Microgrid Market Analysis by Connectivity, Power Source, and End-Use: Industry Outlook 2024-2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Microgrid Market Size, Share & Trends Analysis Report By Connectivity (Grid-Connected And Off-Grid Connected), Offering (Hardware (Power Generators, Energy Storage Systems, Controllers), Software, And Services.), Power Source (Natural Gas, Solar P.V., Combined Heat And Power, Diesel, Fuel Cell), Pattern (Urban/Metropolitan, Semi-Urban And Rural/Island), Types (Ac Microgrids, Dc Microgrids, And Hybrid Microgrids), Power Rating (less than 1 M.W., 1MW to 5MW, 5MW to 10MW and more than 10MW) , And End-Use (Commercial & Industrial, Remote Areas, Military, Government, Utilities, Institutes & Companies And Healthcare)- Market Outlook And Industry Analysis 2031"

The global microgrid market is estimated to reach over USD 104.28 billion by 2031, exhibiting a CAGR of 16.18% during the forecast period.

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The microgrid industry is expanding quickly and is anticipated to develop significantly over the next few years. Microgrids are compact, decentralized energy systems that can function together or separately from the main grid. They are becoming increasingly popular worldwide due to their numerous advantages, which include greater energy security, increased grid resilience, and lower greenhouse gas emissions. In the upcoming years, the microgrid market is anticipated to keep expanding due to rising energy consumption, government backing, and the uptake of renewable energy sources.

The market is also anticipated to gain from the growing interest in decentralized energy systems and the increased knowledge of microgrid advantages. The high upfront investment costs related to the development and implementation of microgrids are one of the greatest issues facing the microgrid sector. Microgrid systems can be too expensive for many businesses and communities, especially those that use cutting-edge technologies like energy storage systems.

List of Prominent Players in the Microgrid Market:
• ABB Group
• Caterpillar
• Eaton Corporation
• Exelon Corporation
• General Electric
• Heila Technologies
• Hitachi Energy
• Homer Energy
• Honeywell International Inc.
• Pareto Energy
• Power Analytics Corporation
• S&C Electric
• Schneider Electric
• Siemens
• Spirae Inc.
• Toshiba Corporation

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Market Dynamics:
Drivers-
Rising power outages in urban and rural areas might seriously harm hospitals and military installations by cutting off the power supply. Lighting, heating, cooling systems, and life support systems, including ventilators, dialysis machines, oxygen monitoring devices, and other systems, all require power in hospitals. As microgrids may integrate and control many energy sources while monitoring can provide the hospital with power during a power loss, many hospitals are converting from diesel generators to microgrid-based power backups. As a result, the market is benefiting from this element.

Challenges:
Technical difficulties faced by microgrids running in island mode. There is a sudden current intake during the first stages of electricity generation in microgrids operating in the island mode, which may alter the frequency and voltages of power systems. Generators may trip. As a result, going offline. Analyzing the electricity generation techniques utilized in microgrids that run in the island mode is necessary. It is also necessary to apply specialized generation techniques for microgrid operations. In island microgrids, various distributed electrical generation sources are employed. Voltages must be managed during microgrid operations utilizing voltage versus reactive power drop controllers to ensure local reliability and stability of power systems. Consequently, managing microgrids in the island mode is a complex undertaking that needs sufficient technical expertise.

Regional Trends:
The North American microgrid market is anticipated to record a significant market share in revenue and is projected to grow at a high CAGR shortly. In North America, the most frequent natural disasters that interfere with the operation of the national grid include wildfires, tornadoes, thunderstorms, floods, hurricanes, and volcanoes. In this case, the microgrid provides a reliable and secure power source in remote areas. The American government has recently put into effect many laws and programs designed to encourage the development of microgrids, particularly those that use renewable energy sources. This has aided in the country's and the region's overall expansion of the microgrid market.

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Recent Developments:
• In May 2022, Siemens announced a grid software suite to manage the complexity of grid systems. Siemens Smart Infrastructure has developed an open, modular software suite.
• In March 2022, GE Renewable Energy's Grid Solutions and BOND Civil & Utility Construction will collaborate on an engineering, procurement, and construction project(EPC).

Segmentation of Microgrid Market-
By Connectivity-
• Grid Connected
• Off-grid Connected
By Offering
• Hardware
o Power Generators
o Energy Storage Systems
 Lithium-ion batteries
 Flow batteries
 Flywheels
 Others
o Controllers
• Software
By Power Source
• Natural Gas
• Solar PV
• Combined Heat and Power
• Diesel
• Fuel Cell
• Others
By Pattern
• Urban/Metropolitan
• Semiurban
• Rural/island
By Type-
• AC Microgrids
• DC Microgrids
• Hybrid Microgrids
By Power Rating
• Less than 1 MW
• 1MW to 5MW
• 5MW to 10MW
• More than 10MW
By End-Use
• Commercial & Industrial
• Remote Areas
• Military
• Government
• Utilities
• Institutes & Companies
• Healthcare
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.