What are the factors which will promote growth of the Microgrid market?

Market Dynamics:

The U.S. Department of Energy Microgrid Exchange encourages the development of an ideal microgrid that can disconnect from the grid and operate in both grid-connected or island mode. The microgrid market’s most prominent driver is the rapid growth of customized microgrid projects. The California Energy Commission is promoting technologies, business models, scale, and vendor landscape to support economically viable microgrids. Improvements in the energy industry have led to a gradual shift from remote central power plants towards localized, distributed power plants, such as microgrids. Microgrids are resilient, flexible, permit efficient delivery of services, and easily isolate from larger grids.

The first microgrid was built by Thomas in the 19th century. It was the first commercial electrical power plant in the U.S., which powered about 400 lamps serving 82 customers. It used to steam and batteries to power generators and store the produced power. Edison’s invention became the base for traditional energy grid design serving millions of users today. The modern microgrid systems have evolved into multiple smaller energy resources such as solar panels, wind turbines, natural gas generators, and storage devices that supplies local areas with self-sustaining power.

Rising Awareness Regarding Green Energy: A Key Market Driver, rising demand for clean energy as a secure and reliable source of global power supply is bolstering the market growth. Currently, the government of Australia is actively working to develop microgrids related to hardware, software, and services. Moreover, high connectivity, sophisticated controls, and higher reliability than remote microgrids is encouraging the development of utility-based grid networks.

High Risk of Cyber Threats: A Market Restraint, Low voltage, frequency, and power quality are surging the demand for battery tanks to store energy, which is hampering the market growth. Complexity in infrastructure including distribution of networks, power flow in one direction from utility to customers can be a drawback in market growth. Microgrids are hooked in the main power grid, which makes it difficult for service providers to partner with local utility centers due to the expensive cost of constructing microgrids. Cyber-security is another factor restricting the market growth.

Construction of Smart Cities: A Growth Opportunity, Microgrid systems offer lucrative opportunities in powering towns and communities in terms of providing energy security to hospitals and businesses. Governments across the globe are heavily investing in smart microgrids to build smart homes and smart cities. In line with this, power companies are allocating budgets for the integration of these systems that can balance fluctuations in the grid and create more efficient energy. Countries such as the U.S. and Canada are formulating initiatives to offer sustainable solutions to its citizens. On the other hand, India and Australia are emerging as favorable sites for future investment.

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The Major Players Covered in this Report: ABB , General Electric, Siemens AG, Eaton Corporation Inc, Schneider Electric SE, Honeywell International Inc, HOMER Energy LLC, S&C Electric Company, Power Analytics Corporation, Exelon Corporation, & More...

By Type, Hardware, Software, Services,
By End-User, Commercial and industrial, Remote, Institute, and campus,

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Microgrid in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Microgrid market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Microgrid and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Microgrid. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Hospitals: Key End Users of Microgrid Technology:
The most prominent users of the microgrid market are commercial and industrial, remote, institutes and campuses sectors. The high cost of fossil fuels for electricity generation has deprived many regions of electricity. The International Energy Association estimates approximately 1 billion people in the world lack access to electricity, which is further raising the demand for microgrids.

Today, a wide range of businesses are demanding microgrids to enhance energy reliability, encourage green energy, and distribute affordable and efficient power to the customers. Apart from this, the increasing geriatric population in the U.S. is creating pressure on hospitals, healthcare networks, adult daycare, and nursing homes. Hospitals consume 2.5 times more energy than commercial buildings, which is further driving the demand for microgrids.

Key Questions Answered in the Report:
What is the current scenario of the Global Microgrid market? How is the market going to prosper throughout the forecast period?
What are the emerging technologies and related tools that are going to profit the market?
What is the current size of the Global Microgrid Market?
Which segments are the fastest growing and the largest in the market? What is their market potential?
What are the driving factors contributing to market growth during the short, medium, and long term?

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