Aug 11, 2021 (Heraldkeepers) -- The global Microgrid Market will be worth USD 61.18 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing demand for clean sources of energy. Increasing government initiatives to reduce carbon footprints on the environment and lower the dependency on fossil-fuel-based power generation to produce electricity is expected to increase the demand for the technology. Increasing government policies and initiatives and a shift towards renewable distributed energy generation such as fuel cells, wind turbines, and Solar PV are also expected to drive the microgrid market’s demand.
Moreover, the report provides an extensive analysis of the factors influencing the growth of the Microgrid market and considers the current COVID-19 pandemic as one of the significant growth factors. The report is furnished with the latest happenings in the Microgrid market and the economic scenario in regard to the COVID-19 pandemic. The report covers the present and future impact analysis of COVID-19 on the overall market. Along with that, the changes in the economic scenario and market trends are reported in the study.
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The prominent players of the global Microgrid market are expected to contribute significantly to the revenue generation owing to increasing demand for the Microgrid products in the industry.
Prominent Players Profiled in the Microgrid Market:
Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
Key Highlights From The Report
Combined heat & power (CHP) held the largest market share of 34.0% in the year 2019 due to the increasing adoption of sustainable sources of power generation, including hydro, solar, and wind energy.
The grid-connected segment is forecasted to grow with the fastest CAGR of 10.6% over the forecast period. Reliable power supply, improved resiliency & efficiency, low cost of energy storage, and reduction in the emission level are some of the driving factors of the segment.
North America accounted for the largest market share of the microgrid market in 2019 due to the favorable government policies, including tax rebates and other promotional schemes on adopting microgrid infrastructure.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the government’s increasing initiatives to provide a cost-effective and uninterrupted supply of electricity in the rural areas of the developing economies.
The research report gives a special focus on the strengths and weaknesses of the leading participants and offers a comprehensive SWOT analysis and an investigative study for their evolution through extensive historical analysis. Additionally, the global Microgrid market is segmented into product types, applications, regions, and end-user industries. The report utilizes Porter's Five Forces analysis to offer accurate predictions about the growth rate of the market. The study investigates and assesses the global Microgrid market in terms of market size, market share, and revenue generation. The report also assesses the growth of the segments of the Microgrid market over the forecast timeline.
Microgrid Market Segmentation:
Emergen Research has segmented the global Microgrid Market on the basis of Power, Product, Application, and region:
Power Outlook (Revenue, USD Billion; 2017-2027)
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Major Regions of the Microgrid Market Analyzed in the Report Include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Major Objectives of the Study: