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Description

The global microgrids market will experience strong revenue growth, increasing from $8.85 billion in 2021 to $19.55 billion in 2030. North America and Asia-Pacific (APAC) will be the leading markets from 2021 to 2030. However, APAC will outpace North America and hold the highest share in the long term, focusing on remote microgrids. With largely secure grid infrastructure, the European Union has limited microgrid developments to a few pockets, such as physical island markets and rural markets in Eastern European countries that still suffer from grid reliability issues. The European market will account for 9.5% of the world market. Industrial, commercial/campus, and rural/island grids held the major global application segments. Commercial/campus grids are a significant application segment in North America, whereas rural/island grids have the highest growth in APAC.

The decarbonization of microgrids and the decreasing solar and storage costs have emphasized the hybridization and integration of 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). A growing demand has emerged for modular containerized solutions with photovoltaic (PV) inverters, batteries, power converters, and protection and control systems. 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 a 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.

Upfront capital investments, complex operations, and associated risks have led to a growing preference for OPEX-based business models. Vendors are using the Microgrid-as-a-Service (MaaS) business model in developed and developing regions. Offerings such as Outcome-as-a-Service, which entails operation and maintenance (O&M), financing and energy sustainability, and optimization, will be a success factor in the future. Business models will vary depending on application and geographic location, but a hybrid business model will represent the primary growth model. The market comprises many active participants, and more companies plan to enter this space. The leading companies offer turnkey solutions and as-a-service models.

Frost & Sullivan’s research service on global microgrids provides insights into the latest market developments. The study includes revenue forecasts at a global and regional level (2022–2030), driving and restraining forces, technology trends, application market forecasts, competitive analysis, and identification of growth opportunities. The regional analysis breaks the market into North America, Europe, Asia-Pacific, and Rest of World (ROW).

Key Issues Addressed

  • How big is the global microgrids market? At what rate is it expected to grow?
  • What are the end-user application segments? Which segment will present the best growth opportunities in the next 7 years?
  • What are the key drivers and restraints for market growth and what impact will they have during the forecast period?
  • What are the growth opportunities and where do they exist for market participants?
  • What are the growth markets, how long will they continue to grow, and at what rate?
  • Which technology trends are transforming the global market?
  • What are the global and regional market trends?
  • Who are the key participants in this space?

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™

Key Findings

Scope of Analysis

Acronyms

Microgrids—Overview

Microgrid Benefits Versus Attributes

Value-Added Services of Smart Microgrids

Microgrids Vital to Grid Transformation

Key Growth Metrics

Growth Drivers

Growth Restraints

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast by End User

Revenue Forecast Analysis—Microgrids

Revenue Forecast Analysis by Region—Microgrids

Supplier Capability Matrix

Supplier Capability Matrix (continued)

Supplier Capability Matrix (continued)

Key Growth Metrics for North America

Revenue Forecast for North America

Revenue Forecast by End User

Revenue Forecast Analysis—North America

Key Growth Metrics for Europe

Revenue Forecast for Europe

Revenue Forecast by End User

Revenue Forecast Analysis—Europe

Revenue Forecast Analysis—Europe (continued)

Key Growth Metrics for APAC

Revenue Forecast for APAC

Revenue Forecast by End User

Revenue Forecast Analysis—APAC

Revenue Forecast Analysis—APAC (continued)

Key Growth Metrics for ROW

Revenue Forecast for ROW

Revenue Forecast by End User

Revenue Forecast Analysis—ROW

Evaluation of Business Models—Critical Considerations in Model Selection

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

Microgrids Business Models Schematic—Customer-funded/Ownership Case

Microgrids Business Models 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)

The Hybrid Model—Greatest Investment Flexibility While Mitigating Project Risks

Utilities and Microgrid Development

Growth Opportunity 1: Strategic Partnerships to Enable Flexible aaS Business Models Targeting a Wide Variety of Customer Types

Growth Opportunity 1: Strategic Partnerships to Enable Flexible aaS Business Models Targeting a Wide Variety of Customer Types (continued)

Growth Opportunity 2: Microgrids to Set Stage for DERMS Projects and Grid Modernization for Greater Value Creation

Growth Opportunity 2: Microgrids to Set Stage for DERMS Projects and Grid Modernization for Greater Value Creation (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 Networks and Decentralizing Energy Supply

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

Growth Opportunity 5: DC Microgrids Enabled by Smarter Decisions

Growth Opportunity 5: DC Microgrids Enabled by Smarter Decisions (continued)

Growth Opportunity 6: Modular Microgrids, a Quick Fix and Scalable Solution for the Precise Goals of Specific Customers

Growth Opportunity 6: Modular Microgrids, a Quick Fix and Scalable Solution for the Precise Goals of Specific Customers (continued)

List of Exhibits

List of Exhibits (continued)

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