The global Microgrid market size was valued at $28.23 Billion in 2020 and is expected to reach $63.90 Billion by 2028 growing at the CAGR of 10.58%% from 2021 to 2028. This growth is attributed to several macro and microeconomic factors such as
- Increase demand for clean energy
There is an increasing demand for clean energy in the commercial and residential industry. Microgrid gives clean energy which reduces the carbon footprints. Microgrids use technology such as green power production and equipment such as hybrid systems, wind systems, combustion turbines, and microturbines and it helps to reduce carbon footprint and makes the environment clean. Further government and industries are taking initiatives to reduce carbon footprint which is the driving factor for the microgrid market.
- Increase in demand for energy efficiency
There is an increase in demand for energy consumption in the residential and commercial industries. A rise in population and an increase in demand for clean and safe energy are expected to boost the microgrid market. In the urban area or small places, there has been lack in the grid supply for power generation. In this areas, renewable energy is widely preferred for power generation.
Further several factors restraining the market growth include
- Restraining 1
- Restraining 2
Collaborations and Alliances in the Microgrid market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Microgrid market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Microgrid market report also includes following data points:
- Impact on Microgrid market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Microgrid market
Key Insight in the report:
The global Microgrid market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Microgrid market is analyzed across below-mentioned different segments:
- Grid Connected
- Software & Services
- Grid Type
- AC microgrid
- DC microgrid
- Hybrid microgrid
- End Use
- Commercial & Industrial
- Institutes & Campuses
Microgrid market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
The some of the key players in of Microgrid market include:
- General Electric Company
- Eaton Corporation Inc
- Schneider Electric SE
- Honeywell International Inc.
- HOMER Energy LLC
- S&C Electric Company
- Siemens AG
- Exelon Corporation
- Power Analytics Corporation
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Microgrid market estimates for 2021 and forecast from 2022 to 2028 with CAGR from 2021 to 2028.
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Microgrid market