Covina, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Microgrid is primarily powered by distributed generators, batteries, and renewable resources such as solar panels and are classified in to two types, such as true microgrid or customer microgrid and utility or community microgrid.
Rising adoption of EV (electric vehicle) across globe to reduce use of fuel coupled with rapid expansion of EV charging infrastructure has contributed in market growth. Technological advancement and rising popularity of microgrids in commercial, military, and industrial applications across the globe are expected to propel growth of the Microgrid market in the near future.
Key Highlights
- In May 2023, Schneider Electric launched its new all-in-one and standardized microgrid solution which is designed to reduce the project timeline across journey by delivering a greater return on investment on system.
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Microgrid Market Drivers
The following are some of the key drivers of the microgrid market:
- Increasing demand for reliable and sustainable energy: Microgrids can provide reliable and sustainable energy to a variety of loads. This is becoming increasingly important as the world transitions to a clean energy economy.
- Rising need for energy security: Microgrids can help to improve energy security by providing backup power during outages or by supporting renewable energy integration.
- Growing adoption of renewable energy sources: Microgrids are well-suited for integrating renewable energy sources such as solar and wind power.
Microgrid Market Trends
The following are some of the key trends in the microgrid market:
- Decentralization: The microgrid market is moving towards decentralization, with more and more microgrids being developed and deployed. This is due to the benefits of decentralization, such as improved resilience and efficiency.
- Digitalization: Microgrids are becoming increasingly digitalized, with the use of sensors, data analytics, and artificial intelligence (AI) to improve their performance and efficiency.
- Integration with renewable energy sources: Microgrids are being increasingly integrated with renewable energy sources such as solar and wind power. This is due to the benefits of integration, such as reduced costs and emissions.
Microgrid Market Segmentation
The microgrid market can be segmented by:
- Type: The microgrid market can be segmented by type into grid-connected microgrids and island microgrids.
- Application: The microgrid market can be segmented by application into commercial & industrial, residential, and utility.
- Region: The microgrid market can be segmented by region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Microgrid Market Competitive Landscape
The prominent players operating in the Microgrid Market includes, ABB Inc., General Electric Co., Eaton Corporation Plc., Siemens AG., Schneider Electric Inc., Honeywell Inc., Homer Energy LLC., S&C Electric Inc., Power Analytics Corp., Exelon Corporation LLC., and others.
Microgrid Market Outlook
The microgrid market is expected to grow significantly in the coming years. This is due to the increasing demand for reliable and sustainable energy, the rising need for energy security, and the growing adoption of renewable energy sources. The market is also expected to be driven by the decentralization, digitalization, and integration of microgrids with renewable energy sources.
Analyst View
Increasing demand for reliable and automated grid system, advancement in microgrid connectivity by integration of IoT, and reduction in carbon footprint are prominent factors driving the growth of the target market. Further, presence of major players and growing market consolidation activities across globe is anticipated to increase the demand for Microgrid market growth.
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Conclusion
The microgrid market is expected to grow significantly in the coming years. This is due to the increasing demand for reliable and sustainable energy, the rising need for energy security, and the growing adoption of renewable energy sources. The market is also expected to be driven by the decentralization, digitalization, and integration of microgrids with renewable energy sources.
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