In 2018, the global microgrid market reached $222.2 billion

According to the latest report from Markets and Markets, the global microgrid market will grow from $22.
22 billion in 2018 to $39.
1 billion in 2023, with a CAGR of 11.
97%
during the period.

In 2018, the global microgrid market reached $22.
22 billion

The growth of the microgrid market can be attributed to government initiatives to reduce carbon footprint, demand for reliable and safe electricity, and advantages
of cheap clean energy storage.

There are two main types of microgrids: grid-tied microgrids and remote/island microgrids
.
Long-range/island microgrids are mainly used to provide multiple sources
of electricity to remote areas and developing countries.
The remote/island microgrids market will grow
at a higher CAGR through 2023.
As power infrastructure expands in developing countries, many remote microgrids are being designed to be self-sufficient to cater to complex setups such as remote islands or remote villages, where transmission methods by traditional power companies are not feasible
.
The main reasons for the growth of remote/island microgrids are the significant decline in the price of solar PV and wind power, the lower cost of their power generation compared to centralized grids, and other environmental benefits such as less heat and smoke generation
.

From 2018 to 2023, the software market will grow
at the highest compound annual growth rate.
This situation can be attributed to the high adoption
of software on college campuses, industrial and commercial websites, cities, and utilities.
A software-as-a-service platform that allows microgrid operators to dynamically manage and control distributed energy resources
through integrated weather and load forecasting.
With software management services, microgrid owners have a single right of accountability and reduce the risk of
project delays and failures.
This results in a safer, more reliable and cost-effective microgrid system
.

The healthcare vertical market is expected to witness the highest CAGR
through 2023.
The increasing demand for uninterrupted power supply in the healthcare vertical market is the key factor
contributing to the growth of this market.
Healthcare requires sustainable, reliable electricity
.
Next-generation microgrids provide healthcare facilities with an ideal source of power to optimize energy consumption while maintaining the user experience
.

The Americas is considered one of the
most advanced markets for microgrid technology.
The Americas accounted for the largest share
of the global microgrid market in 2017.
The region has a large number of microgrid providers
.
Some of the major companies include General Electric, Chevron Energy, and Pareto Energy
.

In January 2017, National Instruments (NI) opened its Industrial IoT Lab
in Austin, Texas.
In addition, in September 2014, a partnership was entered into with Edison Power (USA), General Electric (USA), and Pareto Energy (USA) to improve the resilience
of New York State's microgrid.
The New York State Energy Research and Development Authority (NYSERDA) provides significant funding
to microgrid R&D teams in the region.

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