Transparency Market Research Inc. – The global microgrid market is estimated to register growth at a CAGR of 11.3% during the forecast period from 2021 to 2031, states a research report by Transparency Market Research (TMR). The report sheds light on varied factors impacting the growth of the microgrid market including the growth boosters, growth restraints, challenges, and opportunities in the market. This aside, it enlightens readers on the microgrid market ongoing trends.
Microgrids are gaining impetus owing to their ability to provide numerous advantages including grid modernization, combination of distributed energy generation sources such as renewables, and incorporation of many smart grid technologies. Moreover, this technology can assist in fulfilling local loads from local power sources, which in turn, can help in reducing distribution and transmission losses and improving overall efficiency of the system. These factors are resulting into a rise in the demand for different types of microgrid systems globally, states a global market study for microgrid market.
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Microgrids are being increasingly adopted as a support to macrogrids as they can manage the inconsistencies of power from local renewable sources. Moreover, they supply ancillary services to bulk power systems and sensitive loads. Furthermore, the uses of microgrid systems are being increasing owing to their ability to allow for making real-time power dispatch decisions, which can assist in maximizing profits and reducing the losses. Thus, the market share for microgrid is estimated to reach a value of US$ 206.1 Bn by 2031.
The microgrid market in Asia Pacific is projected to maintain its leading position during the forecast period owing to many factors including low grid connectivity and electrification rate as well as increase in the demand for power in the region. Furthermore, the Asia Pacific market is being driven by rapid urbanization and industrialization in several regional nations including India and China.
Microgrid Market: Key Findings
- Due to rise in the global population and increase in the use of electricity around the world, the demand for utility grids is being increasing in order to fulfil the rising power needs. The U.S. Energy Information Administration (EIA) notes that the global energy consumption is anticipated to rise by approximately 56% by 2040. These factors are prognosticated to boost the sales growth in the microgrid market.
- Surge in the urbanization and industrialization in developing and developed countries across the globe is resulting into burgeoning need for energy. As main grids are not able to fulfil these huge energy demands, such demand gaps are expected to create profitable opportunities for companies in the global microgrid market in order to strengthen their power supply services.
- Due to the expansion of the AEC (Architecture, Engineering, and Construction) industry, the demand for different machinery and equipment required in the AEC industry is being increasing. This factor is supporting the growth of the Industry 4.0, which in turn, is expected to work as largest revenue generator for the microgrid market during the forecast period.
Microgrid Market: Growth Boosters
- Ecological and renewable properties of microgrids are estimated to help in the expansion of the global market during the forecast period
- Rising efforts of government authorities of several developing nations in order to boost the distributed energy generation and microgrids is driving the market growth
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Microgrid Market: Key Players
Some of the key players profiled in the report are:
- General Electric
- Siemens AG
- ABB Group
- S&C Electric Company
- Engie Group
- Schneider Electric SE
- Echelon Corporation
- Honeywell International Inc.
- Toshiba Corporation
- Pareto Energy Limited
- Power Analytics Corporation
- Duke Energy Corporation
Microgrid Market Segmentation
- Grid-tied (Grid-connected)
- Campus & Institution
- Community & Utility
- Commercial & Industrial
- Defense & Military
- Remote Island
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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Source: Digital Journal