According to a new report published by Allied Market Research, titled, “Microgrid Market by Connectivity (Grid Connected and Off-grid Connected), Type (AC Microgrids, DC Microgrids, and Hybrid) and End User (Commercial & Industrial, Government, Healthcare, Remote, Utility, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2030,” the microgrid market size was valued at $15.88 billion in 2020, and is projected to reach at $59.74 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.
Increase in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints. However, high installation and maintenance cost hinder the market growth. Growth in demand for smart microgrid solution in commercial and industrial sectors for reliable and uninterrupted power and electricity supply is expected to be opportunistic for the microgrid market growth.
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By connectivity, it is fragmented into grid connected and off-grid connected. The grid connected segment was the highest revenue contributor accounting for $9.41 billion in 2020, and is expected to witness the fastest growth at a CAGR of 15.6% during the forecast period.
By type, the market is divided into AC microgrids, DC microgrids and hybrid. The AC microgrids segment was the highest revenue contributor accounting for $10.06 billion in 2020, and is expected to witness the fastest growth at a CAGR of 15.6% during the forecast period.
According to microgrid market analysis, the end use segment is divided into commercial & industrial, government, healthcare, remote, utility, and others. The commercial and industrial sector is expected to be the fastest growing segment registering a CAGR of 17.1% during the forecast period. However, the remote segment is the highest revenue contributor that accounted for $3.90 billion in 2020.
By region, the microgrid market trends is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor that was valued at $65.44 billion in 2020. This region is further expected to attain a market value of $27.85 billion by 2030 to grow at a CAGR of 16.4%.
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Key Findings of the Study
In 2020, the AC Microgrids segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 15.6% during the forecast period.
The remote and others segments together accounted for around 45.4% of the microgrid market share in 2020.
The AC microgrids segment if microgrid industry is projected to growth at a CAGR of 15.6% during the forecast period.
North America contributed for the major share in the microgrid market trends.