The global Microgrid Market will be worth USD 61.18 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing demand for clean sources of energy. Increasing government initiatives to reduce carbon footprints on the environment and lower the dependency on fossil-fuel-based power generation to produce electricity is expected to increase the demand for the technology. Increasing government policies and initiatives and a shift towards renewable distributed energy generation such as fuel cells, wind turbines, and Solar PV are also expected to drive the microgrid market’s demand.
The grid-connected segment is forecasted to grow with the fastest CAGR of 10.6% over the forecast period. Reliable power supply, improved resiliency & efficiency, low cost of energy storage, and reduction in the emission level are some of the driving factors of the segment.
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Key Highlights From The Report
Combined heat & power (CHP) held the largest market share of 34.0% in the year 2019 due to the increasing adoption of sustainable sources of power generation, including hydro, solar, and wind energy.
The education segment accounted for the largest market share of the microgrid market in 2019 due to the government’s increased funding towards the enhancement of the education infrastructure in the developing economies.
North America accounted for the largest market share of the microgrid market in 2019 due to the favorable government policies, including tax rebates and other promotional schemes on adopting microgrid infrastructure.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the government’s increasing initiatives to provide a cost-effective and uninterrupted supply of electricity in the rural areas of the developing economies.
Key participants include Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
The report offers a comprehensive overview of the global Microgrid market scenario pertaining to market value, volume, production and consumption rates, and market segmentation based on types, regions, and applications.
The global Microgrid market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Microgrid market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
The segmentation of the market is done on the basis of product types, application spectrum, and the key regions of the Microgrid market. Along with this, the report also provides extensive coverage of the key companies and their strategic schemes to gain a substantial market position.
Emergen Research has segmented the global Microgrid Market on the basis of Power, Product, Application, and region: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 Questions Addressed in the Report:
Who are the leading players of the Microgrid industry?
Which region is expected to dominate the market in the coming years?
What are the key applications of the Microgrid market?
Which segment is expected to garner traction during the coming years?
Conclusion Of the Report:
To conclude everything stated above, the report offers a panoramic view of the Microgrid market in both the global and regional markets, supported by key statistical data and industry-verified facts. It offers a thorough examination of the size, share, and market volume of the Microgrid industry to forecast the same evaluations until 2028. It also studies and analyzes the different growth prospects and opportunities, along with threats that the players might face in the Global Microgrid Market.
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