U.S Microgrid Market Size Worth $10.6 Billion By 2030: IndustryARC
Apr 16, 2024
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The U.S Microgrid Market size is forecast to reach USD 10.6 billion by 2030, after growing at a CAGR of 13.1% during the forecast period 2023-2030. Microgrids are small scale localized power stations that have their own storage resource, generating plant and defined boundaries according to the latest market research report published by IndustryARC in its recent report, titled “U.S Microgrid Market Size, Share & Trends Analysis Report- By Components (Hardware, Software and Services), By Grid Type (Grid-Connected, Off Grid, Hybrid), By Area (Urban/Metropolitan, Semi Urban, Rural), By Grid Power (AC Microgrid, DC Microgrid, Hybrid), By Business Model (Purchase Power Agreement (PPA), Utility Rate Base, Owner Financing, Others), By Power Rating (<1MW, 1MW to 5MW, 5MW to 10MW, Above 10MW), By Source (Non-Renewable, Renewable, Storage System, Others), By End User (Commercial/Industrial, Community, Utility Distribution, Institutional/Campus, Military, Remote), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030’’
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Northeast U.S to Register High Growth:
Northeast Microgrid Market generated a revenue of $1.2 billion in 2022 and is projected to reach a revenue of $3.1 billion by 2030 growing at a CAGR of 12.1% during 2023-2030. The Northeast Microgrid Market is projected to experience significant growth during the forecast period. The North East region of the United States has positioned itself as the fastest-growing hub in the U.S. microgrid market, exhibiting a remarkable surge in microgrid installations and developments.
U.S Microgrid Market 2023-2030: Scope of the Report
Report Metric | Details |
Base Year Considered | 2022 |
Forecast Period | 2023–2030 |
CAGR | 13.1% |
Market Size in 2030 | $10.6 billion |
Segments Covered | Component, Grid Type, Area, Grid Power, Business Model, Power Rating, Source, End User and Region |
Geographies Covered | U.S - Northeast, Southwest, West, Midwest, Southeast, Alaska/Hawaii |
Key Market Players |
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U.S Microgrid Market Report – Key Takeaways:
- Adoption of Advanced Energy Storage Solutions
The adoption of advanced energy storage technologies is a key trend shaping the U.S. microgrid market. Energy storage systems, such as batteries, flywheels, and hydrogen storage, play a critical role in optimizing microgrid performance, balancing supply and demand, and ensuring grid stability. Advances in battery technology, cost reductions, and scalability have made energy storage more accessible and affordable for microgrid applications. Additionally, energy storage systems enable microgrids to store excess renewable energy generated during periods of low demand and discharge it when needed, enhancing grid reliability and resilience.
- Growth of MicroGrid as a Service (MaaS) market
The expansion of Microgrid-as-a-Service (MaaS) models is a significant trend in the U.S. microgrid market, offering new opportunities for deployment and financing. MaaS models allow customers to access microgrid services through third-party providers, eliminating the need for upfront capital investment and reducing financial barriers to entry. This innovative approach enables customers to benefit from the resilience and reliability of microgrids without bearing the full cost of ownership. Additionally, MaaS providers offer expertise in project development, financing, operations, and maintenance, providing end-to-end solutions that simplify the deployment and management of microgrid systems for commercial, industrial, and institutional customers.
- Growing Grid Modernization Initiatives
Grid modernization initiatives are driving the deployment of microgrids across the U.S. energy landscape. Utilities, grid operators, and policymakers are recognizing the potential of microgrids to improve grid resiliency, enhance energy efficiency, and support the integration of distributed energy resources. Microgrids can serve as a strategic tool for grid modernization efforts, enabling more efficient energy management, load balancing, and demand response capabilities. By investing in microgrid projects, utilities can enhance grid reliability, reduce transmission losses, and address capacity constraints, thereby optimizing the performance and resilience of the overall energy infrastructure.
