Vancouver, BC -- (SBWire) -- 02/11/2021 --Microgrid Market Overview
Microgrid, also known as the small-scale power grid, is a group of localized electricity sources synchronized with the traditional central power grid. Microgrids can be connected with most of the renewable energy sources like solar power, wind power, waste energy harvesters, etc. The Global microgrid market size was valued at USD 28.80 Billion in 2019 and is estimated to reach USD 61.18 Billion by 2027, at a CAGR of 10.5%.
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Prominent Players Profiled in the Microgrid Market:
Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
Market Drivers
Microgrids connected to the main power are uninterrupted and reliable, which is one of the major factors driving the global microgrid market. Governments worldwide are implementing new policies and initiatives to promote renewable distributed energy such as fuel cells, solar PV, wind turbines, etc., which is expected to drive the microgrid market's demand. With rapid urbanization and growing demand for electricity, the need for implementing advanced and efficient grid technology will boost the global microgrid market. Government initiatives for reducing carbon footprints, avoiding the use of fossil fuels, and demand for clean energy sources are projected to fuel the global microgrid market growth. Developing economies are investing in infrastructure development to create more opportunities for microgrid manufacturers.
Power Outlook (Revenue, USD Billion; 2017-2027)
Combined heat & power (CHP)
Solar Photovoltaic (PV)
Natural Gas
Fuel Cell
Diesel
Others
Product Outlook (Revenue, USD Billion; 2017-2027)
Grid-connected
Hybrid
Remote
Application Outlook (Revenue, USD Billion; 2017-2027)
Commercial
Defense
Government
Education
Utility
Others
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Key Summary of the Microgrid Market Report:
Insightful information regarding the global Microgrid market
Identification of growth in various segments and sub-segments of the Microgrid market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis
Regional landscape
In 2019, North America dominated the global microgrid market with a share of 38.5%. The growth of the microgrid market in the region can be accredited to the recent favourable government policies, promotional schemes, and increasing investment in the research & development to produce microgrid technology. In the forecast period, Asia Pacific is expected to be the fastest-growing region driven by the increasing focus on innovation and development to obtain an efficient electricity supply. Furthermore, the rising demand for clean energy sources has increased microgrid technology adoption in the region.
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Microgrid Market Size, Share, Growth, Sales Revenue and Key Drivers Analysis Research Report by 2027
Increasing demand for uninterrupted and reliable power supply all across the world and the growing adoption of renewable sources of energy are driving the demand of the market.