Microgrids Market by Energy Source (Natural Gas, Combined Heat and Power, Solar PV, Diesel, Fuel Cell, and Others), Application, Key Players, and Region.
SHERIDAN, WYOMING, USA, February 15, 2022 /EINPresswire.com/ — The Global microgrid market size reached US$25.9 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$49.2 billion by 2027, growing at a CAGR of 11.2% in 2022-2027.
A microgrid is a low-voltage electricity distribution network that can operate independently and in tandem with the main power grid. It helps provide power during crises such as main grid outages and natural disasters. It can be powered by distributed generators or renewable energy sources including solar panels, small hydro, geothermal systems and combined heat and power (CHP) systems, all of which help to reduce overall electricity generation costs. It is gaining popularity around the world as a reliable and environmentally beneficial source of electricity.
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With the increasing number of cyberattacks, the demand for network security and uninterrupted power supply in research laboratories and the defense sector is increasing. This, combined with the advantages offered by microgrids, such as the ability to operate in island mode, is driving the market forward. Apart from this, several technological breakthroughs such as introduction of control and dispatching techniques, improvements in load management and integration with distributed generation systems interfaced with inverters are all contributing to the growth of the market .
In addition, government agencies in different countries are undertaking initiatives to produce a minimum percentage of electricity from renewable energy sources. Other major factors including the growing use of microgrids in electrification projects coupled with the shifting inclination towards more localized and distributed generation systems are expected to drive the market.
Read also – Top Microgrid Manufacturing Companies
The competitive landscape of the market has also been examined with the detailed profiles of major players operating in the microgrid industry. These players include
Lockheed Martin Corporation (LMT),
Eaton Corporation, PLC (ETN),
ABB Ltd (ABB),
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Based on energy source, the market has been categorized into fuel cells, natural gas, solar photovoltaic (PV), combined heat and power, diesel, and others. At present, combined heat and power generation holds the largest market share.
Based on application, the market has been segmented into remote systems, institutions and campuses, utilities/communities, defense and others. Currently, remote systems account for the majority of the total market share.
Regionally, the market has been divided into North America, Asia-Pacific, Europe, Middle East & Africa and Latin America. Among these, North America holds the leading position in the market.
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