Microgrid Market: Top Geographies and Market Highlights
Growth by the remote application segment with India, Indonesia, Bangladesh being key prospective regions
The microgrid market will grow by $ 19.50 billion, fragmented at a CAGR of almost 12.86% over the next five years. Our research report provides a detailed analysis of the market with insights on trends, drivers, and challenges that are likely to impact market growth. It also provides a competitive analysis of the key market players and their product portfolios.
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Microgrid Market: North America to lead market growth 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). Each segment and sub-segment is analyzed at depth to derive market insights and forecast growth projections.
- North America emerged as the leading geographical segment in recent years and is expected to contribute 28% of the market growth during the forecast period. Microgrid market share growth in North America will be slower than the growth of the market in APAC, MEA, and South American regions. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the microgrid market size.
- Growth by the remote segment will be significant during the forecast period. India, Indonesia, Bangladesh, and several countries in Africa and Southeast Asia are the prospective markets for remote microgrids.
- Increasing government support will be a significant factor in driving the growth of the microgrid market. The recognition of the resilience of microgrids demonstrated during the natural calamities has led to the introduction of policies along with government support to encourage the development of microgrids. The incorporation of renewable sources to generate cleaner power can be witnessed in microgrid applications. Support from the government has led to the creation of microgrids at a rapid pace, resulting in the continuous addition of microgrid capacity. Energy storage systems are also being installed to increase the penetration of renewable energy, owing to the adoption of renewable energy in microgrids.
- This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will thus enable clients to assess their play in the market and plan for growth opportunities.
Microgrid Market: Key Competitors
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 AGare some of the major market participants. The market is fragmented, and the growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerate at a CAGR of almost 12.86%.
- What is the incremental growth of the market?
The market is expected to grow by $ 19.50 bn through 2021-2025.
- What is a key factor driving this market?
Increasing government support will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, APAC, Europe, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market:
28% growth will originate from North America
- Who are the leading market vendors?
The leading vendors in this market are 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
- What are the market segments covered in this report?
The market is segmented by Application (remote, Institutions and campus, military, and others) and Geography (North America, APAC, Europe, South America, and MEA).
Market Segmentation by Application
- Microgrid Market Split by Application
- Institutions and campus
- Microgrid Market Split by Geography
- North America
- South America
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- North America - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Competitive scenario
- Vendor landscape
- Landscape disruption
- 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
- Siemens AG