Microgrid Market 2021: Global Market Size, Competitive Landscape, and Key Country Analysis to 2021

The global microgrid market registered a market value of $12 billion in the year 2016 and is estimated to reach $23 billion in 2021 registering a compound annual growth rate of 14.0% between 2016 and 2021. The Americas were the highest growing market in 2016, with an estimated growth rate of 22% over the previous year. This market had 62.0% of the global market share in 2016. Asia-Pacific was the second-largest market, representing 23.0% of the market share followed by Europe, Middle East, and Africa (EMEA) with a 15.0% share.

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The latest report, "Microgrids, Update 2017 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2021" offer comprehensive information and understanding of the global microgrid market. The report analysis the current trend and future potential of microgrids market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (the US, Canada, Brazil, India, China, Japan, Australia, Russia, South Africa, and the UK) level. The report analyzes the microgrid market value for the year 2011, 2016, and 2021.

The microgrids dominance in the US is attributed to market readiness, technology advancement, and multiple state funding and government aids that support project deployment. It is a known fact that microgrids require upfront capital investment which may be high depending on the type of project. Both federal and state governments have come forward to support the technology.

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The major drivers for the microgrid market include resiliency, reliability, grid support, being environmentally friendly, and asset optimization. On the other hand, the challenges include legislative and regulatory framework, lack of end-user acceptance, and cost of microgrid technology along with financial constraints. Between 2017 and 2021, the market is expected to move to the next stage, from test-bed and demonstration phase to commercializing projects.

The report covers, an insight into the market in terms of value for the years 2011, 2016, and 2021, key projects, government and state funding initiatives, competitive landscape, and case studies. The report is written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData's team of industry experts.

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