Microgrids Market: By Connectivity (Grid Connected, Off-Grid Connected), By Type (AC Microgrids, DC Microgrids, Hybrid Microgrids), By End User (Commercial and Industrial, Government, Healthcare, Remote, Utility, Others), And Region – Global Analysis of M

Microgrids Market: By Connectivity (Grid Connected, Off-Grid Connected), By Type (AC Microgrids, DC Microgrids, Hybrid Microgrids), By End User (Commercial and Industrial, Government, Healthcare, Remote, Utility, Others), And Region – Global Analysis of Market Size, Share & Trends For 2019–2021 And Forecasts To 2031

Microgrids Market: By Connectivity (Grid Connected, Off-Grid Connected), By Type (AC Microgrids, DC Microgrids, Hybrid Microgrids), By End User (Commercial and Industrial, Government, Healthcare, Remote, Utility, Others), And Region – Global Analysis of Market Size, Share & Trends For 2019–2021 And Forecasts To 2031

PRODUCT OVERVIEW

Microgrid is a decentralised group of electricity sources and loads that is normally connected to and synchronous with the traditional wide area synchronous grid (macrogrid), but can disconnect from the interconnected grid and operate independently in "island mode" as technical or economic conditions demand. Microgrids increase supply security within the microgrid cell and can provide emergency power by switching between the island and linked modes in this way. Another application is an off-grid microgrid, often known as an independent, stand-alone, or isolated microgrid. Local energy sources are best suited for microgrids where electricity transmission and distribution from a major centralised energy source is too far away and expensive to implement.

MARKET HIGHLIGHTS

The Global Microgrids Market is expected to project a notable CAGR of 18.2% by 2031

Global Microgrids Market to surpass USD 91.2 billion by 2031 from USD 17.2 billion in 2021 at a CAGR of 18.2% in the coming years, i.e., 2021-2031. Factors such as the increased focus on decarbonization by various end users and the government, rising demand for uninterruptible power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures are all contributing to the market's growth. Furthermore, the growing number of initiatives by governments around the world to stimulate the construction of microgrids is fueling the industry's growth.

GLOBAL MICROGRIDS MARKET: SEGMENTS

Grid Connected segment is expected to grow with the highest CAGR during 2021-31

On the basis of Connectivity, the global Microgrids Market is fragmented into Grid Connected, and Off-Grid Connected. During the forecast period, the grid linked segment is expected to have the highest CAGR. Several generators, sophisticated controls, and distribution networks, are all components of a grid-connected microgrid. They provide a number of advantages, including grid resiliency, greater power quality, and low environmental impact, all of which lead to rising demand. This growth of this segment can be attributed to the global development of utility-based grid networks, and also the large-scale connection of renewable energy sources like offshore wind.

Commercial and Industrial segment is expected to grow with the highest CAGR during 2021-31

Global Microgrids Market is classified on the basis of End User into Commercial and Industrial, Government, Healthcare, Remote, Utility, and Others. During the projected period, the commercial and industrial microgrid market is expected to develop at the fastest CAGR. The constant need for an uninterrupted energy supply to carry out seamless industrial operations to reduce downtime, boost worker productivity, and prevent equipment damages is responsible for the segment's growth. Increased government attempts to promote the use of clean energy and reduce greenhouse gas (GHG) emissions are also propelling the commercial and industrial microgrid market forward.

MARKET DYNAMICS

Drivers

Growing Demand from the Remote Areas for Military Applications

Rising Electrification Rate in the Developing Economies

Restraint

High Installation and Maintenance Costs associated with the Microgrids

GLOBAL MICROGRIDS MARKET:

Key Players

• Siemens AG

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• General Electric
• S&C Electric Company
• ABB Group
• Schneider Electric SE
• Engie Group
• Honeywell International Inc.
• Echelon Corporation
• Pareto Energy Limited
• Toshiba Corporation
• Duke Energy Corporation
• Power Analytics Corporation
• Other Prominent Players

GLOBAL MICROGRIDS MARKET REPORT ALSO CONTAINS ANALYSIS ON:

Microgrids Market Segments:

• By Connectivity
• Grid Connected
• Off-Grid Connected
• By Type
• AC Microgrids
• DC Microgrids
• Hybrid Microgrids
• By End User
• Commercial and Industrial
• Government
• Healthcare
• Remote
• Utility
• Others
• Microgrids Market Dynamics
• Microgrids Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
• Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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