Microgrid Market is anticipated to reach USD 17.51 billion by 2025. The Microgrid is a combination of generation, distribution, transmission, and electricity and used on a small scale as compared to the conventional Microgrid. Microgrids produce power, and in doing so, decrease necessity of long distance transmission lines and cut transmission damages.
The
factors that propel the growth of the microgrid industry include increasing
demand for reliable and secure power supply worldwide, government initiatives
to reduce carbon footprint, and the compensations of clean and cheap energy
storage. On the other hand, there are factors that may hamper the growth of the
market including massive investment essential for integrating existing systems
with microgrid, high primary cost of installation, solar PV installation in
rural areas, and technical barriers. Microgrid Market is anticipated to grow at
a significant CAGR of 17.0% in the upcoming period as the scope, product types,
and its applications are increasing across the globe.
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Microgrid
industry may be explored by type, offering, consumption pattern, verticals, and
geography. The market may be explored by type as Remote/Island/Off-Grid, and
Grid Connected. The “Remote/Island-Grid” segment led the market in 2018 and is
anticipated to maintain its dominance by 2025 due to forthcoming installation
of new schemes in Russia, and Arctic circle.
The
Microgrid Market could be explored based on offering as Services, Hardware, and
Software. The “Software” segment led the market in 2018 and is anticipated to
maintain its dominance by 2025 due to high acceptance of software across
commercial and industrial sites, university campuses, utilities, and municipalities.
The industry may be analyzed by consumption pattern as Semi-urban,
Rural/Island, and Urban/Metropolitan.
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Microgrid
industry may be categorized by verticals as Healthcare, Educational Institutes,
Military, Industrial, Government & Utilities may be subdivided into Rural
Electrification and Urban Electrification, and Other verticals may comprise
Data Centers, Telecom Infrastructure (Cellphone Towers), and Electric Vehicles.
The “Healthcare” segment led the market in 2018 and is anticipated to maintain
its dominance by 2025 owing to growing need for continuous power supply in the
healthcare domain, and Next-generation microgrids offer healthcare services the
ideal power source for sustaining operator involvement although enhancing
energy consumption.
North
America accounted for the major share of the Microgrid Market Size in 2017 and
will continue to lead in the forecast period. The factors that could be
attributed to the growth includes growing number of new solar PV microgrids for
effectiveness in West and Northeast regions of the U.S. is anticipated to have
an optimistic influence.
Some
of the key players that fuel the growth of the microgrid industry comprise
Exelon, GE, Lockheed Martin Corporation, Siemens AG, Lockheed Martin
Corporation, Power Analytics, ABB Group, Schneider Electric, Honeywell
International Inc, Toshiba Corporation, Echelon Corporation, and ZBB Energy
Corporation. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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