver
- In 2017, the remote segment dominated the market by occupying almost 45% share
- The Americas dominated the global microgrid market with 38% share in 2017
- ABB, Emerson Electric, General Electric, Schneider Electric, and Siemens are the leading players in the market
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Increasing government support: a major market driver
The introduction of policies along with government support for encouraging the development of microgrids is due to the recognition of the resilience of microgrids demonstrated during the natural calamities. For instance, in the US, microgrid projects are supported by funding benefits in the form of grants from federal and state governments. In 2012, when the US was hit by Hurricane Sandy, millions of people, as well as several medical centers and other critical setups, were left without power. However, in Princeton University's 15 MW combined heat and power (CHP) generator and 5.3 MW solar microgrid powered the university campus for three days. South Oaks Hospital located in Long Island was powered with the help of 1.2 MW CHP generators and 47 kW solar power, which remained disconnected from the grid for 15 days after Hurricane Sandy.
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Americas: largest microgrid market
The Americas dominated the global microgrid market with a market share of 38.46% in 2017. Energy efficient power requirements and the need for moving toward decentralized power systems to offer improved resilience and independence will drive the market in the Americas during the forecast period.
APAC and EMEA followed the Americas with market shares of 35.99% and 25.55% respectively in 2017. The adoption of microgrids in the Americas will be majorly driven by the growing energy-efficient power requirements and the rising need for adopting decentralized power systems.
According to a senior analyst at Technavio for research on power, “The Americas is expected to continue its dominance during the forecast period. However, the market share of the Americas is expected to decrease by 0.83% in 2022. EMEA is expected to gain market share by a margin of 1.05% by 2022.”
Competitive vendor landscape
The leading players in the global microgrid market are focusing on upgrading their technological expertise to have a competitive edge over other players. The market is moderately fragmented with many new players entering the market, thus the competition for expansion increases. As a result, the key players are increasing their number of partnerships and acquisitions to integrate various technologies and increase their foothold in the market.
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