Microgrids find utility in residential, commercial, industrial, community, and critical infrastructure settings, offering energy resilience, improved efficiency, and reduced carbon emissions. They enhance energy security during power outages, lower electricity costs, and support sustainability goals by integrating renewable energy sources. It contributes to grid stability and local economic development while granting users greater control over their energy supply, fostering energy independence. This growing market reflects the increasing recognition of microgrids as a means to promote energy security, sustainability, and cost savings throughout Europe.
According to Data Bridge Market Research analyses the Europe Microgrid Market is expected to reach the value of USD 7,295.30 million by 2029, at a CAGR of 15.6% during the forecast period 2029.
"The rise of natural gas fuels the growth in microgrid market"
The natural gas-based microgrid industry is experiencing significant growth driven by fundamental factors in the energy sector. A notable shift towards gas-based power generation, coupled with the emergence of power-to-gas technology, has positioned natural gas microgrids as a versatile and efficient solution within electrical systems. Supportive government norms and policies aimed at integrating sustainable power sources, coupled with a focus on efficiency and emission reduction, contribute to the industry's momentum. Additionally, a strategic deployment of technologies that consider the trade-off between costs and benefits further fuels the adoption of natural gas microgrids.
What restraints the growth of the Europe microgrid market?
“Regulatory challenges associated with the market growth”
The European microgrid industry faces a significant challenge due to the lack of clear and standardized rules and regulations governing energy generation. The existing regulatory landscape varies widely among countries, creating obstacles for companies and communities aiming to establish microgrids. Obtaining the necessary permits and approvals is a cumbersome and time-consuming process, compounded by the ambiguity surrounding the integration of microgrids with the primary power grid and energy markets.
Segmentation: Europe Microgrid Market
The Europe microgrid market is segmented on the basis of connectivity, offering, pattern, source, storage, grid type, capacity, control, and application.
- On the basis of connectivity, the Europe microgrid market is segmented into off-grid/island/remote, grid connected
- On the basis of offering, the Europe microgrid market is segmented into hardware, software, services
- On the basis of pattern, the Europe microgrid market is segmented into urban, semi-urban, remote island
- On the basis of source, the Europe microgrid market is segmented into diesel generators, chp, solar Pv, natural gas, others
- On the basis of storage, the Europe microgrid market is segmented into lithium-ion, lead acid, solar batteries, flywheel, others
- On the basis of grid type, the Europe microgrid market is segmented into AC microgrid, DC microgrid, hybrid microgrid
- On the basis of capacity, the Europe microgrid market is segmented into less than 5,000 MW, 5,001 – 10,000 MW, 10,001 – 15,000 MW, more than 15,000 MW
- On the basis of control, the Europe microgrid market is segmented into (primary (local control), secondary, tertiary (optimization) control
- On the basis of application, the Europe microgrid market is segmented into remote location, utility, industrial, campus, military, smart cities, data centers, hospital, school, others
Regional Insights: Germany dominates the Europe Microgrid Market
In Europe, Germany holds a dominant due to its advanced infrastructure, commitment to sustainability, innovative wood-based products, and government support. This dominance is reinforced by a growing reliance on wood, its sustainability and versatility in applications such as construction and renewable energy.
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Recent Developments in Europe Microgrid Market
- In March 2022, Siemens successfully implemented the Middle East's inaugural industrial microgrid at Qatar Solar Energy (QSE), resulting in reduced electricity expenses, diminished carbon emissions, and enhanced power supply stability
- In January 2021, ABB spearheaded the global expansion of microgrids, delivering intelligent and eco-friendly solutions to address the urgent need for a substantial shift towards renewable energy sources to combat global annual greenhouse gas emissions effectively
The Prominent Key Players Operating in the Europe Microgrid Market Include:
- ABB (Switzerland)
- Rolls-Royce plc (U.K.)
- Schneider Electric (France)
- Cummins Inc. (U.S.)
- Siemens (Germany)
- Caterpillar (U.S.)
- General Electric U.S.)
- Tesla (U.S.)
- Black & Veatch Holding Company (U.S.)
- Honeywell International Inc. (U.S.)
- Eaton (Ireland)
- Norvento Enerxía (Spain)
- InnoVentum (Sweden)
- Hitachi Energy Ltd. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Europe microgrid market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Microgrid Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.