The global Microgrid market was valued USD 25.5 billion in the year 2019. It is project to Grow at a CAGR of 10.9% over the period 2020 -2026.
Due the current situation of COVID-19 pandemic has impacted the global Microgrid market in a negative way such that it is expected to experience a notable decline. Because of the imposition of lockdown in different countries, the demand of power has been declined rapidly, because as we know due to lockdown mostly commercial and operations have been halted.
For more details, visit: Global Microgrid Market By Type (Grid-Connected, Off-Grid), By Component (Hardware, Software), By Power Source (Natural Gas, Solar PV, others), By End-User (Military, Healthcare, Others), By Region–Forecast & Opportunities to 2026
World has set a clear energy goals to conserve energy. Everyone along with communities and businesses are trying to reduce the effects of power generation on the environment. Microgrids are specialized to use green power production technologies and equipment such as micro turbines, combustion turbines, hybrid systems, and wind systems. All this technologies are integrated with microgrids so that it can reduce impact of carbon of electricity generation on the environment.
Microgrid market is segmented into Off-Grid and Grid-connected by type. Out of which the grid connected segment is the market dominating segment. It comprises of distribution system, generators and sophisticated controls. Grid connected segment provides improved quality power and they also have low impact on environment. This segment is expected to maintain its dominance in the market over the forecast period
Fuel cell is projected to witness a volume growth at a CAGR of XX% over the period of 2020 to 2026. The ability of fuel cells to operate at high temperatures along with negligible electrolytic loss is very important feature. This feature is expected to be very fruitful in order to promote the market scope in future.
Microgrid market is segmented into Education institutes, Government utilities, Healthcare, Military, Industrial and others. Out of these segments the education segment is accounted for maximum market share. It is accounted for XX% of the total volume share in the year 2019. In developing countries such as India, China etc, the government is taking initiatives towards developing the infrastructure of schools has created a positive impact on this segment
In 2019, North America region was accounted for XX% of global volume share. This sector has very high adoption rate power generation methods in various sectors involving industrial and municipal sectors of the U.S. this will reduce the dependence on the government-controlled power supply.
Market is dominated by companies like ABB, GE, Eaton, Honeywell, Exelon corporation, S&C electric, Siemens, Power analytics corporation, Microgrid energy LLC, Schneider Electric SE, Homer energy LLC, Pareto, Tesla, General Microgrids.
- What are the expected industry trends over the next three to five years?
- Which of the microgrid type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?