By 2022 and 2032, it is predicted that the microgrids market would be worth US$27.4 billion and US$80.66 billion, respectively. The market is projected to expand at a CAGR of 11.4% between 2022 and 2032.
the growing adoption of software to monitor and manage distributed energy resources with integrated weather and load forecasts across various end-user industries, including business, industry, government, and healthcare.
The microgrid industry is probably going to make little money in the near years because testing, development, and research have received little funding. Microgrids enable restricted access to renewable energy sources.
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The deployment of decentralized, small-scale power generation systems that can run either independently or in conjunction with a larger power grid is referred to as the microgrid market. Homes, businesses, and communities can rely on microgrids to deliver dependable and resilient power, particularly in places where there are frequent power outages or restricted access to electricity.
In most cases, microgrids combine renewable energy sources like solar and wind power with energy storage devices like fuel cells or batteries. To guarantee a constant supply of power, they can also include backup generators or other power sources.
The desire for dependable and sustainable power, the rising usage of renewable energy sources, and the need to cut carbon emissions and battle climate change are some of the drivers driving the microgrid industry. By lowering dependency on conventional power grids and enabling more effective use of energy resources, microgrids can also result in cost savings.
Key Players
- Lockheed Martin Corporation
- ZBB Energy Corporation
- ABB Ltd.
- GE Digital Energy
- Power Analytics Corporation
- Consert Inc.
- Viridity Energy Inc.
- S&C Electric Company
- Chevron Energy
- Toshiba Corporation
The market for microgrids is expected to continue growing in the coming years, driven by factors such as government incentives and regulations supporting the deployment of renewable energy sources, the increasing adoption of smart grid technologies, and the need for more resilient and reliable power systems. The market is also being driven by the development of new technologies, such as advanced energy storage systems and software platforms for optimizing microgrid operations.
However, the market also faces challenges such as the high upfront costs of deploying microgrids and the need for specialized expertise to design and operate these systems. Additionally, there is a need for standardization and interoperability between different microgrid solutions to ensure seamless integration and maximum benefit for end-users.
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Available Growth Opportunities for Microgrid Vendors
The microgrid market is reaching maturity and is likely to provide revenue income opportunities for the players in the forecast period. The increased need for tough and dependable electrical equipment for the military and aerospace sectors is projected to provide attractive prospects for the microgrid industry to develop. Factors such as increased smart city development, increased demand, expansion of rugged loT, and increased usage of ruggedized PCs are projected to fuel the market growth during the forecast period.
Strategic acquisitions and alliances are being pursued by the main corporations to build sophisticated and creative power solutions. Furthermore, the increasing emphasis on the expansion of electrical infrastructure concerning grid modernization is anticipated to benefit the corporate picture.
Key Segment
By Verticals:
- Public Sector
- Healthcare
- Telecom
- Manufacturing
By Type:
- Off-grid
- Connected Grid
- Hybrid Grid
By Technology:
- Power Technology
- Component Technology
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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