Westford, USA, July 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Microgrid market will attain a value of $211.79 Billion by 2031, with a CAGR of 16.3% over the forecast period (2024-2031). A microgrid is a dispersed energy system that works independently and with the main power grid. It is interconnected with various energy sources such as generators and solar panels. The growth of the microgrid market is driven by a rise in demand for sustainable energy solutions and the need for reliable power in several essential sectors, including manufacturing and healthcare.
Moreover, several governments are making investments to improvise on the electric grid’s operation. In addition, demand for microgrids is expected to be on rise due to the rise in the use of renewable resources for power generation. The trend toward captive power generation systems in the manufacturing sector is rising to mitigate dependence on electricity sourced from the local power grid.
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Browse in-depth TOC on "Microgrid Market"
· Pages - 182
· Tables - 96
· Figures – 76
Microgrid Market Overview:
| Report Coverage | |
| Market Revenue in 2023 | $63.28 Billion |
| Estimated Value by 2031 | $211.79 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Microgrid type, Connectivity, Power Source, Power Rating, Pattern, End-Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Digitalization and smart grid integration, government support for microgrid projects |
| Key Market Drivers | Rise of the home and industrial sector |
Combined Heat and Power (CHP) Segment Dominated due to Changes in Consumer Choices
The combined heat and power segment accounted for the largest market share of more than 36.0%. This is attributed to the shift in consumer choice related to energy generation from a single fuel over conventional separate heat & power systems (CHP). It optimizes efficiency and reduces emissions, highlighting a shift toward sustainable energy-generation methods. Many government authorities promote the adoption of CHP systems. It is due to its positive impact on the environment, improved air condition and reduced greenhouse gas emissions.
Commercial Segment will take Lead due to Rise in Demand for Sustainability
The adoption of microgrid in commercial sectors, such as retail, hospitality, and buildings, is expected to grow. This is attributed to the rise in demand for sustainability and energy reliability that it provides. Microgrid can manage energy consumption, uninterrupted power supply, and adopt renewable sources, thus saving the sector from facing higher electricity costs. Moreover, the ability of microgrid systems to adjust as per the different energy needs boosts its demand in the commercial sites. It can be personalized to maintain a balance between requirements and need. Thus, it is essential for commercial settings.
North America dominated the microgrid market in 2022 due to rise in the adoption of captive power generation methods.
North America maintained its leading position within the market in 2022 with more than 35.0% of the market share. This is due to rise in the adoption of captive power generation methods in the industrial and municipal sectors in the U.S. It decreases the dependence on government-regulated power sources. Moreover, strong government support within the region that supports the deployment of microgrid technologies drives the market forward. The government support includes several investments in microgrid solutions through subsidies, incentives, and utilities.
Asia-Pacific is predicted to grow during the projection period. This is attributed to the robust industrial growth in India and China. Favorable government initiatives promote domestic investments in sustainable energy solutions. These factors address the need for sustainability and energy reliability within the growing industrial sectors. Moreover, rise in the urbanization and industrialization increases the need for flexible energy solutions to support strong infrastructure and residential areas. They help in enhancing durability and reliability of it.
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Microgrid Market Insights
Drivers:
- Rise in demand for energy resilience
- Government initiatives to reduce carbon footprints
- Rise of the home and industrial sector
Restraints:
- High maintenance costs
- Regulatory challenges
- Lack of awareness
Key players operating in the Microgrid market:
The following are the Top Microgrid Companies
- Siemens AG
- Caterpillar Inc.
- Hitachi Ltd.
- Duke Energy Corporation
- ABB Ltd.
- Honeywell International Inc.
- Bloom Energy Corporation
- Exelon Corporation
- Power Analytics Corporation
- Schneider Electric SE
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Key Questions Covered in the Microgrid Market Report
- What segments are covered in the microgrid market report?
- Which key players are operating within the market?
- What is the growth rate of the market during the projection period?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (rise in demand for energy resilience, government initiatives to reduce carbon footprints), restraints (regulatory compliance, high maintenance costs), opportunities (digitalization and smart grid integration), and challenges (high costs of development) influencing the growth of the microgrid market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the microgrid market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the microgrid market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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