Microgrid Market Regional Analysis:
North American Market Insights
The North America microgrid market share is anticipated to surpass 38% by 2035. The market growth is driven by increasing need for reliable and uninterrupted power supply, especially in remote and rural areas, and the increasing popularity of renewable energy sources such as solar and wind energy. Additionally, the government's supportive initiatives and incentives towards the development of smart grids in the region will impel the regional market revenue. It is estimated that approximately 9,000 electric generating units with a combined generating capacity of more than 1 million megawatts connect to more than 600,000 miles of transmission lines through the U.S. electric grid. Moreover, the increasing number of microgrid projects, and the growing emphasis of governments to build a clean future and support the natural resources sectors in the region will boos the market size.
APAC Market Insights
The Asia Pacific microgrid market is estimated to hold 30% revenue share by the end of 2035, propelled by rapid electrification of rural areas in several Asian countries, namely India, Malaysia, and the Philippines, and rising development activities to improve the electricity infrastructure. Further, high demand for power in rural areas is anticipated to drive the microgrid market in the region. An average of 39 kWh of electricity is consumed by rural households in India each month, according to a survey. Rural areas often lack access to reliable power grids, which makes them prime candidates for microgrid systems. Compared to centralized power grids, microgrids are more dependable, cost-efficient, and enable rural communities to generate and store their own energy.
Europe Market Insights
The microgrid market in the Europe will observe significant growth till 2035. The increasing focus of the governments of the European countries on the development of smart grids and the rising demand for power from both, the residential and commercial sectors are the primary factors that are fueling the market growth in the Europe. In November 2021, the United Kingdom earned a microgrid project to serve the people and businesses of Grove Park in Lewisham East, incorporating a 500kW renewable energy system and energy storage system, as well as smart grid management. Additionally, the high rates of energy losses experienced in the traditional power systems are encouraging the adoption of microgrids, as these systems can help reduce the energy losses and provide a more efficient power supply.
