Global Microgrid Market
The current situation of the COVID-19 pandemic has impacted the global Microgrid market in a negative way such that it is expected to experience a notable decline. Because of the imposition of lockdown in different countries, the demand for power has been declined rapidly, because as we know due to lockdown mostly commercial and operations have been halted.
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The world has set clear energy goals to conserve energy. Everyone along with communities and businesses is trying to reduce the effects of power generation on the environment. Microgrids are specialized to use green power production technologies and equipment such as microturbines, combustion turbines, hybrid systems, and wind systems. All these technologies are integrated with microgrids so that it can reduce the impact of carbon of electricity generation on the environment.
The microgrid market is segmented into Off-Grid and Grid-connected by type. Out of which the grid-connected segment is the market-dominating segment. It comprises of the distribution system, generators, and sophisticated controls. The grid-connected segment provides improved quality power and they also have a low impact on the environment. This segment is expected to maintain its dominance in the market over the forecast period
A fuel cell is projected to witness volume growth at a CAGR of XX% over the period of 2020 to 2026. The ability of fuel cells to operate at high temperatures along with negligible electrolytic loss is a very important feature. This feature is expected to be very fruitful in order to promote the market scope in the future.
The microgrid market is segmented into Education institutes, Government utilities, Healthcare, Military, Industrial, and others. Out of these segments, the education segment is accounted for the maximum market share. It is accounted for XX% of the total volume share in the year 2019. In developing countries such as India, China, etc, the government is taking initiatives towards developing the infrastructure of schools has created a positive impact on this segment
In 2019, the North American region was accounted for XX% of the global volume share. This sector has a very high adoption rate of power generation methods in various sectors involving industrial and municipal sectors of the U.S. this will reduce the dependence on the government-controlled power supply.
The market is dominated by companies like ABB, GE, Eaton, Honeywell, Exelon corporation, S&C electric, Siemens, Power analytics corporation, Microgrid energy LLC, Schneider Electric SE, Homer energy LLC, Pareto, Tesla, General Microgrids
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