Global Microgrid Market Expected to Rise at 11.2% CAGR during 2022-2027

The latest research study, “Microgrid Market Share: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” has been added by IMARC Group. The global microgrid market size reached US$ 25.9 Billion in 2021. Looking forward, the market expects to reach US$ 49.2 Billion by 2027, exhibiting at a CAGR of 11.2% during 2022-2027.

A microgrid is a low-voltage electricity distribution network with the potential of operating autonomously and in parallel with the main power grid. It assists in providing power backup during emergencies like main grid failure and natural calamity. It can be powered using distributed generators or renewable sources, such as solar panels, small hydro, geothermal, and combined heat and power (CHP) systems, which help reduce overall electricity generation costs. As it is a reliable and eco-friendly source of electricity, it is gaining traction around the world.

Microgrid Market Trends:

With the growing instances of cyber-attacks, there is a rise in the need for security of networks and continuous power supply across research labs and the defense sector. This, in confluence with the advantages offered by microgrids like the ability to perform under island mode, is propelling the growth of the market. Besides this, numerous technological advancements, such as the introduction of control and dispatch strategies, improvement in load management and integration with inverter interfaced distributed generation systems, are contributing to the market growth. Furthermore, governing agencies of different countries are undertaking initiatives to generate a minimum percentage of electricity from renewable energy sources. Other major factors, including the increasing utilization of microgrids in electrification projects, coupled with the shifting inclination towards more localized and distributed generation systems, are anticipated to drive the market.

Competitive Landscape

The competitive landscape of the market has also been examined with the detailed profiles of the key players operating in the microgrid industry. These players include

Lockheed Martin Corporation (LMT) ,
Eaton Corporation, PLC (ETN),
ABB Ltd (ABB),
Siemens AG
General Electric.

View full report with table of contents: https://www.imarcgroup.com/microgrid-market

Insights on Market Segmentation:

Breakup by Energy Source

1. Natural Gas

2. Combined Heat and Power

3. Solar Photovoltaic (PV)

4. Diesel

5. Fuel Cell

6. Others

Top Largest Microgrid Manufacturing Companies Worldwide @ https://www.imarcgroup.com/top-5-manufacturers-operating-global-microgrid-industry

Breakup by Application

1. Remote Systems

2. Institution and Campus

3. Utility/Community

4. Defence

5. Others

Breakup by Region

1. North America

2. Asia Pacific

3. Europe

4. Middle East and Africa

5. Latin America

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