With ongoing grid modernization initiatives and increasing installation of advanced renewable generation sources across the network, the microgrid market size is set to expand tremendously over the upcoming years. The world has been witnessing increasing integration of renewables to reduce greenhouse gas emissions. This has been supported by stringent regulations that promote the use power-efficient solutions, fostering industry outlook further.
Increasing investments toward technological developments to help integrate resilient and reliable energy sources would also outline the business scenario. Growing number of microgrid network constructions across residential, commercial, and industrial sectors would further supplement industry development.
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Reports by Global Market Insights, estimate that the microgrid market size would grow more than 27% by the end of 2027.
The absence of reliable electric networks, increase in voltage fluctuations, current lags, and grid failures have emerged as major points of concern across the globe, as they affect the business continuity. Regulators have been constantly combining initiatives and programs to establish a sustainable electric ecosystem across these areas. Several countries have been turning to distributed generation technologies to address increasing energy demand in isolated locations, supporting microgrid industry revenue gains.
Presently, several microgrid manufacturers are increasingly investing in R&D to introduce advanced technologies across the grid and effectively meet rising power demand. For instance, in March 21, HOMER Energy introduced its proprietary HOMER Pro software. The new product is aimed at enhancing the resiliency and stability of power supply and offer clean energy.
The novel technology has helped energy developers while designing and optimizing the complexity of utility-scale sustainable hybrid power solutions, including wind, solar, and battery storage systems. Increasing demand for hybrid integrated grid network will continue to support the demand for hybrid-based microgrid network.
from a regional standpoint, owing to the stringent regulatory guidelines, Canada microgrids industry is slated to witness a period of remunerative growth. A majority of growth in Canada is being driven by the government’s focus on the integration of sustainable electric networks and sustainable power supply infrastructure.
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Enhancements in grid reliability, especially during extreme weather conditions, local revenue opportunities, environmental concerns, and increased autonomy are some of the major factors supporting the adoption of the technology across the nation.
Most of the sectors of the economy were largely affected by the COVID-19 pandemic, where temporary restrictions in operations to control the spread of the infections brought progress to a standstill. However, the development of electrical infrastructure was in place, without any restrictions towards the construction of renewable energy schemes.
In fact, utility-scale projects and new solar and wind energy projects were operational throughout the course of the pandemic and did not witness any notable delays whatsoever. This has allowed the market to weather the pandemic better than others.
When it comes to source, diesel generator powered microgrid networks are expected to foresee robust adoption over the years. Growth would be favored by the rapid industrialization in both developed as well as developing countries. Meanwhile, a rapidly increasing demand for heavy-duty power generators from a plethora of industrial avenues will also complement product adoption. Additionally, the low cost of installation, as compared to the product’s auxiliary sources, would also supplement industry growth.
Some of the leading microgrid companies include Siemens, Eaton, Caterpillar, Schneider Electric, and GE. These industry players are entering into M&A, partnerships, and strategic alliances to increase their presence in the industry and to meet the escalating demands of the people.
With growing awareness among the industries to use renewable sources of energy to reduce the carbon emission levels along with the need for continuous energy requirements to ensure the completion of operations, the global microgrid market is expected to witness sizeable expansion in the forthcoming years.
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