North America Microgrid Market, By Grid Type (Alternate Current Microgrid, Direct Current Microgrid, and Hybrid), Connectivity (Grid Connected and Remote/Island), Offering (Hardware, Software and Services), Vertical (Healthcare, Educational Institutions, Industrial, Military and Electric Utility), Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar, Fuel Cells, and Others), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2029
Market Analysis and Insights of Microgrid Market
Growing focus on the technological advancements by the major manufacturers, rising up gradation of existing infrastructure with advanced systems, rising demand for stable and safe global power supply are the major factors attributable to the growth of microgrid market. Data Bridge Market Research analyses that the microgrid market will exhibit a CAGR of 12.50% for the forecast period of 2022-2029.
Microgrids are distributed energy resource solution consisting of power generation system, distribution system, and controls. A microgrid provides power backup for the grid in case of emergencies as it is a self-reliant energy system that serves an isolated or discrete geographic footprint.
Rising globalization and growth in the demand for clean energy will emerge as the major market growth driving factor. Growing awareness about the advantages of green power production technologies such as hybrid systems, combustion turbines and wind systems, surging focus of the government on reducing the carbon footprint, and widespread industrialization will further aggravate the market value. Growing expenditure to undertake research and development proficiencies, availability of reliable, stable and affordable power and growing demand for off grid electricity will further carve the way for the growth of the market.
However, dearth of knowledge and technological expertise and lack of knowledge about procedures to secure license right for connecting multisite microgrids will act as growth restraints for the market. Large scale technological limitations in the underdeveloped economies and high installation and maintenance costs will further dampen the growth rate of the market.
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 localised 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, geographical 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.
North America Microgrid Market Scope and Market Size
The microgrid market is segmented on the basis of grid type, connectivity, offering, vertical and power source. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- Based on grid type, the microgrid market is segmented into alternate current microgrid, direct current microgrid and hybrid.
- Based on connectivity, the microgrid market is segmented into grid connected and remote/island.
- Based on offering, the microgrid market is segmented into hardware, software and services.
- Based on vertical, the microgrid market is segmented into healthcare, educational institutions, industrial, military and electric utility.
- Based on power source, the microgrid market is segmented into natural gas, combined heat and power, diesel, solar, fuel cells and others.
Microgrid Market Country Level Analysis
The microgrid market is analysed and market size, volume information is provided by country, grid type, connectivity, offering, vertical and power source as referenced above.
The countries covered in the microgrid market report are U.S., Canada and Mexico.
U.S. in North America region dominates the market owing to the availability of reliable, stable and affordable power and rising technological advancements.
The country section of the microgrid market 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 such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, 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 Microgrid Market Share Analysis
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 GENERAL ELECTRIC COMPANY, AMS, Eaton., Schneider Electric, Caterpillar., ABB, enSYNC Corporation., Lockheed Martin Corporation, Power Analytics Corporation, TOSHIBA CORPORATION, Viridity Energy, Inc., Tesla, LO3 Energy, HOMER Energy LLC, CleanSpark, PowerSecure, Inc., Primus Power, Powin Inc., and NICIRA among others.