The Global Microgrid Market Size Is Projected to Reach USD 18.89 Billion by 2024, at a CAGR of Almost 13% | Technavio
LONDON–(BUSINESS WIRE)–#GlobalMicrogridMarket–The new microgrid market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increasing government support,” says a senior analyst for Industrials at Technavio.
Governments across the world are supporting the adoption of microgrids due to its strong endurance capability during natural calamities. Microgrid projects are backed by funding benefits in the form of grants from federal and state governments in the US. Increasing government support is a major factor that will fuel the growth of the microgrid market during the forecast period. The New York state R&D authority awarded funds for microgrid projects to be deployed in 83 communities with the help of prize money worth USD 8 million. The Japanese government also estimated a budget of USD 0.5 million per month for developing advanced microgrids to contribute to the development and implementation of microgrids. Such factors will drive microgrid market growth by 2024.
As the markets recover Technavio expects the microgrid market size to grow by USD 18.89 billion during the period 2020-2024.
Microgrid Market Segment Highlights for 2020
- The microgrid market is expected to post a year-over-year growth rate of 12.34%.
- Remote microgrids have found applications mostly in villages where grid-connected power is not accessible or is available only for a limited period.
- The average-sized microgrids used in villages have a capacity of 10 kW. India, Indonesia, Bangladesh, and several countries in Africa and Southeast Asia are the prospective markets for remote microgrids.
- Market growth in this segment will be slower than the growth of the market in the institutions and campus and military segment.
- 28% of the growth will originate from the North America region.
- The growing energy-efficient power requirements and the rising need for adopting decentralized power systems will significantly drive microgrid market growth in this region over the forecast period.
- The US and Canada are the key markets for microgrids in North America. Market growth in this region will be slower than the growth of the market in other regions.
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- The microgrid market size is expected to accelerate at a CAGR of almost 13% during the forecast period.
- The microgrid market is segmented by Application (Remote, Institutions and campus, Military, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG
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