Powering the Future: Global Microgrid Market Growth Projections at 17.1% CAGR, Reaching $65,021.5 Million by 2032 || General Electric Company, Schneider Electric SE, ABB Group

As per The Business Research Company's Microgrid Opportunities And Strategies Market Report 2023, the global microgrid market reached a value of nearly $11,901.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 10.2% since 2017. The market is expected to grow from $11,901.6 million in 2022 to $29,494.5 million in 2027 at a rate of 19.9%. The market is then expected to grow at a CAGR of 17.1% from 2027 and reach $65,021.5 million in 2032.

The increasing electricity demand is expected to propel the growth of the microgrid market going forward. Microgrids are local power grids that are operated independently of the main and generally much bigger electricity grid in an area. For example, according to ExxonMobil, a USA-based oil and gas corporation, globally, electricity demand is expected to rise by 1.8% per year, growing to almost 50% of this sector by 2050, as traditional biomass, coal and oil demand decline. Additionally, according to Indian Government's data, India's power consumption logged a double-digit growth of 13.6% to 112.81 billion units in November 2022 compared to the year-ago period.

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The development of plug-and-play microgrid inverter is another key trend gaining traction in the microgrid market. A "smart inverter" provides features like plug and play, self-awareness, adaptability, autonomy, and cooperativeness. For example, in October 2022, Statcon Energiaa, an India-based power electronics manufacturing company, has developed a plug-and-play outdoor inverter solution that provides uninterrupted power supplies to microgrid customers, with the option of combining renewable energy resources like biomass, wind, hydro and solar. It supports AC coupling and DC coupling, and AC-AC power transfer to connect multiple microgrids and it also has an in-built interface for a diesel generator to charge the batteries and cater to loads.

The top opportunities in the microgrid market segmented by type will arise in the AC microgrids segment, which will gain $10,807.9 million of global annual sales by 2027. The top opportunities in the microgrid market segmented by connectivity will arise in the grid connected segment, which will gain $10,821.4 million of global annual sales by 2027. The top opportunities in the microgrid market segmented by component will arise in the hardware segment, which will gain $8,581.1 million of global annual sales by 2027. The top opportunities in the microgrid market segmented by end user will arise in the remote community's segment, which will gain $7,734.0 million of global annual sales by 2027. The microgrid market size will gain the most in the USA at $4,892.6 million.

Microgrid Market Segmentation:
The microgrid market is segmented by type, by connectivity, by component, by application and by end-user

By Type-
a) AC Microgrids
b) DC Microgrids
c) Hybrid

By Connectivity-
a) Grid Connected
b) Off-Grid Connected

By Component-
a) Hardware
b) Software
c) Services

By Application-
a) Remote Systems
b) Institutional Buildings
c) Community And Utility Distribution

By End-User-
a) Commercial And Industrial
b) Institutes And Campuses
c) Defense And Military

Major players in the microgrid market include General Electric Company, Schneider Electric SE, ABB Group, Siemens AG, Toshiba Corporation.

The regions covered in the global microgrid market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Microgrid Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Microgrid Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…………
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Microgrid Market, Conclusions And Recommendations
23. Appendix

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