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The global microgrid market reached a value of US$ 24.2 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10.1% during 2021-2026. 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 a distinct energy system which consists of interconnected loads and distributed energy resources that are capable of operating in parallel with, or independently from the main power grid. Generally, microgrids are considered as the smaller versions of power grids which deliver electricity from producers to consumers. They help to reduce the overall cost and provide backup for the grid in case of emergencies. As compared to traditional electrical grids, microgrids are more efficient and combined with various renewable sources such as solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. Additionally, they can be powered by batteries, distributed generators or solar panels. Apart from this, microgrids are a reliable source of electricity as they operate continuously at the time of power outages.
IMARC Group provides an analysis of the key trends in each sub-segment of the global microgrid market, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on energy source and application.
Breakup by Energy Source:
The microgrid market has been segmented on the basis of energy sources which mainly include natural gas, combined heat and power, solar photovoltaic (PV), diesel, fuel cell and others. Amongst these, natural gas is the most popular source of energy generation used by microgrids as it produces less carbon emissions as compared to oil or coal-fired generation.
Breakup by Application:
Microgrids find several applications which include remote systems, institution and campus, utility/community, defence and others. Currently, microgrids are being majorly used in remote systems which offer localised power to islands, industrial mines and military installations.
On a geographical front, North America enjoys the leading position, holding the majority of the market share. The growth in the region is due to the increasing use of microgrids in the defence sector and remote systems for improving security against cyberattacks. North America is followed by Asia Pacific, Europe, Middle East and Africa, and Latin America.
The global microgrid market is fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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||2020|
|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$ 2299
Five User License: US$ 3399
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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