Europe Microgrid Market Insights Forecasts to 2032
- The Europe Microgrid Market Size was valued at USD XX Billion in 2022.
- The Market Size is Growing at a CAGR of 10.5% from 2022 to 2032.
- The Europe Microgrid Market Size is expected to reach XX Billion by 2032.
- Europe is expected to Grow the fastest during the forecast period.
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The Europe Microgrid Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 10.5% during the forecast period 2022 to 2032.
A microgrid is a unique energy system made up of interconnected loads and distributed energy resources that can operate in parallel with, or independently of, the main power grid. Microgrids are small-scale power networks that transfer electricity from sources to consumers. They help to reduce overall expenses while also providing grid backup in the event of a power loss. Microgrids are more efficient than traditional power grids and can be connected with a range of renewable energy sources, including solar, wind, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. A microgrid is an energy system that is self-sufficient and provides a specific geographic footprint, such as a college campus, hospital complex, business center, or community. They can also be powered by batteries, distributed generators, and solar panels. Furthermore, they are also a dependable source of electricity because they work continuously during power outages. In a microgrid component, generation, storage, and demand are all contained within a bounded and controlled network. It could be connected to the grid or not. Different end-users have different needs from their energy supply systems.
This research report categorizes the market for Europe Microgrid Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe Microgrid Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Europe Microgrid Market.
Europe Microgrid Market Report Coverage
|Market Size in 2022:||USD XX Billion|
|Forecast Period 2022-2032 CAGR:||10.5%|
|2032 Value Projection:||USD XX Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Grid Type , By Connectivity , By Source, By Storage, ), By Application, By Country and COVID-19 Impact Analysis|
|Companies Covered:||Siemens, Schneider Electric, CUMMINS INC, ABB, Caterpillar, Hitachi, Honeywell International, and Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenges, Future, Growth, & Analysis|
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The shift in trends toward gas-based power generation will fuel the natural gas-based microgrid industry. The energy sector is undergoing significant transformations in order boost efficiency, reduce emissions, and effectively deploy technology to balance costs and benefits. Power-to-gas technology, which may be utilized for a variety of purposes in electrical systems, is one emerging alternative. Furthermore, favorable government norms and policies aimed at integrating sustainable and efficient power-generating sources have increased the region's microgrid infrastructure. Moreover, increase in demand for uninterrupted and reliable power supply for various applications. Massive networks are now being developed across the region, connecting electricity plants to homes and businesses via wires. Large, remote power plants are now connected to centralized power grids, which use fossil fuels to deliver power across different areas and countries.
Uncertainty in-laws and regulations related to distributed energy generation are expected to restrain the market growth over the forecast period. Despite the growing interest in distributed energy production, there are no clear rules, policies, or regulatory bodies governing the impact of distributed generation (DG) integration into electric power systems. For these systems to prosper, well-defined policies and regulatory instruments related to DG grid penetration are essential.
- In 2022, the AC microgrid segment accounted for the largest revenue share over the forecast period.
Based on the grid type, the Europe Microgrid Market is segmented into AC microgrid, DC microgrid, and hybrid. Among these, the AC microgrid segment has the largest revenue share over the forecast period, owing to key product attributes like as lower heat generation, lower transmission losses, and effective high-end voltage levels. Continuous technical improvements, such as the development of power generation systems, advanced energy storage technologies, and software, are expected to drive product demand. The decreasing cost of renewable energy and storage technologies will stimulate their deployment.
- In 2022, the grid connected segment accounted for the largest revenue share over the forecast period.
On the basis of connectivity, the Europe Microgrid Market is segmented into grid connected and off-grid. Among these, the grid connected segment has the largest revenue share over the forecast period. The ongoing development of utility-based grid networks to include sustainable power networks, together with a shift in consumer focus toward supply security, will have a beneficial effect on grid-connected microgrid implementation. The development of Tier II and III cities, as well as the increasing modernization of small-scale companies, will drive the expansion of the European microgrid market. The market landscape will be augmented by large-scale renewable energy integration, reducing component prices, and government-aided regulations.
- In 2022, the diesel generators segment is expected to hold the largest share of the Europe set microgrid market during the forecast period.
Based on the source, the Europe Microgrid Market is classified into diesel generators, natural gas, solar PV, CHP, and others. Among these, the diesel generators segment is expected to hold the largest share of the Europe Microgrid Market during the forecast period. Rapid industrialization, combined with the implementation of large-scale energy-producing facilities, will increase demand for diesel generator-powered microgrid systems. Rising demand for heavy-duty generators in a variety of industrial industries will drive product adoption even further. The product incorporates significant benefits such as lower overall installation costs and a longer life cycle, promoting market expansion.
- In 2022, the lithium-ion segment is expected to hold the largest share of the Europe set microgrid market during the forecast period.
Based on the storage, the Europe Microgrid Market is classified into lithium-ion, lead acid, flow batteries, flywheel, and others. Among these, the lithium-ion segment is expected to hold the largest share of the Europe Microgrid Market during the forecast period. The regulatory focus is on the development of dependable and efficient large-scale grid storage technology. The ongoing deployment of renewable energy sources such as solar, hydro, and wind energy has accelerated the adoption of these systems. Growing cross-border transmission network expansion, combined with rising concerns for energy-efficient electric corridors, will drive market growth significantly.
The report offers the appropriate analysis of the key organizations/companies involved within the Europe Microgrid Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Schneider Electric
- CUMMINS INC
- Honeywell International
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In March 2022, Siemens installed the Middle East's first industrial microgrid, allowing Qatar Solar Energy (QSE) to lower electricity costs, reduce carbon emissions, and benefit from a more stable power supply.
- In January 2021, ABB had driven the global deployment of microgrids to provide smart and sustainable solutions for a society that requires a significant shift toward renewables to meet global yearly greenhouse gas reductions.
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Europe Microgrid Market based on the below-mentioned segments:
Europe Microgrid Market, By Grid Type
- AC Microgrid
- DC Microgrid
Europe Microgrid Market, By Connectivity
- Grid Connected
Europe Microgrid Market, By Source
- Diesel Generators
- Natural Gas
- Solar PV
Europe Microgrid Market, By Storage
- Lead Acid
- Flow Batteries
Europe Microgrid Market, By Country
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