A Micro grid is a localized small-scale power grid that can operate independently or connected to or synchronous with traditional centralized electric grid. The minimum criteria for any local grid to qualify as a micro grid is having its own power resources, loads, generation and definable boundaries.
They are used for backup power in times of high demand. It can be powered by batteries, distributed generators and/or renewable resources. It can not only provide backup for emergencies but also be used to cut costs or connect to a local resource that is too small for traditional use.
It enables communities to be more energy independent and environment friendly. A switch can separate micro grid from traditional grid automatically or manually. It comes in a variety of sizes and designs.
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The global micro grid market is expected to grow to an estimate of US $38.99 Billion at a CAGR of 12.45%.
Growing demand for automated grid system and enhancement in micro grid connectivity through IoTare expected to be the major drivers for growth in the micro grid market. The hardware segment is expected to hold the largest market share offering a complete micro grid solution in comparison to the software segment.
Captive power generation systems in manufacturing sector to reduce dependence on regional electric grids for electricity supply is also a key factor for driving market growth. Increased spending on development of new prototypes is expected to open new markets. The rapidly growing mining vertical and need for rural electrification in developing economies is likely to further boost the demand for micro grids.
Based on offering, the micro grid market is segmented into hardware, software and services. Based on connectivity, it can be segmented into Grid connected or Remote/Island connected. Based on grid type, it is segmented into AC micro grid, DC micro grid and hybrid.
Based on industry vertical, it can be divided into Healthcare, Educational Institutions, Industrial, Military, Electric utility among others. Remote micro grids accounted for 45% of the total market share and was the dominating segment. It will reduce the overall cost of electricity consumption as well as fossil fuel consumption.
Geographically, the micro grid market is Europe, America, APAC and Rest of the World. North America is expected to contribute to over 71% of the total market share by revenue. The increasing number of solar PV grids in the western and north eastern region of US is expected to positively impact growth.
The rise in the number of initiatives from the US government for the implementation of energy-efficient power solutions along with rapid advances in the energy sector will spur the development of microgrid projects in this region.
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Some of the key players in the Industry are Siemens AG, Exelon, GE, Lockheed Martin Corporation, Lockheed Martin Corporation, ABB Group, Power Analytics, Toshiba Corporation, Honeywell International Inc, ZBB Energy Corporation, Echelon Corporation and Schneider Electric.
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