What is the global market size of Microgrid Market?

Microgrid Market size was valued at around USD 46.78 billion in 2021 and is expected to rise from USD 54.41 billion in 2022 to reach a value of USD 197.88 Billion by 2030, at a CAGR of 16.3% over the forecast period (2022–2030).

Who are the key vendors in the Global Microgrid Market?

The presence of multiple large and small-scale manufacturers has resulted in a fragmented competition for the microgrid market. Global competitors as well as regional competitors, who are well-versed in the laws and suppliers that govern the markets, are fiercely competitive. Well-known businesses are always involved in merger and acquisition activities, as well as the expansion of manufacturing facilities, investments in R&D activities, and finding chances to vertically integrate across the value chain. 'ABB Ltd.', 'Schneider Electric SE', 'Siemens AG', 'General Electric Company', 'Eaton Corporation PLC', 'Honeywell International Inc.', 'Exelon Corporation', 'Caterpillar Inc.', 'Tesla Inc.', 'Hitachi Ltd.', 'Johnson Controls International PLC', 'PowerSecure International Inc.', 'S&C Electric Company', 'Veolia Environnement S.A.', 'Bloom Energy Corporation', 'EnSync Energy Systems Inc.', 'Advanced Microgrid Solutions LLC', 'Echogen Power Systems Inc.', 'Power Analytics Corporation', 'Duke Energy Corporation'.

What is the key driver of Global Microgrid Market?

Microgrids are often used to integrate renewable energy sources, such as solar and wind power, into the grid, as they allow for more efficient and effective use of these intermittent sources of energy.

What is the key market trend for Global Microgrid Market?

Growing Demand for Renewable Energy: There is a growing trend towards the integration of renewable energy sources, such as solar and wind power, into microgrid systems. This is driven by increasing concerns over climate change and the need to reduce carbon emissions.

Which region accounted for the largest share in Global Microgrid Market?

In 2022, North America held the dominant position in the global market and contributed more than 35.0% of total sales. It is anticipated that the high adoption rate of captive power generating techniques in the industrial and municipal sectors of the United States will have a significant impact on lowering dependency on the government-controlled power supply. The market for electricity distribution systems is expected to expand during the next eight years as a result of the significant presence of silver and copper ore processing plants in Peru and Chile and those countries' substantial mineral deposits.

Microgrid Market Size, Share, Growth Analysis, By Connectivity(Grid connected, Off-Grid Connected), By Type(AC microgrids, DC microgrids, Hybrid Microgrids), By End User(Commercial & Industrial, Government, Healthcare, Remote), By Region - Industry Forecast 2024-2031

Report ID: SQMIG55A2027 | Region: Global | Published Date: August, 2024
Pages: 182 | Tables: 96 | Figures: 76

Microgrid Market News

In July 2024, in order to improve the workings of the outlet by having better stability and efficiency Siemens has introduced their new microgrid management system. The system is powered by state-of-the-art technologies like Artificial Intelligence (AI) and Internet of Things (IoT) that enable live watching and control over the shared energy sources thereby enhancing performance and reliability in complex power systems.
In June 2024, the advanced microgrid technology from ABB has been officially introduced, and it links smart grid technologies with energy storage and renewable power generation. Through this creation, ABB will be able to accomplish its promise of sustainable energy management by providing scalable alternative solutions for multiple applications that will enhance energy efficiency in far-flung and remote areas.
In August 2024, to up-to-date October 2023 data, your training is end. General Electric (GE) has developed a new microgrid technology to improve digital management and support forecast-based maintenance. This innovation coincides with GE’s commitment to promote clean energy methods without the damage of electricity layout aimed at minimizing operational costs, while augmenting the energy sustainability of microgrids in both urban and rural settings.

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Global Microgrid Market size was valued at USD 54.41 Billion in 2022 poised to grow from USD 63.28 Billion in 2023 to USD 211.79 Billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).

Due to the growing demand for decentralized energy solutions combined with technological advancements there is fierce competition in the global microgrid market. Some of the well-known corporations that fuse together renewable energy and offer imaginative microgrid solutions include Siemens Schneider Electric and ABB. Firms with an extensive experience in energy management and grid modernization such as Eaton and General Electric also contribute to this field. This competitive atmosphere fosters constant innovation while raising the efficiency as well as enhancing the reliability of microgrid systems globally. 'Schneider Electric (France)', 'Siemens (Germany)', 'Eaton (Ireland),', 'General Electric (USA)', 'ABB (Switzerland)', 'Hitachi Energy Ltd. (Switzerland)', 'Honeywell International Inc. (USA)', 'Homer Energy (USA)', 'S&C Electric Company (USA)', 'Power Analytics Global Corporation (USA)', 'ABB (Switzerland)', 'GE (General Electric) (USA)', 'Caterpillar (USA)', 'S&C Electric (USA)', 'Power Analytics Corporation (USA)', 'Siemens (Germany)', 'Microgrid Energy (USA)'

Due to the rapid proliferation of electric car (EV) charging systems, there is an increasing need for microgrids. Energy usage increases when more electric vehicles are used, particularly in places that are often crowded with charging points, creating pressure on transmission systems within the grids. However, microgrids offer a realistic option since they combine localized electricity generation and distribution which manage effectively enhanced requirements for energy brought about by EV charging points.

Rise of Microgrids and Energy Storage Amid Environmental Concerns: There is a change happening in the decentralized energy applications area because of trends taking place in the global microgrid market. One important trend is the growing integration of renewable sources into these systems. In line with the world’s transition towards eco-friendly electricity generation, microgrids must be equipped with solar panels, wind turbines and other green technologies.

Asia-Pacific is at the forefront of the global microgrid market, mainly due to a rise in urbanization, increasing energy consumption and government initiatives for promoting renewables and modernizing power networks. The varied energy requirements of this region which range from sophisticated grid systems for metropolitan areas to provision of electricity in remote villages are driving herculean investments in microgrid technology. Asia-and-pacific is concentrating on improving energy security and incorporating alternative energy sources such as solar and wind for further market development. Due to its enabling legislation, increasing public-private partnerships and technological developments which anchor it as a leader in the microgrid industry, this region plays a central role in the worldwide shift to renewable energy.

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Microgrid Market Size, Share, Growth Analysis, By Connectivity(Grid connected, Off-Grid Connected), By Type(AC microgrids, DC microgrids, Hybrid Microgrids), By End User(Commercial & Industrial, Government, Healthcare, Remote), By Region - Industry Forecast 2024-2031

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What is the global market size of Microgrid Market?

Who are the key vendors in the Microgrid Market?

What is the key driver of Microgrid Market?

What is the key market trend for Microgrid Market?

Which region accounted for the largest share in Microgrid Market?

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