openPR Logo
Press release

Microgrids Market Foreseen to Grow Exponentially by 2026

Microgrids Market Foreseen to Grow Exponentially by 2026

With the constantly rising global population, the need for electrical energy has augmented substantially. End users are increasingly depending on utility grids to manage their power needs. According to a research report by Transparency Market Research (TMR), the existing macrogrids are unable to meet the increasing demand for affordable and consistent power caused by swift urbanization and industrialization. However, microgrids and distributed generation technologies can easily match up to these requirements. Along with this, constant advancements in renewable energy and the surging preference for clean source of energy among consumers are adding greatly to the demand for microgrids.

Report Overview:

As per the research report, the opportunity in the global microgrid market, which stood at US$46.92 bn in 2017, will rise at an impressive CAGR of 11.07% during the period of 2018-2026. The total valuation of this market will reach US$118.8 bn by the end of the forecast period. The ecological, technical, economic, and social benefits, that microgrids offer, will continue to aid this market over the next few years. However, operational challenges, added with high initial cost, may restrict the market from growing smoothly in the near future. Nonetheless, the instability of macrogrids in severe climatic conditions offers a plethora of opportunities for microgrid operators across the world, which will balance out the impact of restraints in the long term, notes the market study

Demand for Off-Grid Connectivity to Increase

The report assesses the worldwide microgrid market on two main parameters: connectivity and application. Based on the connectivity, this market is classified into grid tied (grid connected) and off grid.

Among the two, the grid-tied segment led the global microgrid market in 2017 with an overall share of more than 55%.
The demand for off grid connectivity, however, is increasing in developing countries, thanks to its efficiency is bringing power to remote areas as well.
With continued advancements in technology, the off-grid connectivity segment will surpass the former in the years to come.

Request For Brochure:

In terms of the application, defence and military, campus and institution, commercial and industrial, community and utility, and remote island have surfaced as the main application categories of microgrids.

With more than 38%, remote islands became the most prominent revenue contributor to the global microgrid market in 2017. However, it will lose ground to community and utility in the near future.
The governments and businesses in various countries are investing heavily in the grid infrastructure to attain grid stability by the means of microgrids and distributed energy generation. This will increase the stake of the community and utility segment in the global microgrid market.

Request For Customization:

Asia Pacific to Remain Seated at Top Position

The report also presents a detailed analysis of the regional distribution of the global microgrid market. It considers North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa as key regional microgrid markets.

In 2017, Asia Pacific surfaced as the leading regional microgrid market with a share of more than 40%, globally.
The soaring demand for electricity, together with low grid connectivity and electrification rate, especially in rural areas, is boosting the Asia Pacific microgrid market significantly.
Going forward,his this regional market will be expanding at a substantial pace over the forecast period, retaining its dominant position.

Key players in this market are General Electric, Siemens AG, S&C Electric Co., Schneider Electric SE, and ABB Group.

Buy Report:<ype=S

For More Information About Market:

Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry:

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Microgrids Market Foreseen to Grow Exponentially by 2026 here

News-ID: 2060606 • Views: 158

More Releases from Transparecny Market Research

Lead Market Foreseen to Grow Exponentially by 2025
Lead is a heavy metal and has several useful mechanical properties including high density, low melting point, ductility, and relative inertness. Lead is a chemical element with the atomic number 82. It has the highest atomic number of any stable element. Lead is soft and malleable, and has a relatively low melting point. When freshly cut, lead is bluish-white; it tarnishes to a dull gray color when exposed to air.…
Wind Power Market to Register Substantial Expansion by 2026
According to Global Wind Energy Council, worldwide wind energy installations were 34-35 GW in 2013. This will be the first time in the decade where global demand for wind power shrinked, mainly because of china and the U.S. In Europe, the U.K. and Germany are likely to propel the market, with growth from countries such as Finland Denmark and Sweden along with eastern European countries such as Turkey and Poland. After…
Reforming Unit Market Estimated to Expand at a Robust CAGR by 2024
Global Reforming Unit Market: Overview Reforming unit, also known as thermal reformer, helps run a catalytic process that converts low octane naphthas into higher octane reformed products. With the growing environmental concerns, the demand for higher octane reformates for gasoline blending and hydrogen for other refinery operations is escalating in order to meet the requirements for clean fuels. The byproduct of the dehydrogenation process, hydrogen gas, is useful for hydrocracking and…
Bag-on-valve Technology Market by Material & Forecast - 2024 | Transparency Mark …
The global bag-on-valve technology market is anticipated to witness intense competition due to the presence of several players in the market. Transparency Market Reseach profiled LINDAL Group Holding GmbH, Coster Tecnologie Speciali S.p.A., Precision Valve Corporation, AptarGroup, Inc., Summit Packaging System, Inc., KOH-I-NOOR Mlada Vozice a.s, Exal Corporation, Shanghai Golden Aerosol Co., Ltd, and Chicago Aerosol LLC as some of the top players in the market. Request PDF Sample@ Manufacturers in…

All 5 Releases

More Releases for Transparency

Transparency Market Research
A belt drive is a type of power transmission device which is a looped belt wound around a pair of pulley so as to transmit power between two or more rotating shafts. Compared to other power transmitting devices, belt drives are more preferred in mechanical industry due to easy installation, numerous speed ratio selections, less power loss and comparative low price. Belt drive protects the rotating machinery from overload fluctuations…
Transparency Market Research
An ultrasonic motor is an electric motor which is driven by the ultrasonic vibration of a component. The stator of the motor is supported by piezoelectric components in ultrasonic frequency range which produces different types of vibrations depending on its arrangement. In other words, ultrasonic motor is a type of electric motor that transforms ultrasonic physical vibrations to linear motion, produced by a piezo-transducer. Ultrasonic motors therefore do not use…
Transparency Market Research
The global Li-Fi market is expected to exhibit growth at a robust pace between 2016 and 2023. Massive bandwidth owing to the growing RF spectrum crunch, together with a high degree of security and energy efficiency are expected to bolster the global Li-Fi market. While the features offered by Li-Fi and visible light communications (VLC) are quite similar, unlike the latter, Li-Fi does not require line-of-sight between receiver and transmitter. The…
Transparency Market Research
A new research report published by Transparency Market Research states that the global dental bone graft substitutes and other biomaterials market is expected to grow due to the continuous rise in periodontal (gum) diseases along with growing incidence of dental fractures. The report, titled “Dental Bone Graft Substitutes and other Biomaterials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, is available for sale on…
eProcurement: Instant Transparency
ifm Achieves Better Prices in Indirect Procurement with JAGGAER solution Vienna | Research Triangle, NC, USA | Essen, August ​09​, 2017 – ifm, the specialist for sensors in automation technology, has said goodbye to manual processing in indirect procurement once and for all. With the eProcurement digital procurement tool from JAGGAER, provider of the world’s most comprehensive Source to Pay (S2P) indirect and direct solution suite, more than 6000 employees…
More transparency in Engineering IT
CPO certification helps evaluate openness of IT systems Digitalization is making openness in the linking of IT solutions increasingly important. The Code of PLM Openness (CPO), developed by the ProSTEP iViP Association, supplies a concrete approach for achieving precisely that. Fraunhofer IAO has now developed an effective certification for companies, which helps them comply with the CPO criteria. Industrie 4.0 requires intensified collaboration between various tools and systems. Only when…