Raipur, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Microgrid Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Microgrid Market is driven by a host of factors, some of which are noted below:
- The industry landscape will be bolstered by the rising need for a stable and reliable power supply, as well as rising electrification rates, primarily in developing economies.
- The business scenario will be fueled by the increasing penetration of distributed energy resources (DERs) as a result of rapid commercial and industrial expansion.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Microgrid Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- By Connectivity Type (Grid Connected and Off Grid)
- By Grid Type (AC Microgrid, DC Microgrid, and Hybrid)
- By Power Source Type (Diesel Generators, Natural Gas, Solar PV, CHP, and Others)
- By Storage Device Type (Lithium-Ion, Lead Acid, Flow Battery, Flywheel, and Others)
- By Application Type (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, and Others)
- By Region (North America, Europe, Asia-Pacific, and Rest of the World)
Microgrid Market Insights
Market Trends by Connectivity Type
The market is segmented as grid connected and off grid. The grid connected segment is expected to witness significant growth rate in the market during the forecast period owing to the potential in the connected microgrids to handle peak demand, improve system supply, and maintain stability in the event of a large network breakdown. Furthermore, growing consumer demand for power supply security, together with the development of Tier II and III cities, backed by government regulations and guidelines, will give birth to opportunities for business growth.
Market Trends by Grid Type
The market is segmented as AC microgrid, DC microgrid, and hybrid. AC microgrid type is expected to register high growth rate in the market owing to its lower transmission losses, minimum heat generation, and effective high-end voltage levels across the network. Furthermore, it is extremely compatible with grid networks and does not require inverters for power delivery, propelling the industry dynamics. Also, the increasing deployment of high-voltage AC power networks, as well as big solar and wind farms connected to AC transmission lines, will positively influence the business environment.
Market Trends by Application Type
The market is segmented as healthcare, educational institutes, military, utility, industrial/commercial, remote, and others. The industrial/commercial application is estimated to account for the major share of the market during the forecast period on account of the increasing government efforts and mandates to reconstruct and overhaul existing T&D networks, as well as increased incentives to install energy-efficient alternatives. In the current context, the industrial and commercial sectors are focusing on the implementation of smart solutions across new and traditional grid infrastructure, which will favorably influence industry potential.
Which region offers the best opportunity and growth?
Asia-Pacific is estimated to be the leading region in the market during the forecast period. This region market is driven by the rising favorable norms and incentive by various countries to pace up the sustainable energy mix. In addition, regional carbon emission targets and increased usage of stand-alone power sources will foster the technology demand over the forecast period. In addition, North and South Americas accounted for nearly 39% market share in 2021.
COVID-19 Impact on the Microgrid Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
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Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
- Eaton
- Siemens
- GE
- Caterpillar
- Schneider Electric
- HOMER Energy
- Honeywell International
- Toshiba Corporation
- AMS
- S&C Electric
- Tesla
- Hitachi ABB Power Grids
- Spirae
- General Microgrids
- Lockheed Martin Corporation
- Heila Technologies
- Exelon Corporation.
What deliverables will you get in this report?
- In-depth analysis of the Microgrid Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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