Microgrid Market High Demand, Recent Trends, Future Growth, Business Scenario, Product, Technology, Share and Forecasts 2020 – 2027
The research report provides an in-depth evaluation of the Global Microgrid Market and helps the market participants intensify their footprints in the industry. The report gives a detailed analysis concentrated on the critical market dynamics such as drivers, restraints, trends, and growth opportunities to assist businesses to prepare for any challenges they might encounter in the forecast period.
Market Size – USD 28.80 billion in 2019, Market Growth - CAGR of 10.5%, Market Trends – Increasing investments in the research & development of microgrid infrastructure
The commercial and the industrial sector are increasingly adopting microgrid technology in order to reduce the emission levels and avail a reliable and uninterrupted supply of electricity in remote areas. The declining cost of renewable energy sources is also a contributing factor to the increasing demand of the microgrid facility. The microgrid is also used in the defense services and research labs to have a secure network from independent external power stations and reduce the risks of cyber-attacks.
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Top Companies Include are :
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.
Some Key Highlights from the Report
- In September 2019, Honeywell and NRStor C&I Launch the largest Behind-the-Meter Battery Energy storage Program in the world.
- 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 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.
- 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
Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Microgrid Market , emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years.
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Questions addressed in the report:
- What is the estimated market growth rate throughout the forecast period?
- Which end-use industry is expected to witness the highest demand for Microgrid market in the near future?
- What is the regulatory framework governing the application of Microgrid Market in the food industry?
- Which manufacturing processes are utilized for the production of Microgrid Market ?
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