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Publishing News and Press Releases

U.S. Microgrid Market Size Expected to Reach $6.5 Billion by 2026

(Publishing-NewsWire.com, November 07, 2021 ) U.S. Microgrid market is expected to reach $6.5 billion by 2026 at a CAGR of 13.2% during the forecast period 2021-2026 owing to the increased instances of cyber-attacks on the energy infrastructures, growing requirement for reliable & secure global power supply, and rising global deployment of microgrids for rural electrification in the forecast period. In addition growing support from the government in the form of incentives, investments is also analyzed to drive the market. For instance, according to Smart Grid Consortium (NYS), the New York government has been taking initiatives towards microgrid growth, as a result of which, 20 microgrid projects were selected from an extensive candidate list of New York located microgrid projects. Hence these developments drive the market in the forecast period 2021-2026.



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U.S Microgrid Market Segment Analysis – By Solution



Storage system is growing at a highest CAGR of 19.6% in the forecast period 2021-2026. The largest size of the battery energy storage device industry is characterised by lithium-ion batteries and is predicted to retain its domination over the projected era 2021-2026. There are very high power and capacity densities in the lithium-ion batteries, leading to a drop in weight with low standby losses and strong life expectancy. The oldest and some of the most efficient battery storage devices are lead-acid batteries, which cost considerably less than lithium-ion batteries. In addition, for solar power storage, these batteries can be used easily if they are configurable and flexible to fulfil certain space requirements. However, Owing to its high energy density and lightweight qualities, power producers favour lithium-ion (Li-ion) batteries for grid stability over more traditional energy storage devices.



U.S Microgrid Market Segment Analysis – By Power Rating



5MW to 10MW Segment is growing at a CAGR of 31.1% in the forecast period 2021-2026. Municipalities, colleges, manufacturing sites, military installations, government operations, and other users are increasingly turning to microgrid applications to meet their important energy needs. They also need a resilient power system that during an emergency can protect their operation or community. For facilities that cannot tolerate an outage, microgrids offer a continuous power solution, such as military bases, hospitals, and research laboratories. In August 2017, PV energy supplier SunPower announced that a 10 MW PV project at the Redstone Arsenal US Army post in Alabama, which will also feature a 1 MW energy storage system, has broken ground. The project is expected to strengthen energy security and resilience at Redstone Arsenal with the addition of an energy storage system, while also helping the base become more energy independent. The Santa Barbara Unified School District in California will use one of these forthcoming renewable microgrid projects to power it. A request for proposals (RFP) for the design, installation, operation and maintenance of solar-powered microgrids across 15 sites has been issued by the District, in collaboration with Sage Energy Consulting. According to the RFP, it is anticipated that six of the proposed locations will host microgrids with two to six hours of available island mode backup built into the design. In total, projects are expected to reach a solar capacity of 4.5 MW, accompanied by a battery storage capacity of up to 6 MWh. If 4 MW of solar with 6 MWh of battery storage ends up in the final Santa Barbara project, that will put it at almost the exact average of typical project capacity. The majority of microgrid systems installed in 2018 were below 5 MW, making 2019 the third year in a row where sub-5 MW systems dominated. Ameresco built a 10-MW microgrid at the U.S. Marine Corps Recruit Depot at Parris Island, South Carolina. The $91 million project, which came online in mid-2019, includes solar and battery storage and is designed to withstand storms and earthquakes.



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U.S Microgrid Market Drivers



Increasing Adoption of Micro grids in U.S.



The increasing number of residential, commercial, and industrial spaces is propelling the demand for a reliable, continuous, and cost-effective supply of energy, stimulating micro grid technologies. According to the Eaton Blackout Tracker, there were more than 4,500 utility outages in the U.S. in 2019. From 2018 to 2019, the duration of electric power outages in the U.S. doubled, with an increase in extreme weather events the main cause according to the EIA. Similarly, according to U.S. latest Micro grid Deployment Tracker, 575 new micro grid projects moved off the drawing board and are deployed over the first half of 2019. Moreover, increasing investment by electric companies across the US towards the deployment of technologically advanced energy solutions such as storage of energy, micro grids and private solar is supplementing the regional business growth. By 2019, Bloom Energy Servers have been deployed in more than 80 micro grids, 65% of which have been deployed in the past three years. In addition, increasing investment by electric companies across the US towards the deployment of technologically advanced energy solutions such as storage of energy, micro grids and private solar is supplementing the regional business growth.



