[2022-2028] Microgrid Market is Booming with USD 60 Billion, Internationally, by 2028 - New Report by The Insight Partners

According to The Insight Partners' latest market study on "Microgrid Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Component, End-Use Industry, and Geography," the market is expected to grow from US$ 25 billion in 2021 to US$ 60 billion by 2028; it is estimated to grow at a CAGR of 17.0% from 2022 to 2028.

ABB Ltd., Schneider Electric SE, Eaton Corporation, and General Electric are among the key players in the microgrid market, which are profiled during the study. Moreover, several other major companies have been studied and analyzed to get a holistic view of the microgrid market and its ecosystem.

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The "Global Microgrid Market Analysis to 2028" report aims to provide an overview of the market based on type, component, and end-use industry. The microgrid market is expected to witness high growth during the forecast period. The report provides key statistics based on the revenue performances of leading microgrid players, and offers key trends and opportunities prevailing in the market.

REGIONAL FRAMEWORK

The report provides an overview and forecast of the global microgrid market based on various segments, emphasizing both qualitative and quantitative information. It also provides market size and forecast for the period of 2020-2028 with respect to five major regions-North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The microgrid market in each region is subsegmented into respective countries and other segments. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in the abovementioned regions.

APAC dominated the microgrid market with ~36% share in 2021. A few of the aspects fueling the growth of the microgrid market in APAC countries are mentioned below.

- Large portion of populations in these countries lack access to electricity.
- Many innovators in the microgrid market are based in Asian countries, including Australia, China, and Japan, which are building capabilities to promote the use of microgrids in the industrial sector.
- APAC countries depend on energy-as-a-service business models.
- Key enablers driving the penetration of microgrids include development modular microgrids and connected microgrids since IoT is prevailing in Asian economies.

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The growing demand for reliable and secure power supply to meet the needs of ongoing industrialization and urbanization contributes to the overall growth of the microgrid market. Also, government bodies, especially in emerging economies, are taking steps to lower carbon footprints and promote clean energy storage solutions. Marble Bar (Western Australia), Ross Island (Antarctic), BHP Billiton Leinster Nickel Mine (Western Australia), and Fort Collins (Municipality in Colorado in the US) are a few of the areas using advanced energy storage solutions. Such transitions in energy storage and consumption preferences are projected to bolster the microgrid market growth in the coming years.

Market Size Value in - US$ 25 Billion in 2021
Market Size Value by - US$ 60 Billion by 2028
Growth rate - CAGR of 17.0% from 2022 to 2028.
Forecast Period - 2022-2028
Base Year - 2021
No. of Pages - 150
Historical data available - Yes
Segments covered - Type, Components, End-Use Industry, and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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This release was published on openPR.