For more insights on the microgrid market - Request a Free Sample Report
Microgrid Market: Drivers
Need for resilience to drive growth
Increasing government support recognition of the resilience of microgrids demonstrated during the natural calamities has led to the introduction of policies along with government support for encouraging the development of microgrids. For instance, in the US, microgrid projects are supported by funding benefits in the form of grants from federal and state governments. In 2012, when the US was hit by Hurricane Sandy, millions of people, as well as several medical centers and other critical setups, were left without power.
Microgrid Market: Challenges
High implementation costs to impede growth
The generation of power from microgrids is a tedious and expensive process as it involves the use of new and advanced technologies. Similar to macro-grids, microgrids involve a wide array of equipment related to power generation resources, distribution infrastructure, and control systems. These components can be classified into infrastructure, generation, and controls and need to be connected and monitored with advanced control and communications technologies. A microgrid is built according to the needs of various dynamic load types and is capable of operating under varying grid conditions. However, most of the microgrids are usually built upon existing infrastructure and are custom fitted with the equipment to meet customer needs; thus, there is no fixed cost for microgrids
For additional information on drivers & challenges - Request a Free Sample Research Report
Microgrid Market: Segmentation Analysis
This market research report segments the microgrid market by Application (remote, Institutions and campus, military, and others) and Geography (North America, APAC, Europe, South America, and MEA).
28% of the microgrid market growth will originate from North America. US and Canada are the key markets for microgrids in the region. Factors such as the increased initiatives from the US government for implementing energy-efficient power solutions are accelerating the microgrid market growth in North America
Know more about the emerging business opportunities among regions - Download a Free sample report
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Related Reports -
Remote Microgrid Market -The remote microgrid market size is expected to grow by USD 5.26 bn and record a CAGR of 14.10% during 2021-2025. Download a free sample now!
Selective Catalytic Reduction (SCR) Systems Market -The selective catalytic reduction (SCR) systems market size for coal-fired plants is expected to grow by USD 2.22 billion, at a CAGR of 3.41%, between 2021 and 2025. Download a free sample now!
Microgrid Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of almost 12.86% |
Market growth 2021-2025 |
USD 19.50 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.43 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
North America at 28% |
Key consumer countries |
US, China, Russian Federation, Australia, and Canada |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
Share this article