Europe Microgrid Market size is projected to witness a lucrative growth from 2020 to 2026 on account of large-scale integration of renewable energy technologies and increasing electricity demand. Surging government commitments in line with microgrid-specific policies, tariff rates, and other regulatory mechanisms will favor the industry dynamic. Surging R&D investments toward the expansion of smart electrical infrastructure for controlling and monitoring power consumption will foster the market revenue.
Ongoing development of utility-based grid networks to integrate a sustainable power networks coupled with shifting consumer focus toward security of supply will positively influence the grid connected microgrid deployment. Development Tier II & III cities along with ongoing modernization of small-scale industries will stimulate the Europe microgrid market growth. Large scale renewable energy integration along with declining component prices supported by government aided policies will augment the market landscape.
AC microgrid market will witness a significant penetration in Europe through 2026 owing to the key product features including lesser heat generation, lower transmission losses, and effective high-end voltage levels. Ongoing technological advancements including development of power generating systems, advance energy storage technologies, and software is set to fuel the product demand. Declining cost of sustainable energy and storage technologies will encourage the deployment of these units.
Rapid industrialization coupled with the adoption of large capacity energy generation facilities will lift the demand for diesel generator powered microgrid systems. Surging demand for heavy-duty generators across various industrial sectors will further drive the product adoption. The product integrates key advantages including low overall installation costs and longer life cycle facilitating the market growth.
Lithium-ion based microgrid technology will gain an appreciable momentum during the forecast period due to regulatory focus aiming toward development of reliable & efficient large-scale grid storage technology. Ongoing deployment of sustainable power technologies including solar, hydro, and wind energy has accelerated the deployment of these systems. Growing cross-border transmission network expansion coupled with increasing concerns pertaining to energy efficient electric corridors will significantly drive the market expansion.
Germany microgrid market is anticipated to grow exponentially till 2026 led by rapid urbanization and favorable government renewable reforms for residential & commercial establishments. Growing deployment of sustainable technologies including rooftop solar PV on account of favorable regulatory initiatives including FIT’s, tax rebate and other promotional schemes will fuel the industry potential. COVID-19 has resulted into rapid growth in healthcare and have led to the enhancements & expansion of the power networks which in turn will foster the market size.
The major players operating across the Europe microgrid market includes Eaton, Siemens, General Electric, Schneider Electric, ABB, Caterpillar, Hitachi, Honeywell International, Toshiba Corporation and Tesla. The manufacturers are developing advanced technologies and introducing new products and to meet the competition prevailing in the industry.