Microgrid Market to Exhibit a CAGR of 10.5% and Hit USD 61.18 Billion by 2027, Explore Market opportunities From the Most Current Research Data
Research Reports
Jan 07, 2021
The microgrid market is set to attain a valuation of USD 61.18 Billion by 2027, registering a CAGR of 10.5%. The applications of a microgrid are widespread in several industries commercial, defense, government, education and utility
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The prominent players in the global Microgrid market are: Siemens, Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
Market Drivers
The major driving force for the development of the microgrid market is the rising demand for uninterrupted and reliable power supply globally. Rising government initiatives and policies have gained importance towards renewable distributed energy generation such as wind turbines, fuel cells, and Solar PV is also anticipated to drive the microgrid market’s demand. Increasing investments in research and development and advanced technologies such as the Internet of things (IoT) are also fueling the market. However, high installation cost may hinder the market during the forecast period.
- Power Outlook (Revenue, USD Billion; 2017-2027)
- Combined heat & power (CHP)
- Solar Photovoltaic (PV)
- Natural Gas
- Fuel Cell
- Diesel
- Others
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Grid-connected
- Hybrid
- Remote
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Defense
- Government
- Education
- Utility
- Others
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Regional Analysis
According to the report, the North America region is anticipated to dominate the microgrid market. This is due to favorable government policies, including incentives and tax rebates. The Asia Pacific region is anticipated to be the fastest-growing segment due to the increasing development and innovation of traditional power systems to obtain a structured electricity supply. Besides, the increasing need for clean energy sources has increased demand for microgrid technology in the region. Rising the government’s initiatives to provide an uninterrupted supply of electricity in rural areas is expected to boost the demand of the microgrids.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Microgrid Market Segmentation & Impact Analysis
4.1. Microgrid Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising power demand in developing economies
4.2.2.2. Increasing adoption of renewable energy sources for power generation
4.2.2.3. Increasing demand for reliable power supply
4.2.3. Market restraints analysis
4.2.3.1. High Installation costs of the microgrid technology
4.2.3.2. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Microgrid Market By Power Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)
5.1. Power Dynamics & Market Share, 2019 & 2027
5.1.1. Combined heat & power (CHP)
5.1.2. Solar Photovoltaic (PV)
5.1.3. Natural Gas
5.1.4. Fuel Cell
5.1.5. Diesel
5.1.6. Others
Continue…!
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