WILMINGTON, DE / ACCESSWIRE / November 16, 2022 / Transparency Market Research Inc. - In 2020, the global microgrid market size stood at US$ 63.5 Bn. The global microgrid market projections estimate the market to be worth US$ 206.1 Bn by 2031. Firms in the global microgrid market are taking advantage of this opportunity to increase their power generating abilities in light of the latest COVID-19 outbreak as microgrids are amongst the necessary services for the global community.
In certain circumstances, however, overstock and undersupply problems in industrial, commercial, and residential settings are linked to microgrids. So, in order to solve the power generation problems, service providers are expected to deploy monitoring systems, system engineers, and relays. Additionally, firms in the microgrid industry are likely to find new ways to boost revenue due to Industry 4.0's rapid expansion. Increasing investments on AEC (Architecture, Engineering, and Construction) sector's equipment and machinery are fostering the development of Industry 4.0, which is anticipated to augur well for the market in the years to come.
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End users are increasingly depending on utility systems to meet their energy demands due to population expansion and rising electricity consumption. Due to growing urbanization and industrialization, the energy consumption is rising quickly and cannot be adequately fulfilled by the major networks. For firms in the microgrid industry, these gaps translate into income potential to expand their power supply services.
Key Findings of Market Report
- Firms in the microgrid industry are utilizing contingency planning to detect patterns in the irregular demand for electricity in industrial, commercial, and residential sectors. They are increasing local power generating capacity to assist, amongst many other things, defense groups, educational institutes, and communities. In order to serve mission-critical projects, service vendors in the microgrid industry are developing a balanced partnership with suppliers as well as ecosystem partners.
- The operation of on-site microgrid systems during natural calamities earthquakes, floods, and tornadoes, is a promising prospect. Additionally, during power outages, these systems serve as stand-ins for traditional grids. In order to prepare for such an eventuality, governments are devoting additional efforts onto how to strategically locate microgrids close to petrol stations, hospitals, pharmacies, grocery shops, and police stations.
- The microgrid industry growth is expected to be driven by innovations in technologies for renewable energy throughout the forecast years. Renewable energy sources can readily be used by microgrids to produce power. Additionally, as they produce nearly no carbon emissions and have advantages based on cost and efficiency, renewable energy sources are increasingly being used in microgrids. Microgrids' environmentally friendly and renewable qualities are expected to spur global market expansion in the years to come.
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Global Microgrids Market: Growth Drivers
- The both direct and indirect advantages of using microgrids in a society, environment, technology, and business are expected to fuel expansion of the global microgrid market. Additionally, microgrids make it easier to decide how to dispatch electricity in real-time, reducing losses and thus increasing profitability.
- The global market is also anticipated to be driven by technological breakthroughs in ecologically responsible power production processes throughout the forecast period. Microgrids can generate electricity employing green power systems, which is likely to emerge as key microgrid trends during the forecast period.
Global Microgrids Market: Key Competitors
- Honeywell International Inc.
- Power Analytics Corporation
- S&C Electric Company
- Siemens AG
- Duke Energy Corporation
- Schneider Electric SE
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Global Microgrids Market: Segmentation
Connectivity
- Grid-tied (Grid-connected)
- Off-grid
Application
- Campus & Institution
- Community & Utility
- Commercial & Industrial
- Defense & Military
- Remote Island
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