Microgrid Industry is expected to register over 24% CAGR between 2020 and 2024, propelled by increasing integration of renewable energy coupled with growing demand for off grid electricity.
Selbyville, Delaware, Oct. 27, 2020 (GLOBE NEWSWIRE) --
Global microgrid market revenue is poised to surpass USD 25 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. microgrid industry is projected to grow on account of increasing power failure owing to grid inadequacy coupled with surging demand for uninterrupted power supply. Paradigm shift towards cleaner energy sources & renewables in line with concerns on fossil fuel consumption will influence the industry potential. Ongoing government electrification programs and growing deployment of captive power generating sources will augment the business landscape.
Hybrid based microgrid market will gain an appreciable momentum owing to upsurge in investments toward refurbishment and expansion of existing electrical networks. Ongoing development of commercial buildings including educational institutions and hospitals will boost the product demand. In addition, positive regulatory reforms coupled with large-scale installation across communities and military bases will favor the business scenario.
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The global economy is hit by COVID- 19 pandemic where, even after continuing the operations, many nations are facing challenges of resuming their production capacity and manufacturers are experiencing the effect of shortages in their distribution networks. However, increasing electricity demand and robust growth across the healthcare sector is anticipated to amplify the product installation.
Some prime findings of the microgrid market report include:
Global market is growing rapidly on account of flourishing commercial and industrial sector.
Increasing investments across construction activities and infrastructural development is set to drive the business development.
Key players operational across the microgrid industry are Eaton, Siemens, Schneider Electric, Toshiba and ABB.
Declining cost of sustainable energy and storage technologies have positively swayed the industry dynamics.
Browse key industry insights spread across 430 pages with 797 market data tables & 36 figures & charts from the report, “Microgrid Market Forecasts By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), Connectivity (Grid Connected, Off-Grid), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Stringent government policies toward the integration of sustainable and efficient electricity generation sources will strengthen the microgrid infrastructure. Robust increase in the domestic gas demand for power generation has introduced a positive business scenario. In addition, increasing investments distributed power generation sources along with increasing funding’s toward development of grid across remote areas will boost the product adoption.
Middle East & Africa microgrid market is set to witness over 22% CAGR through 2026. The government authorities are providing FIT’s & subsidies and renewable portfolio standards and green bonds toward the development of microgrid across the region. Increasing electrification rate and grid stability has driven new investments in T&D markets which in turn will strengthen the industry outlook.
Microgrid market is projected to grow on account of reducing component prices and rising investments toward integration of sustainable power technologies. Shifting customer focus toward security of supply coupled with development Tier II & III cities supported by government aided policies will positively impact the business landscape.
Toc of this report @ https://www.gminsights.com/toc/detail/microgrid-market
Browse Related Report:
North America Microgrid Industry By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), Connectivity (Grid Connected, Off-Grid), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Source (Diesel Generators, Natural Gas, Solar PV, CHP), Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024
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