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

Microgrid Market:

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.

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.

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.
In 2012, the Atlantic Hurricane Sandy left millions of people without power, which compelled the policymakers to use the potential of microgrids to re-connect the localities in Manhattan. Six months later, there were about 480 modern style microgrid projects, which rose to 1,842 in four years. Since then, many countries have adopted microgrids to improve energy efficiency and reduce the wire losses incurred by transmitting power. Additionally, governments across the globe are encouraging the use of combined heat and power as they are more efficient than centralized power plants.

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.

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.

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.

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The Major Prominent 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

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

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Microgrid Market Trends:
- The report identifies, determines, and forecasts the Global Microgrid Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Microgrid Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Microgrid Market.

Key Questions Answered in The Report:
What will the Microgrid market growth rate?
What are the key factors driving the global Microgrid market?
Who are the key manufacturers in the Microgrid market space?
What are the market opportunities, market risk, and market overview of the Microgrid market?
What are sales, revenue, and price analysis of top manufacturers of the Microgrid market?
Who are the distributors, traders, and dealers of the Microgrid market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Microgrid Industry?
What are sales, revenue, and price analysis by regions of Microgrid industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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