Pune, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Based on the SNS Insider report, “The Microgrid Market attained a worth of USD 27 billion in 2022. Predictions indicate a substantial surge to USD 106.40 billion by 2030, accompanied by a robust compound annual growth rate (CAGR) of 18.7% spanning the forecast period from 2023 to 2030”.
Market Report Scope
A microgrid is a localized and decentralized energy system that integrates various sources of power generation, energy storage, and energy distribution to serve a specific area, community, or facility. Unlike traditional centralized power grids that rely on large, distant power plants to supply electricity to a wide area, microgrids operate on a smaller scale, often catering to localized energy needs. They offer a versatile and resilient solution for powering communities, commercial sites, industrial complexes, and even remote areas.
Download Free PDF Sample Report: https://www.snsinsider.com/sample-request/3311
Market Analysis
In recent years, the global energy landscape has undergone a remarkable transformation, characterized by a shift towards sustainable and decentralized power generation. This paradigm shift has breathed new life into the microgrid market, propelling it into a phase of unprecedented growth. The global push towards decarbonization and sustainable energy sources has accelerated the integration of renewables into the energy mix. Microgrids offer an ideal platform for the seamless integration of solar, wind, and other renewable sources. They enable efficient energy management, storage, and distribution, enabling communities and businesses to reduce their carbon footprint and achieve energy independence. Supportive regulatory frameworks, incentives, and policies aimed at promoting renewable energy adoption and grid resilience are providing a significant boost to the market.
Microgrid Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 27 billion |
| Market Size by 2030 | USD 106.40 billion |
| CAGR | CAGR of 18.7% from 2023-2030 |
| Key Segments | By Offering (Hardware, Software, Services) By Connectivity (Grid Connected, Off-grid Connected) By Power Source (Natural Gas, Solar PV, Combined Heat and Power, Diesel, Fuel Cell, Others) By Pattern (Urban/Metropolitan, Semiurban, Rural/island) By Microgrids (AC Microgrids, DC Microgrids, Hybrid Microgrids) By Power Rating (Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW, More than 10 MW) By End Use (Commercial & Industria, Remote Areas, Military, Government, Utilities, Institutes & Campuses, Healthcare) |
| Key Players | GENERAL ELECTRIC, SIEMENS, HONEYWELL, PARETO ENERGY, ABB Group, SPIRAE INC., EATON CORPORATION, S&C ELECTRIC, EXELON CORPORATION, Schneider Electric and other players are listed in a final report. |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Impact of Recession
The impact of a recession on the microgrid market is complex and multifaceted. While recessions can introduce challenges such as funding constraints, delayed projects, and shifting priorities, they can also create opportunities for innovation, cost savings, and increased focus on energy efficiency. The long-term outlook for the market will depend on the resilience of stakeholders, the adaptability of regulations, and the commitment to sustainable energy solutions in the face of economic uncertainties.
Impact of Russia-Ukraine War
The Russia-Ukraine war has catalyzed shifts in energy priorities, emphasizing the need for resilient and localized energy solutions. Microgrids have gained prominence as a strategic tool to enhance energy security, provide humanitarian relief, and drive technological innovation. As the conflict's ripple effects continue to shape energy landscapes, the microgrid market is positioned to play a crucial role in shaping a more resilient and sustainable energy future.
Key Regional Development
In North America, the microgrid market is witnessing robust growth, primarily due to a confluence of factors such as grid resilience needs, increasing adoption of renewable energy sources, and a drive towards energy independence. In the Asia-Pacific region, rapid urbanization, industrialization, and the need for reliable and affordable energy are driving market dynamics. Developing countries like India and China are investing in microgrid solutions to address energy access challenges in remote and off-grid areas.
Buy Complete Research Report Which Provide Detail Impact Analysis of COVID-19, Russia-Ukraine War & Ongoing Recession: https://www.snsinsider.com/checkout/3311
Key Takeaway from Microgrid Market Study
- The Grid Connected segment stands as a beacon of progress in the market. With a relentless focus on interconnectivity, this segment facilitates the seamless integration of microgrids into the larger energy grid.
- The Software segment stands as the nervous system of microgrid management, orchestrating intricate energy flows. Through sophisticated algorithms and real-time data analytics, this segment empowers operators to make informed decisions.
Recent Developments Related to Microgrid Market
- In a significant stride towards bolstering the resilience and sustainability of local communities, several cooperative organizations have been awarded coveted grants from the Department of Energy (DOE) in support of their pioneering microgrid initiatives.
- In a strategic move that showcases Ameresco's commitment to expanding its clean energy portfolio, the company has successfully acquired a cutting-edge military microgrid located in California.
Read Full Report: https://www.snsinsider.com/reports/microgrid-market-3311
About SNS Insider
At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.
