Demand for Microgrid Market in 2021-2031

𝗠𝗶𝗰𝗿𝗼𝗴𝗿𝗶𝗱 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻

Swift industrialization together with increased demand for power is expected to boost growth avenues in the global microgrids market in the forthcoming years, states a new research report by TMR. The study highlights that the market is estimated to expand at a CAGR of 11.3% during the forecast period of 2021-2031, considering the base year as 2020. Thus, the market is all set to garner the valuation of US$ 206.1 Bn by the end of 2031.

𝗚𝗲𝘁 𝗣𝗗𝗙 𝘀𝗮𝗺𝗽𝗹𝗲 𝗳𝗼𝗿 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗮𝗻𝗱 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=236

Microgrid refers to a localized grid with an ability to connect and disconnect with conventional utility grids in order to offer superior level of grid resilience and reliability. Thus, microgrid works as an interconnection between loads within well-defined electric boundaries and distributed energy sources. Microgrids can be operated autonomously; therefore, they are increasingly utilized throughout major grid failures. Thus, the device assists in mitigating risks occurring due to grid failures and disturbances. Based on connectivity, the global microgrid market can be segregated into grid-tied (grid-connected) and off-grid.

𝗩𝗶𝗲𝘄 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 @ https://www.transparencymarketresearch.com/microgrid-market.html

𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 𝗼𝗳 𝗠𝗶𝗰𝗿𝗼𝗴𝗿𝗶𝗱𝘀 𝘁𝗼 𝗙𝘂𝗲𝗹 𝗗𝗲𝗺𝗮𝗻𝗱

Microgrids are gaining traction owing to a wide range of advantages they offer. Integration of distributed energy generation sources, including renewables, integration of several smart grid technologies, and grid modernization are some of the key advantages of microgrids. Moreover, the device assists in providing local loads with the help of local power sources. This allows minimizing distribution and transmission losses, thereby achieving increased overall efficiency of system.

𝗘𝗻𝗾𝘂𝗶𝗿𝘆 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 @ https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=236

Microgrids work as a helpful tool to macrogrids, as they can handle power inconsistencies from regional renewable sources and provide ancillary services to bulk power systems and sensitive loads. Owing to all these advantages, there is extensive growth in product utilization across varied applications such as community & utility, campus & institution, defense & military, remote island, and commercial & industrial sectors. This is expected to generate promising sales avenues in the global microgrids market in the forthcoming years.

𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗶𝗻 𝗨𝘀𝗮𝗴𝗲 𝗼𝗳 𝗠𝗶𝗰𝗿𝗼𝗴𝗿𝗶𝗱𝘀 𝗱𝘂𝗿𝗶𝗻𝗴 𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗪𝗲𝗮𝘁𝗵𝗲𝗿 𝗖𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗠𝗮𝗿𝗸𝗲𝘁

Macrogrids have to deal with the issue of grid instability during critical weather conditions as well as natural disaster situations. In this scenario, microgrid work as a helpful tool. On-site microgrid systems are gaining traction, owing to their capability to be used during floods, earthquakes, and tornadoes. In addition, these systems are increasingly utilized as substitutes for traditional grids during power outage. Government bodies of many countries from all across the globe are focusing on the strategic use of microgrids near hospitals, pharmacies, gas stations, grocery stores, and police stations in order to deal with various emergency situations.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=236

𝗔𝘀𝗶𝗮 𝗣𝗮𝗰𝗶𝗳𝗶𝗰: 𝗣𝗿𝗼𝗺𝗶𝗻𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵 𝗥𝗲𝗴𝗶𝗼𝗻 𝗼𝗳 𝗠𝗶𝗰𝗿𝗼𝗴𝗿𝗶𝗱 𝗠𝗮𝗿𝗸𝗲𝘁

The global microgrid market has been classified into Latin America, North America, Asia Pacific, Middle East & Africa, and Europe. Asia Pacific is one of the key regions offering prodigious expansion avenues for vendors in the microgrid market. This regional growth can be attributed to many factors such as low electrification rate, low grid connectivity, and increased demand for power in Asia Pacific. The market is estimated to gather lucrative avenues over the next few years, owing to rapid urbanization and industrialization across many countries (including India and China).

The nature of the global microgrids market seems to be fairly fragmented with presence of many well-entrenched enterprises. This also highlights that the competition landscape is highly intense. General Electric, Siemens AG, ABB Group, S&C Electric Company, Engie Group, Schneider Electric SE, Echelon Corporation, Honeywell International Inc., Toshiba Corporation, Pareto Energy Limited, Power Analytics Corporation, and Duke Energy Corporation are some of the key participants of the global microgrid market.

𝗔𝗯𝗼𝘂𝘁 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

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𝗖𝗼𝗻𝘁𝗮𝗰𝘁:

Nikhil Sawlani
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