Apr 08, 2021 (Market Insight Reports) -- The global Microgrid Market will be worth USD 61.18 Billion by 2027, according to a current analysis by Emergen Research.
All of the segments studied in the research study are analyzed on the basis of BPS, market share, revenue, and other important factors. Our research study shows how different segments are contributing to the growth of the global Microgrid market. It also provides information on key trends related to the segments included in the report. This helps market players to concentrate on high-growth areas of the global Microgrid market. The research study also offers separate analysis on the segments on the basis of absolute dollar opportunity.
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Key Highlights From The Report
In September 2019, Honeywell and NRStor C&I Launch the largest Behind-the-Meter Battery Energy storage Program in the world.
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.
The education segment accounted for the largest market share of the microgrid market in 2019 due to the government’s increased funding towards the enhancement of the education infrastructure in the developing economies.
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.
Key participants include Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
Power Outlook (Revenue, USD Billion; 2017-2027)
Combined heat & power (CHP)
Solar Photovoltaic (PV)
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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)