According to this market research report "Microgrid Market by Offering (Hardware- Power Generation & Energy Storage System, Software, and Service), Connectivity (Grid Connected and Remote/ Island), Grid Type (AC, DC, and Hybrid Microgrid), Vertical & Geography - Global Forecast to 2022", the microgrid market was valued at USD 16.58 Billion in 2015 and is expected to reach USD 38.99 Billion by 2022, at a CAGR of 12.45% during the forecast period. Factors such as growing demand for automated grid system and enhancement in microgrid connectivity through integration of IoT are driving the growth of the microgrid market.
Major players operating in the microgrid market are
Hardware expected to hold the largest share of the microgrid market during the forecast period
The hardware segment held the largest share of the microgrid market in 2016, followed by the software segment. The hardware components are integrated to offer a complete microgrid solution. The hardware offerings include switchgears, power inverters, power generators and energy storage systems, smart meters, and reciprocating engines.
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