Jersey City, New Jersey, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The Global Microgrid Market is projected to grow at a CAGR of 11.98% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 30.40 Billion in 2022 and is expected to reach USD 82.55 Billion by the end of the forecast period.
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Browse in-depth TOC on “Microgrid Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Power Analytics Corporation, S&C Electric Company, HOMER Energy LLC, Honeywell International Inc., Schneider Electric SE, Eaton Corporation Inc., Siemens AG. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Microgrid Market Overview:
Resilient Power Supply Demands:
The increasing demand for a robust power supply, prompted by climate-related difficulties, is a significant driver in the Microgrid market. Microgrids provide a reliable energy solution that guarantees uninterrupted power supply, even in the event of outages. This effectively addresses the increasing need for reliability in many businesses.
Renewable Integration for Sustainability:
Microgrids are essential for promoting sustainability objectives by effectively incorporating renewable energy sources. The transition towards cleaner energy is in line with worldwide environmental goals, highlighting the significance of microgrid solutions as a vital element in the broader effort to achieve sustainable and environmentally friendly power production.
Addressing Grid Vulnerabilities:
The increasing worries about weaknesses in the power system and frequent instances of power failure are motivating businesses and communities to allocate resources towards the development of microgrid infrastructure. This strategy change reduces the risks linked to centralised grids, promoting a more robust and secure energy environment, which is essential for the stability of many businesses.
Government Incentives and Regulations:
Global governments are actively encouraging energy self-sufficiency through incentives and regulations, which is fostering a conducive climate for the growth of the Microgrid sector. These programmes promote investments and facilitate the implementation of microgrid technology in many sectors to achieve energy self-sufficiency.
Technological Advancements Boost Adoption:
The Microgrid market is heavily influenced by ongoing technology improvements in energy storage and control technologies. The growing appeal of microgrid technologies lies in their improved capabilities and efficiency, which are pushing their adoption by enterprises in search of state-of-the-art energy solutions.
Energy Access in Remote Areas:
Microgrids are becoming crucial in delivering energy to isolated or non-grid connected regions. This market driver tackles the issue of electrification in underprivileged areas by providing a dependable and decentralised energy solution to those that were previously marginalised from conventional power networks.
Cost-Efficient Energy Management:
The Microgrid market is impacted by the significant potential for cost savings through enhanced energy management and grid optimisation. Companies in different industries acknowledge the economic benefits of microgrids, leading to further adoption as businesses aim to enhance their energy usage efficiency and lower operational expenses.
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Microgrid Market Key Players Shaping the Future
Major players, including Power Analytics Corporation, S&C Electric Company, HOMER Energy LLC, Honeywell International Inc., Schneider Electric SE, Eaton Corporation Inc., Siemens AG, General Electric Company, ABB, and Exelon Corporation, and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Key Developments:
- In Dec 2019, UL, a worldwide pioneer in safety science, announced the purchase of HOMER Energy, a world leader in microgrid modeling and optimization software located in Boulder, Colorado.
- In June 2022, AXA IM Alts, a European investment firm with $160 billion in assets under management, announced today that it has invested $15 million in microgrid developer GreenStruxure, joining previous investors Huck Capital and Inclusive Capital Partners, as well as strategic investor and technology partner Schneider Electric.
- In June 2022, Emera Technologies Limited, a subsidiary of Emera Inc., and NOVONIX Limited, a premier battery materials and technology firm in Halifax, announced the delivery of their custom-designed microgrid battery prototype, which is the first of its kind.
To get market data, insights, and a comprehensive Global Microgrid Market analysis, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Microgrid Market into Type, End-Use, And Geography.
- Microgrid Market, by Type
- AC Microgrid
- DC Microgrid
- Hybrid Microgrid
- Microgrid Market, by End-Use
- Commercial & Industrial
- Remote
- Government
- Utilities
- Institutes & Campuses
- Military
- Healthcare
- Microgrid Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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Global Microgrid Controller Market Size By Connectivity (Grid Connected, Off-grid), By Offering (Hardware, Software, Services), By End-Use (Commercial & Industrial, Remote Areas, Military), By Geography, And Forecast
Global Microgrid Control System Market Size By Grid Type (On-Grid, Off-Grid), By Component (Software, Hardware), By End-User (Campuses And Institutions, Commercial And Industrial, Utilities), By Geography, And Forecast
Global Microgrid Energy System Market Size Type (AC Microgrid Energy System, DC Microgrid Energy System, Hybrid Microgrid Energy System) and Application (Community, Commercial & Industrial, Others), By Geography, And Forecast
Top 5 Microgrid Manufacturers increasing resiliency and faster recovery of supplies
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