Microgrid Market size was valued at USD 54.41 billion in 2022 and is poised to grow from USD 63.28 billion in 2023 to USD 211.79 Billion by 2031, at a CAGR of 16.3% during the forecast period (2023-2031).
Microgrid market is rapidly evolving driven by increased acceptance of renewable energy sources, modernizations, and growing concern for climate change. Moreover, improvements in grid infrastructure are considered the most attention-seeking development, leading to the rise of microgrids in the past few years.
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Among many ongoing trends observed in the microgrid, grid modernization is leading the market. The grid operators and utilities are focusing on incorporating microgrids in grid improvement and demand-side flexibility plans to support optimal management of intermittent and variability nature of the sources of renewable energy. Augmented and deeper carbonization of supply-side needs flexible framework like microgrids. This guarantees better reliability and accessibility of grids under extreme temperatures. The market will show more advancements in the forthcoming years that will be competent enough of managing added distributed energy resources intersected to the grid. To enable this, digitalization will be under high focus and the enterprise tools will be advanced further. Another trend seen in the industry is demand-side management tools improvements. The need for improved grid flexibility will be allowed by improvements in machine learning and AI, playing major roles in detecting, aggregating, and elevating demand-side resources in grid flexibility plans, resulting in highly efficient grid management.
Rise of Microgrids and Virtual Power Plants to Support Sustainable & Reliable Energy Infrastructure
The VPPs, elongated as Virtual Power Plants,are expected to combine distributed energy resources like battery storage and rooftop solar panels. These virtual power plants can efficiently contribute to the supply grid support services and extensive electricity markets. At present, this is largely seen in the Asia-Pacific and the United States markets to decrease or control peak demand, reduce emissions, and expand capital efficiency and asset utilization. Microgrids and virtual power plants will continue their prominence. Hence, the differences between the two concepts will become less important. Virtual power plants and microgrids, together can deliver major synergies to design more sustainable and reliable electricity infrastructure, while delivering enormous economic advantages to customers and grid.
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In April 2024, Eaton, Smart power management firm announced a major clean energy project at its manufacturing building in Arecibo, Puerto Rico. Here, the company designs and manufactures circuit breakers widely used in buildings, homes, and in industrial uses.
In March 2022, Siemens AG will install the 1st microgrid of the Middle East specially produced for industrial applications with (QSE) Qatar Solar Energy with an aim to decrease CO2 emissions, cutting down electricity cost, and having a highly stable supply of electricity.
In May 2024, Bloom Energy, leading provider of solid oxide fuel-cell technology, declared a power capacity contract with Intel Corporation. The aim of this will lead to Silicon Valley’s biggest hi-performance fuel cell-enabled computing data center.
In May 2024, Schneider Electric introduced its microgrid solution Villaya Flex. This was presented by the company at the 2024 Alliance for Rural Electrification Energy Access Investment Forum.
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Virtual Power Plants & AI-Based Grid Improvements to Emerge Remarkably Over the Forecast Period
Today, artificial intelligence-enabled grid optimization along with virtual power plants are gaining popularity owing to their capability to precisely balance power distribution and production. Moreover, the rising adoption of electric vehicles on the global scale and their auxiliary infrastructure is encouraging the implementation of microgrid-as-service. Recognizing new prospects and developing technologies to adopt in businesses plays a key role in gaining a competitive advantage.
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