Microgrid Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The microgrid market is anticipated to reach USD 24.85 billion by 2027, registering a CAGR of more than 14.2% during 2022-2027. In 2020, the market was negatively impacted due to the COVID-19 pandemic. In Q1 2020, key countries like United States and India witnessed the lowest microgrid installations in the last four years. The microgrid market is expected to have a robust growth during the forecast period, primarily due to two main factors, i.e., the global demand for clean energy generation and a self-sufficient source of power generation in times of crisis or grid disconnection. However, the microgrid market is likely to be hindered by high capital cost and technical design problems as the developers have to ensure a symbiotic relationship between the main grid and the microgrid if the microgrid is connected to the grid.
Key HighlightsThe microgrid market is moderately consolidated. Some of the major players include Hitachi Energy Ltd, General Electric Company, Siemens AG, Eaton Corporation PLC, and Schneider Electric SE.
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