Microgrid Market worth $79.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 26, 2023 /PRNewswire/ -- The global microgrid market is projected to reach USD 79.0 billion by 2028 from USD 31.5 billion in 2023; it is expected to grow at a CAGR of 20.1% according to a new report by MarketsandMarkets™. Key factors propelling the market growth include the surging demand for decarbonization by governments, increased demand for reliable, uninterrupted power supply, and growing usage of microgrids for rural electrification. Moreover, rising initiatives by the government towards microgrid development will drive the industry's growth in the near future.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=917

Browse in-depth TOC on "Microgrid Market" 
186 – Tables
80 – Figures
293 – Pages

Microgrid Market Report Scope:

Grid-connected segment to grow at a higher CAGR during the forecast period.

During the projected period, the grid-connected category is anticipated to exhibit the most significant compound annual growth rate (CAGR). Grid-connected microgrids comprise numerous generators, distribution systems, and advanced controls. Moreover, these technologies augment the resilience of the grid, improve power quality, mitigate environmental impacts, and enhance grid reliability. Consequently, there is a surge in demand. The primary driver behind the expansion of this segment is the global expansion of utility-based grid networks, alongside the extensive utilization of renewable energy sources like offshore wind.

Software segment to grow at higher CAGR between 2023 and 2028.

Microgrid software is primarily utilized for modeling variable energy sources like solar and wind and managing fluctuating thermal loads. It encompasses a range of software types, including SCADA, energy management, generator and load management, and system reconfiguration software. These software solutions enable microgrids' simulation, optimization, and resource management. Advancements in AI, ML, and data analytics have resulted in the development of sophisticated software tools for microgrid optimization. These tools leverage historical data, adapt to changing conditions, and optimize energy flow within microgrids to minimize costs, reduce carbon footprint, and improve system efficiency.

The 5 MW to 10 MW power rating segment is projected to grow at a faster rate from 2023 to 2028.

The 5 MW to 10 MW power range offers significant growth prospects in the microgrid industry due to its versatility and cost-efficiency. It caters to various applications, including commercial, industrial, and infrastructure projects. Technological advances and declining costs of renewable energy sources and storage systems make microgrids in this power range financially viable. The increasing focus on energy resilience and government support further drives the demand for microgrids within this segment.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=917

Asia Pacific region is likely to be the fastest-growing region in the global microgrid market during the forecast period.

The Asia-Pacific region's rapid economic growth drives the demand for reliable and sustainable energy solutions. Microgrids are attractive due to increased industrialization, urbanization, and infrastructure development. The region faces unique energy challenges, including remote areas and vulnerability to natural disasters, where microgrids provide localized power generation and resilience. With a large population and growing energy demand, microgrids offer localized and efficient solutions for densely populated areas, industrial zones, and remote communities in the Asia-Pacific region. This market environment fosters innovation and stimulates the growth of the microgrid sector.

Key players in the microgrid companies include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (US), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy Ltd. (Switzerland), HOMER Energy (US), S&C Electric Company (US), and Power Analytics (US).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=917

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Digital Substation Market by Module (Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type (Transmission and Distribution), Voltage, Installation Type, Industry, and Region - Global Forecast to 2025

Microgrid Controller Market by Connectivity (Grid Connected, Off-grid Connected), Offering (Hardware, Software, Services), End-use application (Commercial & Industrial, Remote Areas, Utilities) and Geography - Global Forecast to 2027

HVDC Transmission Market by Component (Converter Stations, Transmission Cables, and Others), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC, and lCC), Application, and Geography - Global Forecast to 2024

Flexible AC Transmission Systems (FACTS) Market with Covid-19 Impact Analysis by Compensation Type (Shunt, Series, and Combined), Generation Type, Vertical, Component, Application, Functionality, and Geography - Global Forecast to 2025

Substation Automation Market by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region -2026

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/micro-grid-electronics-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/micro-grid-electronics.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets