Microgrid Market analysis report is sure to help boost sales and improve return on investment (ROI). The research and analysis carried out in this Microgrid Market report assists clients to forecast investment in an emerging market, expansion of market share or success of a new product with the help of global market research analysis. Market drivers and market restraints assessed in this Microgrid Market report makes attentive about how the product is getting utilized in the recent market environment and also provide estimations about the future usage. This industry report includes market analysis based on regional as well as global level.
Microgrid Market by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global Microgrid Market size is projected to reach a CAGR of 18.7% from 2023-2030.
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Microgrid Market Competitive Landscape:
Siemens AG
General Electric
S&C Electric Company
ABB Group
Schneider Electric SE
Engie Group
Honeywell International Inc.
Echelon Corporation
Pareto Energy Limited
Toshiba Corporation
Duke Energy Corporation
Power Analytics Corporation
Eaton Corporation
Hitachi Energy
Homer Energy
Caterpillar Inc.
Tesla Energy
Emerson Electric
Pareto Energy
Powerhive
Go Electric
Microgrid Market Recent Developments:
In May 2022, Siemens launched a grid software suite to manage the complexity of the grid systems, Siemens Smart Infrastructure has developed an open, modular software suite.
In March 2022, GE Renewable Energy’s Grid Solutions partnered with BOND Civil & Utility Construction for an Engineering, Procurement & Construction (EPC) contract from Empire Offshore Wind, to design and build an onshore digital substation for Empire Wind 1, New York's first offshore wind farm.
Growth in demand for reliable and secured power supply in commercial and industrial sectors across the globe, coupled with government initiatives taken to reduce carbon footprint is expected to fuel the microgrid market growth. Moreover, the rapid adoption of software across various end-user segments including commercial, industrial, government, and healthcare to manage and control distributed energy resources with integrated weather and load forecasting is also expected to boost the market during the forecast period. Furthermore, factors such as growth in the development of smart cities, increase in demand, growth of rugged loT, and rise in adoption of ruggedized computers are expected to drive the growth of the market in the future.
On the other hand, the high production cost of rugged devices acts as a major barrier and hampers market growth. Additionally, the Lack of a well-defined regulatory policy framework is another restraint of the microgrid market. Ambiguous state laws pose a major obstacle in the path of microgrid deployment.
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Microgrid Market Key Findings:
The connectivity segment is bifurcated into Grid Connected and Off-grid Connected. The grid-connected segment is anticipated to dominate the market during the forecast period. Microgrids that are grid-connected consist of multiple generators, distribution systems, and sophisticated controls. In addition to improving grid resiliency, enhancing power quality, and reducing their environmental impact, these technologies have a number of other advantages, which result in increased demand.
The offering segment is further segmented into Hardware, Software, and Services. The hardware segment is expected to lead the market with the highest CAGR during the forecast period. The hardware of microgrids comprises power generators, energy storage systems, and controllers. There are several factors contributing to the growth of the microgrid market for the hardware segment, including the increasing number of microgrid projects worldwide, the decreasing costs of energy storage, and the increasing number of government initiatives to promote clean energy and minimize greenhouse gas emissions.
The end-user segment is further segmented into Commercial & Industrial, Remote Areas, Military, Government, Utilities, Institutes & Campuses, and Healthcare. The commercial & industrial microgrid market is expected to grow at the highest CAGR. The growth of this market segment can be attributed to the consistent requirement for uninterrupted power supply to maintain smooth operations during industrial operations in order to lower downtime, increase productivity, and reduce equipment damage.
The power rating segment is further segmented into Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW, and More than 10 MW. The 1 MW to 5 MW segment is anticipated to dominate the market during the forecast period. In this segment, microgrid systems use both renewable and non-renewable power sources, but the majority of the site uses non-CHP natural gas as their power source. Commercial & Industrial is the major end-user where microgrid systems with power ratings between 1 MW to 5 MW are required and thus helping in the growth of this segment.
Microgrid Market Regional Analysis:
North America to Dominate the Market
North America now leads the industry due to increased industrialization and electrification. North America will account for 28% of the microgrid market's growth.
The United States and Canada are the region's most important microgrid markets. Factors such as the US government's increased initiatives to deploy energy-efficient power solutions are propelling the microgrid industry in North America forward.
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Scope of the Microgrid Market Report:
Microgrid Market is segmented into various segments such as connectivity, offering, power source, pattern, microgrids, power rating, end-use, and region:
On the basis of connectivity
Grid Connected
Off-grid Connected
On the basis of the offering
Hardware
Software
Services
On the basis of the power source
Natural Gas
Solar PV
Combined Heat and Power
Diesel
Fuel Cell
Others
On the basis of pattern
Urban/Metropolitan
Semiurban
Rural/Island
On the basis of microgrids
AC Microgrids
DC Microgrids
Hybrid Microgrids
On the basis of power rating
Less than 1 MW
1 MW to 5 MW
5 MW to 10 MW
More than 10 MW
On the basis of end-use
Commercial & Industrial
Remote Areas
Military
Government
Utilities
Institutes & Campuses
Healthcare
On the basis of region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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The investigative study on the Global Microgrid recently added by Emergen Research sheds light on the current market scope as well as the emerging trends and opportunities of the market.
To provide a deeper understanding of the global market, the report offers a statistical analysis of the global and local production and consumption ratio.
The report also offers a comprehensive analysis of the competitive landscape with company profiles and product portfolios.Get a sample of the report - https://www.emergenresearch.com/request-sample/229 Primary Research ModelPost combination of the information got through optional examination; an approval interaction is started to check the numbers or figures.
Conversations with the topic specialists were directed to acquire quantitative and subjective data and approve our statistical surveying discoveries.Notwithstanding, we don't confine our essential meetings just to the business chiefs.
Our group covers the whole worth chain while confirming the information.
The latest things, which incorporate the drivers, limitations, and openings, are additionally inferred through the essential examination measure.Key Features of the Global Microgrid:· The report offers a deep insight into the market with expert data insights from the industry experts and analysts · Dedicated focus on market growth and restraining factors · Thorough analysis of the market segments includes product types, application spectrum, technology, end-user, and other key segments · SWOT and Porter’s Five Forces analysis along with feasibility analysis and venture return analysis · Current and emerging market trends and growth prospects To read more about the report, visit - https://www.emergenresearch.com/industry-report/microgrid-market Data TriangulationThe interaction of information triangulation technique was applied to show up at the last market appraisals to check every information point.
