Microgrid Market Value Worth $33 Billion by 2027, Says Global Market Insights Inc.
Microgrid industry demand is projected to register more than 27% CAGR between 2021 and 2027, owing to the integration of renewable energy technologies along with the growing demand for off-grid electricity.
14 Jun, 2021, 05:00 ET
SELBYVILLE, Del., June 14, 2021 /PRNewswire/ -- The microgrid market revenue is expected to cross USD 33 Billion by 2027, as reported in the latest study by Global Market Insights Inc. Ongoing grid modernization coupled with the installation of advanced and sustainable generation sources across the network will propel the industry scenario. The rising renewable integration to lower the GHG emission along with strict regulatory norms to deploy power-efficient solutions will foster the business dynamics.
The lack of effective electric networks, current lags, voltage fluctuations, and grid failure have been primary concerns driving the remote microgrid industry across developing regions. Regulators have been predominantly integrating programs and initiatives to establish a sustainable electric network across these areas. Henceforth, distributed generation technologies along with the growing energy demand across isolated locations will positively influence the industry landscape.
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Increasing R&D investments by leading manufacturers to launch advanced, stable and resilient infrastructure across the grid will drive the business outlook. For instance, in March 2021, HOMER Energy advanced its HOMER Pro software to improve the stability and the resiliency of its power supply and move toward a clean-energy transition. The new ability helped energy developers in designing and optimizing the complications of utility-scale renewable hybrid power systems including solar, wind, and battery energy storage systems (BESS). The rising demand for combined or hybrid integrated grid networks will foster the hybrid-based microgrid network.
Some prime findings of the microgrid market report include:
- A paradigm shift toward the replacement of existing T&D infrastructure.
- Increasing investment toward technological advancements to integrate reliable and resilient energy sources will sway the industry outlook.
- Eminent players operating across the microgrid industry include Eaton, Siemens, GE, Schneider Electric and Caterpillar.
- Rising demand for smart grid modernization along with the development and restructuring of microgrid networks across residential, commercial, and industrial sectors will further augment the business scenario.
Browse key industry insights spread across 490 pages with 803 market data tables and 35 figures and charts from the report, "Microgrid Market Forecasts By Connectivity (Grid Connected, Off Grid), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Source (Diesel Generators, Natural Gas, Solar PV, CHP), Storage Device (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2021 - 2027" in detail, along with the table of contents: https://www.gminsights.com/industry-analysis/microgrid-market
The diesel generator-sourced microgrid market is anticipated to reach over USD 11 billion by 2027. Rapid industrialization coupled with the adoption of large-capacity energy generation facilities will propel the demand for diesel generators across the networks. Ongoing demand for heavy-duty power generators across industrial sectors will further sway product adoption. Low installation costs, when compared to its auxiliary sources, will complement the industry statistics.
The Canada Microgrid market is growing significantly on account of immense regulatory and community focus on the integration of sustainable electric networks and reliable power supply infrastructure. Improvements to grid reliability during extreme weather events, environmental concerns, local revenue opportunities or cost management, and increased autonomy are a few factors driving the technological adoption across the nation.
During COVID-19, the development of electrical infrastructure was placed with no prohibitions implied toward the construction of renewable energy projects. In addition, new solar and wind energy projects as well as utility-scale projects were operational and didn't see any delays.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/microgrid-market
Browse Related Report:
Microgrid Control System Market Statistics, Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027 https://www.gminsights.com/industry-analysis/microgrid-control-system-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Microgrid Industry Forecasts 2021-2027
SOURCE Global Market Insights, Inc.
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