Micro grids can provide insulation against impact of severe weather



Instability in the event of severe weather or a natural disaster is one of the major challenges faced by other grids. This can be easily reduced by using a micro grid. Hurricane Irma, Hurricane Maria tore through Puerto Rico have ripped out its electricity infrastructure in U.S., Many renewables developers quickly descended on the island to offer clean energy and resilient solutions such as battery storage, residential solar and micro grids. Major OEM’s such as Tesla, Sunrun and Siemens have been utilizing the opportunity of installing micro grid in this country. Moreover on-site micro grid systems can be designed to operate during tornadoes, floods, and earthquakes act as substitutes for conventional grids at the time of power outage. Furthermore, U.S. Government is especially developing plans to strategically place micro grids near pharmacies, hospitals, police stations, gas stations, and grocery stores in order to cope with such an emergency situation. Hence these benefits are analysed to drive the market for micro grids in the forecast period 2021-2026.



U.S Microgrid Market Challenges



High installation costs of micro grids



The initial costs involved in the installation and maintenance of micro grids are relatively higher than traditional grids. The installation costs of micro grids are 25–30% higher than that of the conventional electricity grids. They include costs for setting up a complete micro grid infrastructure, right from the deployment of communication systems to the installation of smart meters, as well as their regular maintenance. The costs of installing smart meters are 50% higher than the costs involved in installing electric meters. Distributed energy resources (DERs) used in micro grids are costlier than the ones used in traditional centralized power stations. This acts as a barrier to the growth of the micro grid market. As micro grids can store, convert, and recycle energy, as well as offer better reliability and power quality than traditional grids, their costs are higher than traditional grids. Hence these high costs hamper the market growth in the forecast period 2021-2026.



U.S Microgrid Market Landscape



Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the U.S. Microgrid market. In 2019, the market of U.S. Microgrid industry outlook has been fragmented by several companies. U.S. Microgrid top 10 companies include Siemens, Schneider, Honeywell, Eaton, AWS TruePower/Homer Energy, S&C Electric, Bloom Energy, Box Power, Power Analytics Corporation, Exelon Corporation among others.



Acquisitions/Technology Launches



In 2020, Bloom Energy launched Quick-Deploy Microgrid Program to help customers prepare for future wildfire seasons with permanent AlwaysON Microgrids for their facilities.



Key Takeaways



Northeast region in U.S dominated the market by a market share of more than 31% in 2020. The U.S. Northeast is one major regions that has been witnessing an increased number of power outages in recent years due to natural calamities and bad weather.



Storage system is growing at a highest CAGR of 19.6% in the forecast period. The largest size of the battery energy storage device industry is characterised by lithium-ion batteries and is predicted to retain its domination over the projected era 2021-2026.



The increasing number of residential, commercial, and industrial spaces is propelling the demand for a reliable, continuous, and cost-effective supply of energy, stimulating micro grid technologies .



U.S. Microgrid top 10 companies include Siemens, Schneider, Honeywell, Eaton, AWS TruePower/Homer Energy, S&C Electric, Bloom Energy, Box Power, Power Analytics Corporation, Exelon Corporation among others.



Related Reports:



A. Smart Grid Technology Market

https://www.industryarc.com/Report/15814/smart-grid-technology-market.html



B. Power Line Communication (PLC) Systems Market

https://www.industryarc.com/Report/15797/power-line-communication-plc-systems-market.html



For more Electronics Market reports, please click here



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IndustryARC

Venkat Reddy

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venkat@industryarc.com

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