Global Microgrid Market

Global Microgrid Market Size, Share, Growth Analysis, By Power Source(Natural Gas, CHP), By Product(Remote, Grid Connected), By Application(Government, Education) - Industry Forecast 2024-2031

Report ID: SQMIG55A2027 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 96 | Figures: 76

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Global Microgrid Market size was valued at USD 54.41  billion in 2022 and is poised to grow from USD 63.28 billion in 2023 to USD 211.79 Billion by 2031, at a CAGR of 16.3% during the forecast period (2023-2031).

The presence of multiple large and small-scale manufacturers has resulted in a fragmented competition for the microgrid market. Global competitors as well as regional competitors, who are well-versed in the laws and suppliers that govern the markets, are fiercely competitive. Well-known businesses are always involved in merger and acquisition activities, as well as the expansion of manufacturing facilities, investments in R&D activities, and finding chances to vertically integrate across the value chain. 'ABB Ltd.', 'Schneider Electric SE', 'Siemens AG', 'General Electric Company', 'Eaton Corporation PLC', 'Honeywell International Inc.', 'Exelon Corporation', 'Caterpillar Inc.', 'Tesla Inc.', 'Hitachi Ltd.', 'Johnson Controls International PLC', 'PowerSecure International Inc.', 'S&C Electric Company', 'Veolia Environnement S.A.', 'Bloom Energy Corporation', 'EnSync Energy Systems Inc.', 'Advanced Microgrid Solutions LLC', 'Echogen Power Systems Inc.', 'Power Analytics Corporation', 'Duke Energy Corporation'

Microgrids are often used to integrate renewable energy sources, such as solar and wind power, into the grid, as they allow for more efficient and effective use of these intermittent sources of energy.

Growing Demand for Renewable Energy: There is a growing trend towards the integration of renewable energy sources, such as solar and wind power, into microgrid systems. This is driven by increasing concerns over climate change and the need to reduce carbon emissions.

In 2022, North America held the dominant position in the global market and contributed more than 35.0% of total sales. It is anticipated that the high adoption rate of captive power generating techniques in the industrial and municipal sectors of the United States will have a significant impact on lowering dependency on the government-controlled power supply. The market for electricity distribution systems is expected to expand during the next eight years as a result of the significant presence of silver and copper ore processing plants in Peru and Chile and those countries' substantial mineral deposits.

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