The global microgrid market size was estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period.

Some of the major factors contributing to the growth of microgrid market includes the increasing emphasis on decarbonization by end users and governments, surge in the use of microgrids for rural electrification, and growing need for reliable uninterrupted power supply. Moreover, rising instances of cyberattacks on energy infrastructures, and governments initiatives to encourage the development of microgrids will drive the growth the industry in the near future.

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Hardware segment to account for largest market share of microgrid market during forecasting period

The hardware of microgrids comprises power generators, energy storage systems, and controllers. There are several factors contributing to the growth of the market for the hardware segment, including the increasing number of microgrid projects worldwide, the decreasing costs of energy storage, and the increasing number of government initiatives to promote clean energy and minimize greenhouse gas emissions. Microgrids generate electricity from different energy sources such as renewable energy sources (solar, wind, photovoltaic (PV) cells, etc.), and non-renewable energy sources (fuel cells, diesel generators, combined heat and power (CHP) and micro-CHP, microturbines, etc.).

1 MW to 5 MW power segment likely to dominate the microgrid market between 2022 and 2027

The 1 MW to 5 MW segment accounts for the largest market share in 2022. Microgrid systems covered under this segment are mostly designed for the commercial & industrial sector, the segment also covers hospital complexes, colleges, military stations, research institutes including the National Renewable Energy Laboratory (NREL), and a few remote areas such as the Decatur Island, Washington, US, where there is high power demand because of tourism.

In this segment, microgrid systems use both renewable and non-renewable power sources, but the majority of the site uses non-CHP natural gas as their power source. Commercial & industrial is the major end user where microgrid systems with power ratings between 1 MW to 5 MW are required.

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Americas likely to dominate the market due to increasing deployment of microgrid in commercial and industrial (C&I) segment

The Americas accounted for the largest share (~40%) of the market in 2021. The microgrid market in the Americas has been studied for North America and South America.

Key players in the microgrid market include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton Corporation (US), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy (Switzerland), HOMER Energy (US), S&C Electric (US), and Power Analytics (US).

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