The global microgrid market size reached US$ 28.9 Billion in 2022. Looking forward, the market expected to reach US$ 54.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.89% during 2023-2028, according to the latest research report by IMARC Group.
Microgrids are independent localized grids that operate in parallel or independently of the main power grid and provide electricity to a specific geographic area. They generally rely on various technologies, such as battery storage systems, fuel cells, wind turbine generators, , and photovoltaic generators, to supply power to consumers. They can be combined with renewable energy sources, including solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems, due to their higher efficiency and smaller size than traditional power grids. They help enhance the electric grid’s operation and stability, improve reliability, decrease fuel consumption and congestion, and manage peak loads. At present, microgrids are gaining immense traction across the globe as they can improve grid resilience, mitigate grid disturbances, and act as a resource for faster system response and recovery.
Microgrid Industry Trends:
The global microgrid market is primarily driven by the rising demand for remote off-grid power networks from various sectors, such as defense, data centers, industrial mines, and islands. Moreover, the increasing need for clean energy generation and self-sufficient power sources during grid disconnection or crises is positively influencing market growth.
Additionally, several favorable initiatives by governments of numerous countries to establish biopower, solar, and wind energy farms due to surging environmental concerns have catalyzed market growth. Furthermore, the integration of forecasting algorithms with microgrids that help predict load demand and power generation, coupled with other technological advancements, is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, the development of smart cities, increasing cyberattacks on energy infrastructures, and rapid industrialization, are also anticipated to drive the market further.
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Global Microgrid Market Report Coverage and Industry Segmentation:
The report cover the below key market segments:
Breakup by Energy Source:
- Natural Gas
- Combined Heat and Power
- Solar Photovoltaic (PV)
- Diesel
- Fuel Cell
- Others
Breakup by Energy Source:
- Natural Gas
- Combined Heat and Power
- Solar Photovoltaic (PV)
- Diesel
- Fuel Cell
- Others
Regional Insights:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Competitive Scenario with Key Players:
The competitive landscape of the market has also been analyzed, with some of the microgrid manufacturers being:-
- Lockheed Martin (NYSE: LMT),
- ABB Ltd (ABB)
- General Electric (NYSE:GE),
- Eaton Corporation PLC
- Siemens AG.
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