The global microgrid market size is projected to reach US$ 43.7 Billion by 2026, expanding at a CAGR of 10.1% during the forecast period (2021-2026).
Sheridan, United States - August 5, 2021 /MarketersMedia/ —
According to the latest report by IMARC Group, titled, “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global microgrid market size is projected to reach US$ 43.7 Billion by 2026, expanding at a CAGR of 10.1% during the forecast period (2021-2026).
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.
Download free sample of the report: https://www.imarcgroup.com/microgrid-market/requestsample
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global 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.
Who are the Major Microgrid Market Key players?
The report provides a detailed analysis of the market leaders, including.
• Lockheed Martin Corporation,
• Eaton Corporation, PLC (ETN)
• ABB Ltd (ABB)
• SIEMENS AG (SIEGY)
• General Electric.
Browse full report with TOC: https://www.imarcgroup.com/microgrid-market
The report has segmented on the basis of energy source, application and geography
By Energy Source
1. Natural Gas
2. Combined Heat and Power
3. Solar Photovoltaic (PV)
4. Diesel
5. Fuel Cell
6. Others
By Application
1. Remote Systems
2. Institution and Campus
3. Utility/Community
4. Defence
5. Others
By Region:
1. Europe
2. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Also Read: Top Microgrid Companies Worldwide
Browse related reports:
Hydrogen Generation Market Report: https://www.imarcgroup.com/hydrogen-generation-market
Air Handling Unit (AHU) Market Report: https://www.imarcgroup.com/air-handling-unit-market
Microturbine Market Report: https://www.imarcgroup.com/microturbine-market
Portable Generator Market Report: https://www.imarcgroup.com/portable-generator-market
Petroleum Coke Market Report: https://www.imarcgroup.com/petroleum-coke-market
About us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Info:
Name: Elena Anderson
Email: Send Email
Organization: IMARC Group
Address: 30 N Gould St, Ste R
Phone: 6317911145
Website: https://www.imarcgroup.com
Source: MarketersMedia
Release ID: 89040331
