Microgrid Market Size, Growth Projections to 2028 Strategic Developments, Covid-19 Impact, Global Analysis and Forecasts by The Insight Partners

NEW YORK, June 13, 2022 /PRNewswire/ -- The Insight Partners adds "Microgrid Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Grid Connected, Off-Grid); Components (Hardware, Software, Services); End-Use Industry (Military, Healthcare, Government and Utilities, Institutes, Industrial, Others) and Geography" research report to the Electronics and Semiconductor category of its store.

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Strategic Insights – Microgrid Market

Microgrid Market Overview:

The microgrids are small-scale power grids which operate both individually or in collaboration with other small power-grids to generate power locally. Microgrids are used to provide backup power or supplement the primary power grid during periods of high demand. These grids are known to effectively integrate various sources of distributed generation, including renewable sources such as photovoltaic, wind and fuel cell generation. Microgrids significantly reduce transmission losses and also reduce dependence on long-distance transmission lines besides cutting losses during transmission.

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The "Global Microgrid Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the microgrid market with detailed market segmentation by type, component, end-user industry, and geography. Based on type, the global microgrid market is segmented into grid-connected and off-grid. On the basis of components, the market is segmented into hardware, software, and services. Based on the end-user industry, the market is segmented into military, healthcare, government and utilities, institutes, industrial, and others.

Regional Insights: Microgrid Market

The report provides a detailed overview of the electronic and semiconductor industry including both qualitative and quantitative information. It provides an overview and forecast of the global microgrid market based on various segments. It also provides market size and forecast estimates from the year 2022 to 2028 with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The microgrid market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the microgrid market from both the demand and supply side and further evaluates market dynamics affecting the microgrid market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the microgrid market in these regions.

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Impact of COVID-19 Pandemic on Microgrid Market:

The COVID-19 pandemic has shaken several industries such as aerospace & defense, electronics and semiconductors, automotive, manufacturing and constructions industry and many more. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel restrictions, mass lockdowns, and business shutdowns, the pandemic has adversely affected economies and countless industries in various countries. The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities and reduced the production of commodities, goods, and services.

Further, there were restrictions on foreign trades due to the closure of international borders, non-operational distribution channels, and various government norms to take precautionary measures for public health and safety. To ensure proper measures are followed, many companies started using automatic technologies and methodologies requiring less human labor. The electronics and semiconductor industry were also highly affected during the pandemic, especially during the initial period. This led to a sharp decline in the sale of microgrid across the world, thereby impacting the global microgrid market.

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Key Recent Developments: Microgrid Market

• In April 2021, Hitachi ABB Power Grids launched EconiQ the portfolio of products, services and solutions that are proven to deliver exceptional environmental performance. The company is reinforcing its commitment with EconiQ towards a carbon-neutral energy future.
• In April 2021, GE Renewable Energy's Grid Solutions and Hitachi ABB Power Grids Ltd. announced a cross-licensing agreement related to the use of an alternative to the sulfur hexafluoride (SF6) gas used in high voltage equipment.

The report segments the global microgrid market as follows:

By Type

• Grid Connected
• Off-Grid

By Component

• Hardware
• Software
• Services

By End User Industry

• Military
• Healthcare
• Government and Utilities
• Institutes
• Industrial
• Others 

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By Geography

• North America
• US
• Canada
• Mexico
• Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC
• Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of SAM

Microgrid Market - Company Profiles:

• Hitachi Energy Ltd.
• Eaton
• General Electric
• UL LLC
• Honeywell International Inc.
• PECO Energy Company (Exelon Corporation)
• S&C Electric Company
• Schneider Electric
• Siemens
• SPIRAE

Browse Adjoining Reports:

Microgrid Controller Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Connectivity (Grid Connected, Off Grid) ; Components (Hardware, Software, Services) ; Application (Government, Industrial, Commercial, Healthcare, Military and Defense, Educational Institutes, Others) and Geography

Microgrid as a Service (MaaS) Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Grid Type (Grid Connected, Remote/Islanded); Service Type (Engineering and Design Service, Software as a Service (SaaS), Monitoring and Control Service, Operation and Maintenance Service); Vertical (Government and Education, Residential and Commercial, Industrial, Military, Utility) and Geography

Industrial Microgrid Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Connectivity (Grid Connected, Off-Grid Connected); Component (Hardware, Software); End Use (Mining, Cement, Food and Beverage, Medical, Others) and Geography

Microgrid Control System Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Hardware, Software); Grid Type (Off-Grid, On-Grid); End Users (Industrial, Commercials, Utilities, Campuses and institutions)

Energy Storage for Microgrids Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Li-ion battery, Lead acid battery); Application (Peak Hour Shaving, Volt Ampere Reactive Services, Black Start) and Geography

Meter Data Management System Market to 2027 - Global Analysis and Forecast by Offering (Software and Services); Utility Type (Gas, Water, and Electricity); Application (Smart grid, Microgrid, Energy Storage, EV Charging, and Others); End-User (Residential, Commercial, and Industrial)

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: [email protected] 
Phone: +1-646-491-9876 
Industry Research: https://www.theinsightpartners.com/categories/electronics-and-semiconductor

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SOURCE The Insight Partners

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