Microgrid Market Demand Surges with Rising Power Outages and Push for Cleaner Distributed Power Generation

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 2034"

The global microgrid market is estimated to reach over USD 168.9 Billion by the year 2034, exhibiting a CAGR of 16.8% during the forecast period.

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The microgrid industry is experiencing rapid growth and is projected to witness substantial development in the coming years. Microgrids, which are small-scale, decentralized energy systems capable of operating independently or in conjunction with the main power grid, are gaining global traction due to their numerous benefits. These include enhanced energy security, improved grid resilience, and reduced greenhouse gas emissions. The continued rise in global energy demand, increasing governmental support, and the growing integration of renewable energy sources are expected to drive sustained expansion of the microgrid market.

Additionally, heightened awareness of the benefits of microgrids and the increasing interest in decentralized energy infrastructure are likely to further bolster market growth. However, one of the primary challenges confronting the sector is the significant upfront capital investment required for the development and deployment of microgrid systems. The high cost, particularly when incorporating advanced technologies such as energy storage solutions, may limit adoption among certain communities and organizations with budget constraints.

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:
The increasing frequency of power outages in both urban and rural areas poses serious risks to critical infrastructure such as hospitals and military facilities. Hospitals, in particular, rely heavily on uninterrupted power to support essential systems including lighting, HVAC, and life-support equipment such as ventilators, dialysis machines, and oxygen monitoring devices. To enhance reliability and resilience, many healthcare institutions are transitioning from conventional diesel generators to microgrid-based backup power solutions. Microgrids offer the ability to integrate and manage multiple energy sources while maintaining continuous power supply during outages, thereby contributing positively to market growth.

Challenges:
One of the primary technical challenges in the microgrid sector is the complexity of operating in island mode. During the initial stages of power generation in islanded microgrids, sudden surges in current can cause fluctuations in system voltage and frequency, potentially resulting in generator trips and disconnections. Effective operation in this mode necessitates the use of advanced generation techniques and thorough analysis of power generation mechanisms. Islanded microgrids typically utilize diverse distributed energy resources, requiring precise voltage control via reactive power drop controllers to ensure local reliability and system stability. Consequently, the management of island-mode microgrids demands a high level of technical expertise and advanced infrastructure.

Regional Trends:
The North American microgrid market is poised to capture a substantial share of global revenue and is expected to grow at a robust compound annual growth rate (CAGR) in the near future. The region frequently experiences natural disasters-such as wildfires, hurricanes, floods, tornadoes, and volcanic activity-that disrupt centralized grid operations. In such scenarios, microgrids serve as a reliable and secure power source, particularly in remote locations. Recent regulatory initiatives and government programs in the United States aimed at promoting renewable energy-based microgrid development have further accelerated market growth across the country and the broader region.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/microgrid-market/1643

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This release was published on openPR.