Mar 28, 2021 (Market Insight Reports) -- Increasing demand for uninterrupted and reliable power supply all across the world and the growing adoption of renewable sources of energy are driving the demand of the market.
The microgrid market is set to attain a valuation of USD 61.18 Billion by 2027, registering a CAGR of 10.5%. The applications of a microgrid are widespread in several industries commercial, defense, government, education and utility
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.
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The major driving force for the development of the microgrid market is the rising demand for uninterrupted and reliable power supply globally. Rising government initiatives and policies have gained importance towards renewable distributed energy generation such as wind turbines, fuel cells, and Solar PV is also anticipated to drive the microgrid market’s demand. Increasing investments in research and development and advanced technologies such as the Internet of things (IoT) are also fueling the market. However, high installation cost may hinder the market during the forecast period.
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.
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)
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According to the report, the North America region is anticipated to dominate the microgrid market. This is due to favorable government policies, including incentives and tax rebates. The Asia Pacific region is anticipated to be the fastest-growing segment due to the increasing development and innovation of traditional power systems to obtain a structured electricity supply. Besides, the increasing need for clean energy sources has increased demand for microgrid technology in the region. Rising the government’s initiatives to provide an uninterrupted supply of electricity in rural areas is expected to boost the demand of the microgrids.
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)
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Microgrid Market Segmentation & Impact Analysis
4.1. Microgrid Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Rising power demand in developing economies
188.8.131.52. Increasing adoption of renewable energy sources for power generation
184.108.40.206. Increasing demand for reliable power supply