Microgrid Market Growth Trend Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Microgrid Market.
The global Microgrid Market size is projected to reach a CAGR of 18.7% from 2023-2030.
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A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers. It can operate autonomously without any support from a centralized grid. A smart microgrid can also function when connected to the main grid and even when it is not connected to the main grid, it acts as an electrical island. It helps in the reduction of harmful emissions resulting in optimal use of renewable resources, improved efficiency, and long-term predictable energy cost.
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.
Delvens Industry Expert's Standpoint
The microgrid market is rapidly growing as the demand for reliable and sustainable energy solutions increases. With the advancement of technology and increasing investments, microgrids are becoming more cost-effective and efficient. The market is driven by factors such as government initiatives and policies, the need for energy security, and the rising adoption of renewable energy sources. However, there are still challenges that need to be addressed, such as integration issues, regulatory hurdles, and high initial costs.
Competitive Landscape:
- Siemens AG
- General Electric
- SC 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
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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.
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.
Reasons to Acquire:
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for Microgrid Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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In addition to the market data for Microgrid Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement.
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- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
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- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
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