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April 1, 2021, 8:10 a.m. EDT

Energy Storage in Microgrids Market Trends, Share, Size, Growth, Supply and Manufacturers Analysis Research Report 2028

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Apr 01, 2021 (Market Insight Reports) -- During power failure and blackout situations, Microgrid ensures the supply of electricity. The increasing demand of electrification of rural areas has led to the high adoption rate of Energy Storage in Microgrids. Energy Storage in Microgrids connect several different residential/commercial/industrial parties or buildings with individual energy system assets to a fully functional microgrid. Advancement in IoT and communication technologies and increasing concern of carbon emission are the major drivers of the global Energy Storage in Microgrids market.Automation in the form of aEnergy Storage in Microgrids is one way to run the plant run on lower power supply without disrupting manufacturing, which is expected to supplement the growth of the Energy Storage in Microgrids Market.

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Key Takeaways of the Energy Storage in Microgrids Market Study

  1. The off-grid segment led the Energy Storage in Microgrids market and is projected to have the largest market share during the forecast period. For geographically remote communities and developing countries Off-gridmicrogridsare mainly used to provide diverse power sources.

  2. The private segment led the Energy Storage in Microgrids market in 2018. Factors such as rising power generation capacity, increasing demand for electricity,and increasing usage of renewable sources to generate electricity are anticipated to propel the demand for the private Energy Storage in Microgridss. mMcrogrid control system has major application in university campuses, defense, and industrial and commercial end-users.

  3. Asia Pacific led the global Energy Storage in Microgrids market in 2017. Increased investments in the electric grid development is driving the growth of the Asia Pacific region along with growing reliance on renewable sources of power generation.

Notable Development Trends to Open up New Horizons of Growth for Energy Storage in Microgrids Market

The leading companies in the market focus on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period.

  1. October 23, 2019 – Excellerate, an innovator of manufactured electrical components and assemblies, and Schneider Electric, the leader in the digital transformation of energy management and automation, have launched the Xcape by Excellerate Energy Microgrid.

  2. Nov 05, 2019 – Tata Power, one of India's heavyweight distribution companies and solar power developers, has tapped The Rockefeller Foundation to launch TP Renewable Microgrid Ltd.

  3. February 24, 2020 – Canopy Power has launched the latest update for Hornbill - a technology platform for 24/7 monitoring and management of remote microgrid systems, developed in Singapore.

  4. July 15, 2020 – Avista Energy is preparing to launch a “micro-transactive grid” in Spokane, Washington, that experts say illustrates the future of distributed energy resource (DER) management.

Major points covered in the report:

  1. Macroeconomic factors affecting the Energy Storage in Microgridsmarket and its potential

  2. Energy Storage in MicrogridsMarket dynamics, such as drivers, challenges, and trends

  3. Detailed value chain analysis of the Energy Storage in Microgridsmarket

  4. The cost structure of the products and segments covered in the study

  5. key product segments, regions and by major market participants are analyzed

  6. Analysis of demand and supply, such as top manufacturing and consuming regions, overall trade scenario with imports/exports details

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