The global microgrid market size has been earmarked to witnessed considerable growth over the years due to ongoing grid modernization initiatives. Additionally, increasing installation of improved and sustainable sources of generation throughout the networks will also support the business landscape.
Rising integration of renewables into the energy ecosystem to reduce the greenhouse gas emission levels and stringent regulatory policies to deploy energy-efficient solutions will further support the business dynamics.
It is worth mentioning that the absence of an effective electric infrastructure, frequent voltage fluctuations, current lags, and grid failure have emerged as some of the main concerns fueling the shift towards microgrid systems, especially in developing nations.
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Regulators have been introducing programs and initiatives to set up a reliable and sustainable electric networks across these regions. As a result, distributed generation technologies and escalating demand for energy across isolated locations will support the industry dynamics.
As per reports from Global Market Insight, the microgrid market size is forecast to grow more than 27% through 2027.
Below are some of the most prominent factors that are expected to foster the industry share in the near future:
- High demand for heavy-duty power generators
The diesel generator sourced segment of the microgrid market is likely to register momentous gains, surpassing a USD 11 billion valuation through the end of 2027. Rapid industrialization along with the adoption of large-capacity energy generation solutions will support the demand for diesel generators across various networks.
Prevailing demand for heavy-duty power generators across the industrial sectors will also support product adoption. The low cost of installation as compared to auxiliary sources will augment the market outlook as well.
- Increasing focus towards grid reliability in Canada
Regionally speaking, Canada microgrid market has witnessed sizeable expansion over the recent years. A strict regulatory and community focus on the integration of sustainable electric networks and reliable distribution infrastructure is fueling the regional business scenario.
Enhancements towards grid reliability during extreme weather conditions, cost management or local revenue opportunities, environmental concerns, and increased autonomy are some of the other major factors that would be supplementing technological adoption.
- Strong demand for reliable power supply from healthcare facilities
The coronavirus pandemic largely affected operations across a majority of the world’s industrial sectors, as temporary restrictions put in place to halt the movement of people, and by extension the virus, sought to ensure that hospitals are not overrun. However, this effect was not overtly observed in the energy sector as development of electrical infrastructure was still ongoing without any prohibitions.
In fact, the pandemic actually bolstered the adoption of microgrids as healthcare institutions consolidated their focus on ensuring a reliable and constant power supply to lifesaving equipment. Medical equipment such as ventilators and heart monitors were running round-the-clock to ensure efficient monitoring of patient’s health.
- Rising industry player activities across the business landscape
The global microgrid market comprises of many prominent companies that are constantly working towards improving the quality of the product to meet the growing demand from various sectors of the economy.
These companies are entering into partnerships, M&A, and strategic alliances to meet their business expansion goals and obtain a competitive edge over others.
For instance, in June 2021, Schneider Electric inked a partnership with Citizen Energy to offer renewable energy and microgrids to the communities across the Northeastern United States, with plans to expand the project across the rest of the U.S.
Some of the other leading market players include Caterpillar, Eaton, and Siemens to name a few.
To sum up, the growing reliability of electricity along with the need for an uninterrupted supply of power are some of the major factors supporting the growth in microgrid market. Moreover, industrialization along with efforts taken by global governments towards electrification of rural areas will support the demand for microgrid connectivity across the globe.
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