A recent market research report by Report Ocean predicts that the global microgrid market will reach a value of $62.2 billion by 2030, growing at a compound annual growth rate of 15% from 2022 to 2030. The report analyzes the market in over 150 countries and utilizes various analytical approaches to forecast its growth.
Microgrids are localized energy networks that can operate independently or in connection with a centralized grid. They are self-sustaining and can provide energy to various establishments, such as hospitals, college campuses, and business centers. Microgrids reduce harmful emissions, increase efficiency, and optimize the use of renewable resources to predict long-term energy costs.
The demand for reliable and secure power supply in the commercial and industrial sectors, coupled with government initiatives to reduce carbon emissions, is expected to drive the growth of the microgrid market. The rapid uptake of software for managing and controlling distributed energy resources is also expected to support market growth. The growth of smart cities, increasing consumer demand, and the adoption of ruggedized computers will contribute to the market’s expansion as well.
The COVID-19 pandemic has had a negative impact on the microgrid market, as manufacturing and industrial sectors have slowed down. Lockdown measures and temporary shutdowns in many countries have reduced the maintenance requirements of various industries, leading to a decline in market demand. However, the Asia Pacific region is expected to experience the fastest growth in the microgrid market due to high rates of rural electrification and the need for cost-effective microgrids in unconnected islands and emerging economies.
Sources: Report Ocean