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According to the latest report by IMARC Group, titled "Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global microgrid market size reached US$ 25.9 Billion in 2021. Microgrid refers to an energy system that is generally used for electricity supply across a discrete geographic footprint. It is considered to be the smaller version of power grids and mainly comprises fuel cells, wind turbine generators and microturbines, battery storage systems and photovoltaic generators. As a result, it helps in improving the operation and stability of the regional electric grid, reducing congestion, fuel utilization and peak loads, and increasing reliability and resilience in an energy-efficient manner. Due to the shifting inclination towards distributed and localized generation systems, there has been a considerable rise in the adoption of microgrids across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.????
Global Microgrid Market Trends:?
The global market is primarily driven by the rising demand for electricity. This is supported by the increasing investments by public and private agencies in infrastructural development projects. Moreover, continual technological advancements, such as the widespread integration of forecasting algorithm with microgrids that helps in predicting the demand of loads and the power generated by the microgrid network, are providing an impetus to the market growth. Along with this, the escalating environmental concerns are favoring the market growth across multiple countries. Also, the rising fundings activities by the governments of several nations for establishing biopower, wind and solar energy farms are positively influencing the market growth. Furthermore, the increasing adoption of microgrids across the defense sector due to the rising incidences of cyber-terrorism is creating a positive outlook for the market. Other factors, including the growing need for rural electrification, rapid industrialization and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 49.2 Billion by 2027, growing at a CAGR of 11.2% during 2022-2027.
Market Summary:?
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