Microgrid Market to Reach US$ 36 Billion by 2024 and CAGR 11%

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Report Description and Highlights

Report Description

Microgrid Market Report By Energy Source (Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell and Others), Application (Remote Systems, Institution and Campus, Utility/Community, Defence, Others), Application, Region The global microgrid market has witnessed strong growth over the past several years. The demand for microgrids is increasing across the globe as they help in providing backup in case of emergencies as well as in harnessing energy from renewable sources.

Market Overview: The global microgrid market was worth US$ 19.3 Billion in 2018. The market is further projected to reach a value of US$ 36.3 Billion by 2024, growing at a CAGR of 10.9% during 2019-2024. A microgrid is a distinct energy system which consists of interconnected loads and distributed energy resources that are capable of operating in parallel with, or independently from the main power grid. Generally, microgrids are considered as the smaller versions of power grids which deliver electricity from producers to consumers. They help to reduce the overall cost and provide backup for the grid in case of emergencies. As compared to traditional electrical grids, microgrids are more efficient and combined with various renewable sources such as solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. Additionally, they can be powered by batteries, distributed generators or solar panels. Apart from this, microgrids are a reliable source of electricity as they operate continuously at the time of power outages.

Report Description and Highlights

Report Description Global Microgrid Market Drivers: •

•

•

In order to ensure uninterrupted power supply through microgrid, various technological advancements have been made to enhance the performance of battery inverters. Other than this, improved battery technologies have also been developed with higher power inputs and outputs for a longer period of time. Such features and technologies are driving the growth of the microgrid market.

The demand for microgrids is on a rise as they allow consumers and developers to meet the environmental objectives by using renewable energy in the form of power generation source. In line with this, governments of several nations are taking initiatives to establish bio power, solar and wind energy farms. Other than this, countries like the United States have implemented regulations like the Clean Power Plan (CPP) rule which are aimed towards reducing carbon dioxide emissions.

Nowadays, dependence on modern communication technologies, such as wireless cloud computing, is increasing which makes power systems susceptible to cyber-attacks and hackers.

Therefore, some of the sectors like military and research labs require a secure network with round-the-clock power supply which is provided by microgrids as they are capable of functioning under ‘Island mode’ and independent of all external power, and data transmissions. This has contributed towards their augmenting demand across the globe.

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Market Forecast

Sample Figure: Global: Microgrid Market Forecast: Sales Value (in Billion US$), 2019-2024

184.3

191.7

199.3

207.3

2019

2020

2021

2022

215.6

224.2

2023

2024

Market Segmentation

Report Description •

Another force that has been proactive in maintaining the growth of the global microgrid market is low transmission losses. Microgrids generate power locally and reduce dependence on long distance transmission lines and thus cut transmission losses.

Microgrid Market Segmentation: Market Segmentation by Energy Source • • • • • •

Natural Gas Combined Heat and Power Solar Photovoltaic (PV) Diesel Fuel Cell Others

Based on energy sources, combined heat and power systems represent the most popular energy source, holding the largest market share. They are followed by natural gas, diesel, solar photovoltaic (PV), fuel cell (batteries/energy storage), and others.

Browse microgrid market report with TOC: https://www.imarcgroup.com/microgrid-market

Market Segmentation

Report Description

Market Segmentation by Application • • • • •

Remote Systems Institution and Campus Utility/Community Defence Others

On the basis of applications, the market has been segmented into remote systems, institution and campus, utility/community, defense and others. Currently, remote systems are the largest application segment, accounting for the majority of the global share.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description

Region-wise, North America enjoys the leading position in the global microgrid market, accounting for two-fifths of the total market share. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • •

Lockheed Martin ABB Ltd General Electric Eaton Corporation Siemens

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Report Description and Highlights

Report Description

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