Microgrid Market to Exhibit a Striking CAGR Growth of 11% During the Forecast Period
The global microgrid market size is anticipated to reach of around US$ 50,000 Mn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.
A microgrid is a locally operated grid that can be separated from the conventional grid without any central network assistance and run independently. An integrated demand and distributed energy supply under specifically defined electrical boundaries often form a microgrid that operates in addition to the main grid as a single, functional body. However, when connected to the main grid too, the microgrid will run and act as an electric area if it is not linked to the main grid. Including maximum utilization of sustainable sources and energy efficiency programs, increased stability of network-enabled interconnections, enhanced performance and long-term stable electricity costs is the main advantage of microgrid development.
Growing consumer demand for electricity for automated distribution systems and growing integrated distribution systems are the main drivers of consumer microgrid market growth. Moreover, rapid industrial sector growth is another aspect that will further boost global consumer demand for microgrids. Another factor that further promotes the growth of the consumer market is rising internet penetration and convergence of technology (IoT) in the service industry. The main drivers of the global microgrid market are high capital spending and high construction costs.
The market research study on the microgrid Market (By Connectivity: Grid Connected, Off-Grid/Island/Remote; By Offering: Hardware (Power Generators, Energy Storage & Distributors, Controllers), Software & Services; By Grid Type: AC Microgrid, DC Microgrid, Hybrid Microgrid; By Pattern: Urban, Semi-urban, Remote; By End-Use: Commercial & Industrial, Remote, Government, Utilities, Institutes & Campuses, Military, Healthcare) - Global Industry, Analysis, Market Size, Opportunities, and Forecast, 2020 - 2027” offers detailed insights on the global microgrid market entailing insights on its different market segments.
Additional factors that may hinder the development of the global economy are emerging technical challenges and stringent government policies and regulations. Increasing microgrid penetration is projected to build competitive opportunities for manufacturers on the global market over the next 10 years for projects related to rural electrification. For instance, in partnership with the Massachusetts Institute of the Environmental Policy and Energy Center (ETEC), General Electric and Tata Trust, Tata Power Delhi Distribution (TPDDL) has planned to create pilot solar microgrids in two villages in Bihar.
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Microgrid Market By Connectivity
Microgrid Market By Offering
Hardware
Software & Services
Microgrid Market By Grid Type
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Microgrid Market By Pattern
Microgrid Market By End-Use
Over the next few years, technological progress has a significant role to play in the development of the microgrid market. Digital control systems and clean energy technologies are gathering popularity with the introduction of advanced technology. Due to the low cost of electricity generation centralized power networks such as microgrids are most frequently used. In addition, solar microgrid vendors focus on building innovative energy production technologies that contribute to the development of robust and extensible microgrids.
Top Players of MicroGrid Market: Exelon, EnSync, Eaton, Viridity Energy, Homer Energy LLC, Siemens, Lockheed Martin, Schneider, ABB, Caterpillar, Honeywell, Advanced Microgrid Storage and others.
Regionally, this report focuses on different areas:
The target markets are examined at the division and country levels, which aids in forecasting the fastest-expanding sectors. It helps suppliers capture the market’s capacity potential, which they can employ for market penetration. The study involves a thorough examination of current industry trends, development potential, problems, and challenges.
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