Global Microgrid Market Growth Prospect and Outlook 2021-2026

MarketInsightsReports has published a report entitled Global Microgrid Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The global microgrid market is expected to grow at a CAGR of more than 13% over the period of 2020-2025.

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Market Segmentation

Key Players:
ABB Ltd, Siemens AG, Honeywell International Inc., Schneider Electric SE, Toshiba Corporation and General Electric Company
Key Market Trends

Commercial and Industrial Sector to Dominate the Market

- In many developing countries, the power sector suffers untimely power outages, owing to the insufficient power supply, and poor transmission and distribution network that require frequent maintenance.
- Therefore, C&I sector is increasingly moving toward locally built independent power sources that can be distributed by the microgrid network rather than being dependent on electricity supply through the national grid.
- The integration of microgrids with the wholesale power market is a big boost for the development of microgrid networks in Europe. The widespread network of the microgrid can be integrated with the power network, and the owners of the microgrid can execute the trading activities.
- Renewable energy sources, such as solar energy, are witnessing substantial growth in the C&I sector, particularly in developed countries, owing to their minimal impact on the environment.
- Therefore, the declining cost of renewable, combined with technological advancements in energy storage systems customized commercial sector, is expected to help support the growth of the market.

Asia-Pacific to Dominate the Market

- Asia-Pacific has been experiencing increased demand for microgrids, majorly owing to factors, such as increased rural electrification programs in developing countries and the development of commercial microgrids in advanced nations.
- The number of projects and overall power capacity of Asia-Pacific is almost at par with North America and is expected to overtake it during the forecast period.
- As part of Japans policies to boost energy efficiency and power generation from renewable sources, the countrys sustained efforts toward smart grid deployment is expected to supplement the microgrid market in the Asia-Pacific region. To increase resiliency against natural disasters, Japanese cities are moving away from large-scale power toward microgrids.
- In September 2017, PanaHome Corporation, ENERES Co. Ltd, IBJ Leasing Co. Ltd., and the Public Enterprises Agency of the Hyogo Prefectural Government announced the launch of the microgrid system powering 117 homes in Japan, hence driving the market in the region.
- Furthermore, government policies, such as Feed-in-Tariffs, are expected to supplement the growth during the forecast period further.

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https://www.marketinsightsreports.com/reports/10192358177/microgrid-market-growth-trends-and-forecasts-2020-2025?mode=68

Significant Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Microgrid Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Microgrid Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Microgrid Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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Irfan Tamboli (Head of Sales) – Market Insights Reports
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.