Press release
Microgrid Market Analysis, Size, Share, Trends And Forecast 2033
Microgrid Market
The Business Research Company presents an extensive market research report on the Microgrid Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The microgrid market size has grown exponentially in recent years. It will grow from $14.36 billion in 2023 to $17.34 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for clean energy sources and growing adoption of microgrids for rural electrification.
The microgrid market size is expected to see rapid growth in the next few years. It will grow to $34.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to increasing electricity demand, increasing initiatives and rising population. Major trends in the forecast period include use of artificial intelligence (ai), development and adoption of green hydrogen microgrids, development of smart, plug-and-play microgrid inverters, adoption of solar and battery-powered microgrid community and partnerships and collaborations.
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Key Market Players:
Major companies operating in the microgrid market report are General Electric Company, Schneider Electric SE, ABB Group, Siemens AG, Toshiba Corporation, Exelon Corporation, Eaton Corporation PLC, Engie SA, Hitachi Ltd, S&C Electric Company, DESI Power, Gram Power, Mera Gao Power, Omnigrid Micropower Company, State Grid Corporation of China (SGCC), China Southern Power Grid, CleanSpark, Sungrow Power Supply Co. Ltd., Shenzhen Cubenergy Co. Ltd., Shanghai Dowell Technology Co. Ltd., Shanghai Ghrepower Green Energy Co. Ltd., Shenzhen Sinexcel Electric Co. Ltd., Bboxx, Enervalis, Younicos, Supreme Power Solutions Co. Ltd. (SPS), Phono Solar Technology Co. Ltd., Rolls-Royce Power Systems AG, Capstone Turbine Corporation, Elum Energy, CebeEnergy GmbH, AMS, Caterpillar, enSYNC Corporation, Lockheed Martin Corporation, Power Analytics Corporation, LO3 Energy, HOMER Energy LLC, PowerSecure Inc., Primus Power, SolarX, Sola Group, Powin Inc, Moura, Voltalia, Reuniwatt, Neoenergia, Iberdrola, HIMOINSA, Total Eren, Nidec Industrial Solutions, Edelar S.A, ALEC Energy, Mohamed Abdulrahman Al Bahar LLC, Husk Power Systems, Engie Energy Access.
Market Drivers:
The growing adoption of microgrids for rural electrification is expected to propel the growth of the microgrid market going forward. Rural electrification is progressing, with plans to provide energy 24 hours a day and connect rural communities, including micro, small, and medium-sized enterprises (MSME) businesses. For rural electrification, microgrids have several advantages over centralized infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas. For instance, in April 2021, the Indian government's e-governance services arm launched a partnership with Tata Power to install solar-powered microgrids and water pumps in rural areas around the country. To begin with, Tata Power has proposed establishing 10,000 microgrids to assist rural clients via common service centers (CSCs). This will aid the government's ongoing campaign to equip rural households and businesses in India with clean, sustainable energy. Therefore, an increase in demand for microgrids in rural electrification will drive the microgrid market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/microgrid-global-market-report
The microgrid market covered in this report is segmented -
1) By Type: AC Microgrid, DC Microgrid, Hybrid
2) By Connectivity: Grid Connected, Off-Grid Connected
3) By Component: Hardware, Software, Services
4) By Application: Remote Systems, Institutional Buildings, Community And Utility Distribution
5) By End-User: Commercial And Industrial, Institutes And Campuses, Defense And Military
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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