A microgrid refers to a small-scale energy system consisting of interconnected loads and distributed energy resources that can operate independently or collaboratively with other grids. It can connect and disconnect from the grid, which enables it to function in both the grid-connected as well as the island-mode. Moreover, a microgrid not only provides backup for the grid in case of emergencies but can be employed to minimize costs and assist in connecting with a local resource which is too small or unreliable for traditional grid usage. Currently, the demand for microgrids is on a rise as they allow authorities to meet environmental objectives by utilizing renewable energy as a source of power generation. In addition to this, governments in various countries are undertaking initiatives to establish biopower, solar and wind energy farms. According to the global microgrid market report by IMARC Group, the 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.
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Lockheed Martin Corporation
Lockheed Martin represents one of the leading global military contractors that serves the civil and commercial sectors. It caters both the US and international customers with products and services for defense, public, and commercial applications. The organization operates through numerous business segments which include aeronautics (almost 40% of net sales) space systems (20%), missiles & fire control (about 15%), and rotary & mission systems (almost 30%).
ABB Ltd. has established a presence in nearly 100 countries with its core businesses in power and automation markets. The company primarily operates through five segments which include power products power systems, discrete automation and motion, low voltage products, and process automation. Moreover, engineers in the organization assist in powering and automating technologies for a broad base of utility, industrial and commercial customers. Further, a significant portion of the company's production and development facilities are located in the US, Canada, China, Finland, Germany, India, Italy, Norway, Sweden and Switzerland.
From turbines and oilfield equipment to aircraft engines as well as power plants, General Electric (GE) is engaged in the industrial equipment business that shapes the modern world. It produces aircraft engines, locomotives, generators and turbines, and oil and gas exploration and production equipment. Apart from this, the company also offers healthcare products to end users. In 2017, the organization spent $25 billion to acquire Baker Hughes, merge it with its GE Oil & Gas division and accelerate the growth of its oil and gas business.
Eaton Corporation, a power management company, diversified its operation to sustain a healthy business. Presently, it provides an array of products, ranging from automation controls to wiring devices, and assists customers in managing electrical, hydraulic and mechanical power with efficiency and safety. In addition to this, the company manufactures and sells components for the automotive and aerospace sector under the Airflex brand.
Established in 1847, Siemens AG is a Germany-based technology company that operates in the field of electrification, automation and digitalization. It is also a supplier of systems for power generation, transmission and medical diagnosis. The company operates through nine segments which include power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industries and drives, and financial services. While the company's product groups include automation, building technologies, drive technology, healthcare, mobility, energy, financing, consumer products, its services include industry, energy, healthcare, rail and road solutions, logistics and airport solutions, home appliances, and building technologies.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the microgrid industry and regional North America which has enabled clients to set up and expand their businesses successfully.
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