Press release
Global Microgrid Market Estimated to Attain $46.21 Billion by 2028
Microgrid Market
Microgrids are distributed, decentralized, or dispersed energy systems that operate independently or in cooperation with smaller grids.
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Triton's report suggests that the microgrid is expected to display growth trends at a CAGR of 10.73%, attaining revenue worth $46.21 billion by 2028.
Factors such as microgrid deployment to combat power outages during severe weather and rising electricity consumption worldwide are driving the global market's growth. The rise in population has led to increased demand for power, which has elevated the demand for renewable energy capacity. As per the International Energy Agency, globally, the electricity demand is expected to surge by around 40% by 2040. As a result, the deployment of microgrids has soared across developed and developing nations to a large extent.
On the contrary, microgrids' high installation and maintenance cost, along with rigid regulatory frameworks, restricts the microgrid market's progression.
The microgrid market is segmented into industry vertical, connectivity, component, and utilization type. The industry vertical segment includes government & utilities, military & defense, educational institutes, commercial & industrial, healthcare, and other industry verticals. The connectivity section is divided into grid connected and island grid. In terms of component, it is trifurcated into software, hardware, and services, with the hardware component further sectioned into energy storage, power generators, and controller. Lastly, the utilization type comprises metropolitan, semi-urban, and rural.
Globally, the Asia-Pacific is expected to witness the fastest growth over the forecast period. The surge in population across nations like China, India, and South Korea has elevated electricity demand.
Additionally, various nations face extreme weather conditions leading to typhoons and other natural disasters, increasing the need for a reliable utility grid infrastructure. This has influenced governments to increase funding for microgrids to ensure efficient power supply. Thus, as stated above, these factors are creating numerous opportunities for the microgrid market.
Bloom Energy, Siemens AG, National Grid Plc, Duke Energy Corporation, Fairbanks Morse, Hitachi Ltd, FuelCell Energy Inc, Exelon Corporation, Power Engineers Incorporated, Cummins Inc, Schneider Electric, NRG Energy Inc, Eaton Corporation Plc, S&C Electric Company, and General Electric Company are major firms in the microgrid market.
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Question & Answer: Microgrid Market
Question 1: What aspects are driving the global market's growth?
Answer: Factors such as microgrid deployment to combat power outages during severe weather and rising electricity consumption worldwide are driving the global market's growth.
The rise in population has led to increased demand for power, which has elevated the demand for renewable energy capacity. As per the International Energy Agency, globally, the electricity demand is expected to surge by around 40% by 2040. As a result, the deployment of microgrids has soared across developed and developing nations to a large extent.
Question 2: Which factors restrict the microgrid market's progression?
Answer: Microgrids' high installation and maintenance cost, along with rigid regulatory frameworks, restricts the microgrid market's progression
Question 3: Which region is expected to witness the fastest growth in the microgrid market?
Answer: The Asia-Pacific is expected to witness the fastest growth over the forecast period. The surge in population across nations like China, India, and South Korea has elevated electricity demand.
Additionally, various nations face extreme weather conditions leading to typhoons and other natural disasters, increasing the need for a reliable utility grid infrastructure. This has influenced governments to increase funding for microgrids to ensure efficient power supply. Thus, as stated above, these factors are creating numerous opportunities for the microgrid market.
Question 4: Which are the major firms in the microgrid market?
Answer: Bloom Energy, Siemens AG, National Grid Plc, Duke Energy Corporation, Fairbanks Morse, Hitachi Ltd, FuelCell Energy Inc, Exelon Corporation, Power Engineers Incorporated, Cummins Inc, Schneider Electric, NRG Energy Inc, Eaton Corporation Plc, S&C Electric Company, and General Electric Company are major firms in the microgrid market.
Related Report:
Global Utility and Energy Analytics Market: https://www.tritonmarketresearch.com/reports/utility-and-energy-analytics-market#report-overview
The global utility and energy analytics market is anticipated to witness revenue growth at a CAGR of 17.46% during the forecasted period 2019-2027.
Utility and energy analytics refer to using analytics solutions to examine real-time data to improve energy consumption. The rising need for sustainable energy has influenced companies to invest in energy-efficient measures.
The rising focus on energy consumption pattern analysis and emphasis on renewable energy have widened the scope and growth of the global market. However, the need for high capital investment may impede market growth over the forecast period.
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