The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. Increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; government initiatives to reduce carbon footprint; the convergence of IoT in enhancing microgrid connectivity; and the advantages of cheap and clean energy storage are the major drivers for the microgrid market.
The microgrid market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Rapid technological advancements and growing industrialization in APAC are expected to create huge opportunities for players in the microgrid market in this region. The highest growth of the market in APAC can be attributed to the increasing demand for rural electrification projects and the rapidly growing manufacturing vertical in countries such as India, Taiwan, South Korea, and China. Also, a majority of the market in APAC is still untapped for microgrid technology and holds great potential.
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Microgrids are mainly of 2 types: grid connected and remote/island. Remote/island microgrid is expected to grow at a higher CAGR as there is heavy decline in the prices of solar PV and wind power sources. Also, drop in the cost of power generation compared with centralized power grids and other environmental benefits, such as less heat generation and smog, contribute to the larger share and higher growth rate of the market for remote/island microgrids.
The market for software is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.
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The market for the healthcare vertical is expected to grow at the highest CAGR between 2018 and 2023. Healthcare facilities, specifically intensive care units (ICUs), require constant backup power to maintain critical life support systems, making them potential users of microgrids. A healthcare facility or medical center requires reliable electricity, heating, and cooling for running high-tech equipment and keeping patients healthy and comfortable. The microgrid system provides significant economic and environmental benefits to the most advanced healthcare facilities, ensuring the medical center’s sustainability and reducing its carbon footprint. The increasing need for uninterrupted power supply in the healthcare vertical is the key factor contributing to the growth of this market.