Global Microgrids Growth Opportunities

Global Microgrids Growth Opportunities

Demand for Electrification, Renewables, and Grid Resilience Drive Future Growth Potential

RELEASE DATE
28-Apr-2023
REGION
Global
Research Code: PE4A-01-00-00-00
SKU: EG02314-GL-MR_27558
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Description

The global microgrids market revenue is forecast to increase from $3.37 billion in 2022 to $8.00 billion in 2030. While North America is projected to remain the largest regional market over the forecast period, the Asian region is expected to outpace its growth. With a largely secure grid infrastructure, the European Union has limited microgrid developments, such as physical island markets and rural markets in Eastern European countries with grid reliability issues.

Decarbonization of microgrids and lower solar and storage costs emphasize hybridizing and integrating multiple distributed generation sources (conventional diesel and gas), renewables, H2-based generation sources, and energy storage to optimize microgrid efficiency (a transition from fossil-based power generation). Demand for modular containerized solutions with photovoltaic inverters, batteries, power converters, and protection and control systems will also grow. These solutions are future-proof for speedy installation and commissioning, rapid access to power in rural and remote locations, access to power using existing generators/weak grids, and expansion of grid projects. Multiple microgrids will be part of the wider smart grid, increasing visibility within regional/national energy systems and resulting in virtual microgrids using peer-to-peer (P2P) energy trading.

Capital investments, complex operations, and associated risks are leading to the growing preference for OPEX-based business models. Vendors in developed and developing regions increasingly prefer Microgrid-as-a-Service (MaaS) business models. Outcome-as-a-Service offerings, which entail operation and maintenance (O&M), financing and energy sustainability, and optimization, will also be critical to future success. Business models will vary depending on the application and geographic location, but a hybrid business model will represent the primary growth model. The market comprises many active participants, with more companies planning to enter this space. The leading companies offer turnkey solutions and as-a-service models.

This Frost & Sullivan report provides insights into the global microgrids market developments. The study includes revenue forecasts at a global and regional level (2023–2030), market drivers and restraints, technology trends, application market forecasts, competitive analysis, and identification of growth opportunities.

Author: Neha Tatikota

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Microgrid Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Findings

Scope of Analysis

Acronyms

Microgrids: An Overview

Microgrid Benefits Versus Attributes

Value-added Services of Smart Microgrids

Microgrids Vital to Grid Transformation

Growth Metrics

Growth Drivers

Growth Restraints

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast by Application

North America Revenue Forecast by Application

Europe Revenue Forecast by Application

China Revenue Forecast by Application

India Revenue Forecast by Application

ASEAN Revenue Forecast by Application

East Asia Revenue Forecast by Application

ANZ + Pacific Revenue Forecast by Application

Middle East Revenue Forecast by Application

Africa Revenue Forecast by Application

LATAM Revenue Forecast by Application

Russia + CIS Revenue Forecast by Application

Revenue Forecast and Trends Analysis

Revenue Forecast and Trends Analysis (continued)

Revenue Forecast and Trends Analysis (continued)

Revenue Forecast and Trends Analysis (continued)

Revenue Forecast and Trends Analysis (continued)

Revenue Forecast and Trends Analysis (continued)

Revenue Forecast and Trends Analysis (continued)

Supplier Capability Matrix

Supplier Capability Matrix (continued)

Supplier Capability Matrix (continued)

Evaluation of Business Models: Critical Considerations in Model Selection

Evaluation of Business Models: Critical Considerations in Model Selection (continued)

Microgrid Business Model Schematic: Customer-funded/Ownership Case

Microgrid Business Model Schematic: Third-Party funded/Ownership Case

Operator Business Models

Operator Business Models (continued)

Operator Business Models (continued)

Operator Business Models (continued)

Operator Business Models (continued)

Operator Business Models (continued)

Operator Business Models (continued)

Hybrid Model: Highest Investment Flexibility, Mitigates Project Risks

Utilities and Microgrid Development

Growth Opportunity 1: OPEX-based Business Models

Growth Opportunity 1: OPEX-based Business Models (continued)

Growth Opportunity 2: DERMS Projects and Grid Modernization

Growth Opportunity 2: DERMS Projects and Grid Modernization (continued)

Growth Opportunity 3: Onsite Flexibility Driven by Hybridization

Growth Opportunity 3: Onsite Flexibility Driven by Hybridization (continued)

Growth Opportunity 4: Virtual Microgrids Using Peer-to-Peer (P2P) Energy Trading

Growth Opportunity 4: Virtual Microgrids Using Peer-to-Peer (P2P) Energy Trading (continued)

Growth Opportunity 5: DC Microgrids

Growth Opportunity 5: DC Microgrids (continued)

Growth Opportunity 6: Modular Microgrids

Growth Opportunity 6: Modular Microgrids (continued)

List of Exhibits

Legal Disclaimer

The global microgrids market revenue is forecast to increase from $3.37 billion in 2022 to $8.00 billion in 2030. While North America is projected to remain the largest regional market over the forecast period, the Asian region is expected to outpace its growth. With a largely secure grid infrastructure, the European Union has limited microgrid developments, such as physical island markets and rural markets in Eastern European countries with grid reliability issues. Decarbonization of microgrids and lower solar and storage costs emphasize hybridizing and integrating multiple distributed generation sources (conventional diesel and gas), renewables, H2-based generation sources, and energy storage to optimize microgrid efficiency (a transition from fossil-based power generation). Demand for modular containerized solutions with photovoltaic inverters, batteries, power converters, and protection and control systems will also grow. These solutions are future-proof for speedy installation and commissioning, rapid access to power in rural and remote locations, access to power using existing generators/weak grids, and expansion of grid projects. Multiple microgrids will be part of the wider smart grid, increasing visibility within regional/national energy systems and resulting in virtual microgrids using peer-to-peer (P2P) energy trading. Capital investments, complex operations, and associated risks are leading to the growing preference for OPEX-based business models. Vendors in developed and developing regions increasingly prefer Microgrid-as-a-Service (MaaS) business models. Outcome-as-a-Service offerings, which entail operation and maintenance (O&M), financing and energy sustainability, and optimization, will also be critical to future success. Business models will vary depending on the application and geographic location, but a hybrid business model will represent the primary growth model. The market comprises many active participants, with more companies planning to enter this space. The leading companies offer turnkey solutions and as-a-service models. This Frost & Sullivan report provides insights into the global microgrids market developments. The study includes revenue forecasts at a global and regional level (2023–2030), market drivers and restraints, technology trends, application market forecasts, competitive analysis, and identification of growth opportunities. Author: Neha Tatikota
More Information
Author Neha Tatikota
Industries Energy
No Index No
Is Prebook No
Keyword 1 Microgrid Market
Keyword 2 Microgrid Industry
Keyword 3 Microgrid Market Growth
Podcast No
WIP Number PE4A-01-00-00-00