openPR Logo
Press release

Key Emerging Trends in Microgrid Market

12-03-2020 06:26 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

The global microgrid market size is projected to reach USD 47.4 billion by 2025 from USD 28.6 billion in 2020, at a CAGR of 10.6%. Major drivers for the market growth are rising demand for clean energy, increasing instances of cyberattacks on the energy infrastructures, growing requirement for reliable & secure global power supply, and rising global deployment of microgrids for rural electrification.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=917

Grid-connected microgrid segment to grow at a higher CAGR during the forecast period

Grid-connected microgrids are connected to large utility grids. They are typically used to serve both small areas comprising a few houses and large areas such as military installations. In grid-connected microgrids, power transmission is dependent on the main grids; thus, any damage to these affects the overall power transmission networks.

Solar PV power technology is used mainly in grid-connected microgrids. The growth of this segment can be attributed to the expansion of utility-based grid networks, coupled with the large-scale use of renewable sources of energy such as offshore wind. Grid-connected microgrids offer grid resiliency and improved quality power. They have a low impact on the environment.

Power generators to hold the largest share of the hardware microgrid market during the forecast period

End-users worldwide are increasingly adopting microgrids to achieve energy goals such as improved reliability of electricity, fewer carbon emissions, reduced electricity costs, and generation of electricity from different sources of energy. The distributed generation of electricity is considered as the foundation stone of microgrids as it enables the use of various sources of energy to generate electricity. These include renewable energy sources (solar, wind, PV cells, etc.) and non-renewable energy sources (fuel cells, diesel generators, CHP and micro-CHP, microturbines, etc.). The use of renewable sources of energy such as PV cells, wind turbines, and hydro turbines for power generation in microgrids is one of the prominent factors contributing to the growth of the microgrid hardware market globally. Other advantages of integrating renewable sources of energy with microgrids are reduced emissions of greenhouse gases, lower dependency on local or imported fuels, and increased requirement of energy security.

Microgrid market in APAC to grow at highest CAGR during the forecast period

The microgrid industry in APAC is projected to grow at the fastest CAGR during the forecast period. This growth can be attributed to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines. A large number of islands in Indonesia and the Philippines and the lack of proper electricity infrastructure in emerging economies led to the demand for cost-effective microgrids in the region as it has a large portion of unelectrified areas. This is expected to contribute to the growth of the microgrid market in APAC during the forecast period.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=917

ABB (ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens, Germany), Eaton Corporation Inc. (Eaton, Ireland), Schneider Electric SE (Schneider Electric, France), Honeywell International Inc. (Honeywell, US), HOMER Energy LLC (Homer Energy, US), S&C Electric Company (S&C Electric, US), Power Analytics Corporation (Power Analytics, US), and Exelon Corporation (Exelon, US) are a few major players in the global microgrid market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.

Permanent link to this press release:

Copy
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 Key Emerging Trends in Microgrid Market here

News-ID: 2201211 • Views: 268

More Releases from MarketsandMarkets

Titanium Dioxide Market | Key players operating in the market include Tayca Corp …
According to recent market research "Titanium Dioxide Market by Grade (Rutile, Anatase), Application (Paints & Coatings, Pulp & Paper, Plastics, Cosmetics, Ink), and Region - Global Forecast to 2021", is projected to grow from USD 10.64 Billion in 2016 to USD 14.12 Billion by 2021, at a CAGR of 5.8% between 2016 and 2021. The increasing per capita consumption of pigments in emerging economies and rising demand for titanium dioxide
Offshore Support Vessel Market worth $26.8 Billion by 2026
According to the new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Offshore Support Vessel Market is expected to grow at a CAGR of 4.0%, from 2021 to 2026, to reach a
Polystyrene Foam Market worth $32.2 billion by 2026 | Key players operating in t …
According to recent market research "Polystyrene Foam Market by Resin Type (EPS AND XPS), End-use Industry (Construction and Industrial Insulation, Packaging, Building and Construction), Region(APAC, Europe, North America, South America, and Middle East & Africa) - Global Forecast to 2026", The global Polystyrene Foam market size will grow to USD 32.2 billion by 2026 from USD 26.4 billion in 2021, at a CAGR of 4.1% during the 2021-2026 period. The
Aircraft Filters Market worth $1,002 million by 2026
The report "Aircraft Filters Market by Aircraft Type (Fixed Wing, Rotary Wing, UAV), Sales Channel (OEM, Aftermarket), Type (Fluid, Air), Application (Engine, Hydraulic System, Avionics, Cabin, Pneumatic system), Material, Region - Global Forecast to 2026", size is projected to grow from USD 823 million in 2021 to USD 1,002 million by 2026, at a CAGR of 4.0% from 2021 to 2026. The market is driven by various factors, such as

All 5 Releases


More Releases for Electric

Electric Motors vehicles
Electric Car Batteries- Reuse and Recycling: There are several advantages to operating an electric vehicle (EV). Electric Vehicles pump fewer CO2 into the environment and less noise pollution in communities. When competition pushes down battery costs, they are also becoming more available to middle- and low-income consumers and policymakers are adopting national and local policies aimed at promoting EV production. It is extremely relevant when it comes to their batteries, which usually
New Electric Wheelchair
The wheelchair is controlled by a motor. With safety light. Convenient to use at night. Freely adjusting the backrest angle is more comfortable for the user. The average driving speed is 1-6km/h. The marketplace was wholly developed by the Jiangsu Medwish Network Technology Co., Ltd., a private corporation based in Jiangsu, China. Through substantial previous international B2B e-commerce field experience, Jiangsu Medwish is dedicated to establishing a globally recognized framework and
Global Electric Truck Market
Global Electric Truck Market – Industry Analysis and Forecast (2018-2026) – by Electric, Truck, Application Type and Region. Global Electric Truck Market was valued at US$ XXX Mn in 2017 and is expected to reach US$ XXX Mn by 2026, at a CAGR of XX% during a forecast period. Major driving factors of the Electric Truck Market the trucking industry is in the stages of a technological changes, with a particular focus
India pushes Electric Vehicles
The Indian government’s recent tweaking of the licensing policy for Electric Vehicles (EV) promises to address the infrastructure obstacle holding back the sector. The setting up of EV charging stations by the government would no longer require a license from the Ministry, paving the way for the faster construction of these stations. Earlier this year, Ola – the cab firm – initiated ‘Mission: Electric’ with plans to put 10,000 electric auto-rickshaws and
Folding Electric Bicycle
In this report, the global Folding Electric Bicycle market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Folding Electric Bicycle in these regions, from 2012 to 2022
Global Quartz Heat Lamps Market 2017 : Indu Electric Gerber, Schneider Electric, …
The Market Research Store report offers majority of the latest and newest industry data that covers the overall market situation along with future prospects for Quartz Heat Lamps market around the globe. The research study includes significant data and also forecasts of the global market which makes the research report a helpful resource for marketing people, analysts, industry executives, consultants, sales and product managers, and other people who are in