Global Microgrid Market Size To Grow At A CAGR Of 10.5% In The Forecast Period Of 2023-2028
Microgrid Market Growth, Size, Share, Price, Trends, Analysis, Report, Forecast 2023-2028
The ‘Global Microgrid Market Growth, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global microgrid market, assessing the market on the basis of its segments like energy sources, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Microgrid Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.5%
Microgrids are crucial to power remote systems in industrial complexes where unfavourable geography is a barrier. It is an economical option for industrial units located in remote islands which is leading to a transition from traditional diesel or oil powered generators towards microgrids. In addition, the uncertainty of power supply and aging infrastructure in these remote areas are further bolstering the microgrid market.
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The rapid urbanisation across the emerging economies, leading to a robust development of residential and commercial buildings, organisational structures, and government facilities, is generating a demand for microgrids as a critical energy source. The growing adoption of electronic devices and electronic equipment is further propelling the energy demand which is being fulfilled by microgrids. The demand for this product is further enhanced by the favourable policies of the government aimed towards deterring the dependence on non-renewable sources of energy to generate power.
In terms of regions, the Asia Pacific accounts for a significant share in the microgrid market. The increasing population across the emerging economies such as India and China are escalating the energy requirements which is in turn is boosting the application of microgrids in the region. The strong foothold of microgrid innovators across this region is another crucial factor of the market indicating promising growth.
Microgrid Industry Definition and Major Segments
A microgrid is defined as an energy distribution system which generates its own power. Several types of distribution systems can be connected to microgrids such as solar panels and generators. Microgrids are capable of providing uninterrupted electricity to businesses and industries even during natural calamities, however, any sort of repair within the grid might cause problems to the end users. Hence, the increasing demand for microgrids from various industries is driving the microgrid market.
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Based on energy source, the market can be segmented into:
• Natural Gas
• Solar Photovoltaic (PV)
• Combined Heat and Power
• Fuel Cell
By application, the market has been divided into:
• Remote Systems
• Institution and Campus
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Microgrid Market Trends
The key trends in the global microgrid market include technological advancements in industries such as manufacturing, healthcare, and automotive, among others, leading to a greater demand for microgrids to enhance operational efficiency. Meanwhile, the increasing adoption of internet of things (IoT), cloud, and connected electronic devices are supporting the strength of industrial automation, thereby, leading to a greater application of microgrids.
The growing research and innovations in battery technology which is being incorporated in the microgrids are crucial trends in the market. In the United States, in August 2022, an industrial recycling facility has been inaugurated which is known to work on iron and saltwater electrolyte flow technology to power batteries of microgrids. This battery technology would provide power for longer durations.
Some facilities use microgrid technology incorporated with solar PV which cuts down on the cost of daily energy use. Hence, the anticipated increase in the emphasis on solar technology in microgrids is likely to provide impetus to the microgrid market in the forecast period of 2022-2027.
Key Market Players
The major players in the microgrid market report are
- ABB Ltd
- The General Electric Company
- Eaton Corporation plc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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