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The global microgrid market size reached US$ 25.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 49.2 Billion by 2027, exhibiting at a CAGR of 11.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A microgrid is an energy system with interconnected loads and distributed energy resources that operate parallelly or independently from the primary power grid. It mainly consists of fuel cells, wind turbine generators and microturbines, battery storage systems, and photovoltaic generators to deliver electricity from producers to consumers. It helps improve the operation and stability of the electric grid; reduce congestion, fuel utilization, and peak loads; and increase reliability and resilience. As microgrids are more efficient than traditional electrical grids, they can be combined with various renewable sources, such as solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems.
Microgrid Market Trends:
Rising construction activities in the residential and commercial sectors are increasing the consumption of electricity worldwide. This, along with increasing investments by public and private agencies in infrastructural development projects, represents one of the key factors contributing to the market growth. In addition, the rising emphasis on rural electrification is offering lucrative growth opportunities to leading players operating in the industry. Besides this, due to increasing environmental concerns, governments of several countries are undertaking initiatives to establish biopower, solar, and wind energy farms. Apart from this, the growing reliance on modern communication technologies, such as wireless cloud computing, makes power systems susceptible to cyber-attacks and hackers. Therefore, there is a significant rise in the need for a secure network with a continuous power supply. This is driving the demand for microgrids that can function under Island mode and are independent of external power and data transmissions. Moreover, various technological advancements to increase the performance of battery inverters and ensure uninterrupted power supply is projected to drive the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global microgrid market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on energy source and application.
Breakup by Energy Source:
The combined heat and power energy source currently dominates the market as it generates lower carbon emissions compared to other energy sources.
Breakup by Application:
Remote systems currently hold the majority of the global microgrid market share as they offer localized power to islands, industrial mines, and military installations.
North America exhibits a clear dominance in the market due to the rising reliance on microgrids in the defense sector and the remote systems for improving security against cyberattacks.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Lockheed Martin Corporation, ABB Ltd, General Electric Company (GE), Eaton Corporation PLC, and Siemens AG.
This report provides a deep insight into the global microgrid market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the microgrid market in any manner.
|Base Year of the Analysis||2021|
|Segment Coverage||Energy Source, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||Lockheed Martin, ABB Ltd, General Electric, Eaton Corporation and Siemens|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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