Microgrid Market Set To Witness Explosive Growth By 2028 | ABB, Ensync, Homer Energy LLC

Precision Business Insights published a research report on "Microgrid Market - By Connectivity (Grid Connected, Off-grid Connected), Offering (Hardware, Software, Services), Grid Type (AC Microgrids, DC Microgrids, Hybrid), Pattern Analysis (Urban/Metropolitan, Semiurban, Rural), End User (Utilities, Commercial & Industrial, Institutes & Campuses, Military, Remote, Government, Healthcare, Others) - Global/Region/Country Forecast to 2028"

A microgrid is a separate energy system made up of interconnected loads and distributed energy that can operate in tandem with or independently from the main power grid. Microgrids are smaller versions of power grids that transport electricity from suppliers to customers. They help to lower overall costs and provide grid backup in the event of an emergency. Microgrids are more efficient than regular electrical grids and can be coupled with a variety of renewable energy sources, including wind, solar, geothermal, small hydro, waste-to-energy, and combined heat and power (CHP) systems. The COVID-19 pandemic had quite a negative impact on the market in 2020. In the first quarter of 2020, significant countries such as the United States and India saw the lowest number of microgrid installations in the previous four years. The microgrid market is predicted to increase rapidly over the forecast period, owing to two major factors: global demand for sustainable energy generation and the need for a self-sufficient source of electricity generation in moments of crisis or grid outage.

View Detailed Report Description at https://precisionbusinessinsights.com/market-reports/microgrid-market/

Microgrids are in high demand because they allow developers and customers to satisfy ecological goals by employing renewable energy as a power generation source. As a result, governments in a number of countries are taking steps to create biopower, solar, as well as wind energy farms. Aside from that, countries such as the United States have enacted rules such as the Clean Power Plan (CPP) rule, which are targeted at lowering carbon dioxide emissions. Low transmission losses are another factor that has contributed to the global microgrid market's continued expansion. Microgrids generate electricity locally, reducing reliance on long-distance transmission lines and, as a result, lowering transmission losses.

The microgrid market has been fragmented on the basis of energy sources which mainly comprise combined heat and power, natural gas, solar photovoltaic (PV), fuel cell, diesel, and others. On the basis of application, the market is segregated into Remote Systems, Utility/Community, Institution and Campus, Defence, and Others.

APAC is the world leader in the deployment of microgrids for rural electrification. Government ambitions to adopt renewable energy sources and increase electricity access in rural regions have fueled demand for microgrids throughout APAC. Many APAC countries, including India and China, are in an embryonic stage in terms of microgrid development, while many countries, including India, Malaysia, and the Philippines, have high rural electrification rates. For example, in India, the use of microgrids is fast rising due to a variety of factors including faulty main utility networks and ambitious government programmes aimed at promoting renewable energy and improving electricity access, particularly for rural Indians.

Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=51870

There are several industry players working in the Microgrid Market, which include Siemens, Exelon, Schneider, Homer Energy LLC, ABB, Lockheed Martin, Caterpillar, Honeywell, Viridity Energy, EnSync, Advanced Microgrid Storage, XENDEE, ODYSSEY CONSULTANTS LTD.

Contact:
Mr. Satya
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.