Asia-Pacific Microgrid Market, By Connectivity (Grid Connected, Off-Grid Connected), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Pattern (Urban/Metropolitan, Semi Urban, Rural/Island), Offering (Hardware, Software and Services), Source (Diesel Generators, Natural Gas, Solar PV, CHP and Others), Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel and Others), Application (Healthcare, Educational Institutes, Government, Military, Utility, Industrial/Commercial, Remote and Others) - Industry Trends and Forecast to 2029.
Market Analysis and Size
In past years, microgrid are widely being preferred over traditional electrical grids as they are more efficient and combined with various renewable sources such as wind power, waste-to-energy, geothermal, solar, small hydro, and combined heat and power (CHP) systems.
These grids are capable of being powered by distributed generators, batteries or solar panels. Microgrid are considered a reliable source of electricity as they operate continuously. Asia-Pacific Microgrid Market was valued at USD 1.05 billion in 2021 and is expected to reach USD 66.47 billion by 2029, registering a CAGR of 43.50% during the forecast period of 2022-2029. “Grid Connected” in the connectivity segment is expected to witness high growth during the forecast period due to the expansion of utility-based grid networks globally. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Microgridare a managed network of linked charges and a combination of technologies such as electricity generation, transmission and distribution. A microgrid is a localized group of electricity sources and sinks which can also operate through off-grid and remote areas in disconnected mode. A microgrid is an independent energy system can connect and disconnect from the grid to enable it to operate in both grid-connected or island-mode.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Connectivity (Grid Connected, Off-Grid Connected), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Pattern (Urban/Metropolitan, Semi Urban, Rural/Island), Offering (Hardware, Software and Services), Source (Diesel Generators, Natural Gas, Solar PV, CHP and Others), Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel and Others), Application (Healthcare, Educational Institutes, Government, Military, Utility, Industrial/Commercial, Remote and Others)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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Eaton Corporation (US), Siemens Ag (Germany), Schneider Electric SE (France), ABB (Switzerland), Caterpillar Inc (US), Homer Energy LLC (US), EnSync Energy Systems (US), Lockheed Martin Corporation (US), Hitachi, Ltd. (Japan), Honeywell International (US), Exelon Corporation (US), TOSHIBA CORPORATION (Japan), Advanced Microgrid Solutions (US), Viridity Energy, Inc (US) and Tesla (US), among others
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Market Opportunities
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Asia-Pacific Microgrid Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Penetration of Distributed Energy Resources
The rise in penetration of distributed energy resources (DER’s) due to the rapid commercial and industrial development is one of the major factors driving the growth of microgrid market. The increase in the focus on decarbonization by various end users and governments have a positive impact on the market.
- Demand for Uninterrupted Power Supply
The rise in the demand for uninterrupted and resilient power supply accelerate the market growth. Also, increase in electrification rate largely across the developing economies assist in the expansion of the market.
- Demand from Various Industries
The surge in adoption of software across various end-user segments, such as industrial, healthcare, commercial and government for managing and controlling distributed energy resources. The rise in instances of cyberattacks on energy infrastructures is further escalating the market growth.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the microgrid market.
Opportunities
Furthermore, increase in number of microgrid projects for different verticals extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, government support to encourage development of microgridwill further expand the market.
Restraints/Challenges
On the other hand, huge installation and maintenance costs of microgridis expected to obstruct market growth. Also, lack of standard and regulatory frameworks related to microgrid operations and technical challenges of island mode microgridare projected to challenge the microgridmarket in the forecast period of 2022-2029.
This microgrid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on microgrid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Asia-Pacific Microgrid Market
The COVID-19 had a negative impact on the microgrid market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand microgrid market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the microgrid market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Recent Developments
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In June 2020, Singapore-based energy company Canopy Power partnered with EDF on the development of renewable energy microgrid in Asia.
Global Asia-Pacific Microgrid Market Scope and Market Size
The microgrid market is segmented on the basis of connectivity, grid type, pattern, source, storage, offering and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of connectivity, the microgrid market has been segmented as grid connected and off-grid connected.
Based on grid type, microgrid market has been segmented into AC microgrid, DC microgrid and hybrid.
On the basis of source, the microgrid market has been segmented into diesel generators, natural gas, solar PV, CHP and others.
On the basis of storage, the microgrid market has been segmented into lithium-ion, lead acid, flow batteries, flywheel and others.
The microgrid market has also been segmented on the basis of end user into healthcare, educational institutes, military, utility, industrial/commercial, government, remote and others.
On the basis of pattern, the microgrid market has been segmented into urban/metropolitan, semi urban and rural/island.
On the basis of offering, the microgrid market has been segmented into hardware and software and services. Hardware is further segmented into power generators, energy storage systems and controllers.
Asia-Pacific Microgrid Market Regional Analysis/Insights
The microgrid market is analysed and market size insights and trends are provided by country, connectivity, grid type, pattern, source, storage, offering and application as referenced above.
The countries covered in the microgrid market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
Japan, China and India will dominate the growth in the Asia-Pacific microgrid market owing to the industrial development and supporting government initiatives as China’s thirty five-year plan for electricity development, national solar mission of India and many more.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Microgrid Market
The microgrid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to microgrid market.
Some of the major players operating in the microgrid market are
- Eaton Corporation (US)
- Siemens Ag (Germany)
- Schneider Electric SE (France)
- ABB (Switzerland)
- Caterpillar Inc (US)
- Homer Energy LLC (US)
- EnSync Energy Systems (US)
- Lockheed Martin Corporation (US)
- Hitachi, Ltd. (Japan)
- Honeywell International (US)
- Exelon Corporation (US)
- TOSHIBA CORPORATION (Japan)
- Advanced Microgrid Solutions (US)
- Viridity Energy, Inc (US)
- Tesla (US)
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