- Financial Viability of Microgrid Deployment
Another significant challenge in the U.S. microgrid market is achieving financial viability and cost recovery for microgrid projects. While microgrids offer numerous benefits, including improved resilience, energy security, and grid flexibility, they often require substantial upfront investment and ongoing maintenance costs. Securing financing for microgrid projects can be challenging due to the perceived risk, long payback periods, and uncertainty surrounding revenue streams. Furthermore, the lack of standardized valuation methods and mechanisms for monetizing the value of microgrid benefits, such as reliability, grid support services, and emissions reductions, complicates the business case for microgrid development and deployment.
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Key Opportunity Analysis:
Grid Resilience
Microgrids offer a decentralized energy solution that can operate independently or in conjunction with the main grid during outages or emergencies. By incorporating distributed energy resources (DERs) such as solar panels, wind turbines, and energy storage systems, microgrids provide localized generation and storage capabilities that improve grid stability and reliability. In regions prone to extreme weather events, natural disasters, or grid disruptions, microgrids can serve as critical infrastructure to ensure uninterrupted power supply to essential facilities such as hospitals, emergency shelters, and military bases. Additionally, microgrids can support grid resiliency by reducing strain on the main grid, mitigating transmission and distribution losses, and providing ancillary services such as frequency regulation and voltage support..
Rising Integration of Renewable Energy
Microgrids offer a flexible platform for integrating renewable energy sources such as solar, wind, and biomass into the energy mix, enabling localized generation and consumption of clean electricity. By leveraging solar panels, wind turbines, and other renewable technologies, microgrids can reduce reliance on fossil fuels, lower carbon emissions, and promote environmental sustainability. Furthermore, advances in energy storage technologies such as batteries and hydrogen storage enable microgrids to store excess renewable energy generated during periods of low demand and discharge it when needed, enhancing grid flexibility and stability. As states and municipalities implement ambitious renewable energy targets and transition to a low-carbon economy, the demand for microgrid solutions that facilitate renewable energy integration is expected to increase.
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The Report also Covers the Following Areas:
- S Microgrid Market Size and Forecast
- S Microgrid Market Trends
- S Microgrid Market Analysis by Grid Type
U.S Microgrid Market2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- S Microgrid Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the U.S Microgrid Market
Covid and Ukrainian Crisis Impact:
The Covid-19 pandemic disrupted supply chains, delayed project timelines, and constrained financial resources, leading to project cancellations and delays. Additionally, travel restrictions and social distancing measures hindered onsite installations and maintenance activities, further impeding market growth.
Geopolitical tensions and economic uncertainties resulting from the Russia-Ukraine war have introduced volatility in commodity prices, supply chains, and financing, posing challenges for microgrid development and deployment. Navigating these challenges requires resilience, adaptability, and strategic planning to sustain growth and innovation in the U.S microgrid market amidst a rapidly changing global landscape.
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List of Key Market Players in U.S Microgrid Market:
The key companies profiled in the U.S Microgrid Market Report are listed below:
- Hitachi Energy Ltd
- General Electric Company
- Siemens
- Schneider Electric
- Honeywell
- Eaton Corporation plc
- AWS TruePower
- S&C Electric Company
- Bloom Energy
- BoxPower Inc.
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Rooftop Solar Market - The global rooftop solar market size was valued at $62.4 billion in 2019 and is projected to progress at a compound annual growth rate (CAGR) of 6.9% from 2020 to 2025. Major factors contributing towards driving the market are rising deployment of renewable energy for electricity generation coupled with abundant availability of solar energy in most parts of the world.
MicroWind Turbine Market - The Global Micro Wind Turbine Market size is forecast to reach $297.1 Million by 2027, growing at a CAGR of 6.5% from 2022 to 2027. Micro Wind Turbine is a part of electricity-generating wind turbines with an operating capacity of up to 100 kilowatts and is involved in generating clean electricity in various locations, from urban localities to rural areas without any access to centralized grids.
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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
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Contact Information:
Mr. Venkat ReddyIndustryARC
Email: sales@industryarc.com
USA: (+1) 518 282 4727
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