Press release
Australia Microgrid Market Projected to Reach USD 1,500.22 Million by 2033
Base Year: 2024
Forecast Years: 2025-2033
Historical Years: 2019-2024
Market Size in 2024: USD 704.00 million
Market Forecast in 2033: USD 1,500.22 million
Market Growth Rate 2025-2033: 8.77%
Australia Microgrid Market Overview
Australia's microgrid advertise is quickly growing, fueled by rising vitality costs, lattice unwavering quality concerns, and solid government backing for renewable vitality. The integration of sun powered, wind, and other renewables into microgrid frameworks is getting to be progressively common, giving economical and cost-effective vitality arrangements. Falling battery capacity costs are moreover making microgrids more practical, particularly for inaccessible communities and businesses pointing for more prominent vitality self-sufficiency. Government programs-such as subsidizing from the Australian Renewable Vitality Office (Field) and motivations beneath the Small-scale Renewable Vitality Conspire (SRES)-are playing a pivotal part in quickening microgrid appropriation across the country.
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Australia Microgrid Market Trend and Drivers
Australia's microgrid advertise is experiencing a outstanding move toward renewable vitality integration, upheld by the country's plenteous sun based and wind assets. In reaction to rising vitality costs and expanding natural concerns, a developing number of businesses, farther communities, and utilities are turning to microgrids fueled by sun powered PV, wind, and battery capacity advances. In spite of the fact that, as of 2022, Australia's vitality blend remained generally dependent on fossil fuels-natural gas accounted for 27% of supply and 34% of control generation-renewable vitality sources developed to 9.5%, driven essentially by sun powered and biomass. Government arrangements and motivating force programs are playing a key part in quickening the selection of disseminated vitality assets (DERs), clearing the way for a more versatile and economical vitality future.
Australia Microgrid Market Segmentation
1. By Energy Source:
• Solar Photovoltaic (PV)
• Wind
• Battery Storage
• Diesel
• Natural Gas
• Combined Heat and Power (CHP)
• Fuel Cells
• Bioenergy
2. By Application:
• Remote Systems
• Institutions and Campuses
• Utility/Community
• Defence
• Industrial
• Commercial
3. By Region:
• New South Wales
• Victoria
• Queensland
• South Australia
• Western Australia
• Tasmania
• Northern Territory
• Australian Capital Territory
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Australia Microgrid Market News
In recent developments, the Australian government has been actively supporting the growth of microgrids through various initiatives. The Australian Renewable Energy Agency (ARENA) has funded numerous projects to demonstrate the viability of hybrid renewable microgrids, particularly in off-grid and regional areas. Additionally, the Small-scale Renewable Energy Scheme (SRES) provides incentives for the installation of renewable energy systems, including microgrids, further promoting their adoption. These efforts are contributing to the expansion of the microgrid market in Australia, aligning with the country's goals of enhancing energy security and reducing greenhouse gas emissions.
Key Highlights of the Report:
• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group
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About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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