Microgrid Market Focusing On The Basis Of Power Source, Product, Application, Region And Forecast 2030: Grand View Research Inc.

San Francisco, 26 April 2023: The Report Microgrid Market Size, Share & Trends Analysis Report By Power Source (CHP, Fuel Cell), By Product (Grid Connected, Hybrid), By Application (Education, Government), By Region, And Segment Forecasts, 2023 – 2030

The global microgrid market size is anticipated to reach USD 197.88 billion by 2030, expanding at 16.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.

Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

Access Research Report of Microgrid Market @ https://www.grandviewresearch.com/industry-analysis/microgrid-market

Microgrid Market Report Highlights

• The global microgrid market size was valued at USD 54.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2023 to 2030.
• The Combined Heat & Power (CHP) power source segment dominated the global market and accounted for more than 36.0% of the overall revenue share in 2022. Shifting preference from conventional Separate Heat & Power (SHP) system to energy generation from single fuel is expected to have a substantial impact on the segment growth.
• The grid-connected product segment dominated the global market and accounted for more than 64.0% of the overall revenue share in 2022. The rising popularity of smart micro-grid-connected PV systems to provide electricity to consumers by reducing transmission losses is expected to have a substantial impact.
• North America led the global market and accounted for more than 35.0% of the overall revenue share in 2022. The high adoption rate of captive power generation methods in the industrial and municipal sectors of the U.S. for reducing reliance on the government-controlled power supply is expected to have a substantial impact.

List of Key Players in the Microgrid Market

• ABB
• Siemens AG
• General Electric
• Eaton Corp.
• Exelon
• Honeywell International
• NRG International
• Anarbic
• Pareto
• Spirae
• Northern Power
• Viridity

Access Press Release of Microgrid Market @ https://www.grandviewresearch.com/press-release/global-microgrid-market

Microgrid Market Brief Analysis By Power Source, By Product , By Application, And Segment Forecasts To 2025: Grand View Research Inc.

San Francisco, 19 March 2019: The Report Microgrid Market Analysis By Power Source (Natural Gas, Combined Heat & Power (CHP), Solar PV, Diesel, Fuel Cell), By Product (Remote, Grid Connected, Hybrid), By Application, And Segment Forecasts, 2018 – 2025

The global Microgrid Market is expected to reach USD 17.51 billion by 2025,growing at a CAGR of 17.0%, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China and India as a result of favorable government policies to attract investments is expected to promote market growth.

Microgrid differs from conventional electrical distribution system as it acts a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

Rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

Access Research Report of Microgrid Market @ www.grandviewresearch.com/industry-analysis/microgrid-market

Further key findings from the report suggest:

• The global microgrid demand was stood at 1.48 GW in 2016 and is projected to reach 6.54 GW by the end of 2025, expanding at a CAGR of 16.3% from 2017 to 2025.
• Remote microgrid market demand was 568.2 MW in 2016. The segment is expected to foresee tremendous gains owing to the upcoming installation of new projects in Arctic circle, Russia
• Natural gas is expected to witness revenue growth at a CAGR of 18.1% from 2017 to 2025. The governments of Russia and Syria signed Russia-Syria Offshore Gas Deal which is aimed for exploration and production of natural gas in Syrian Coast. The abovementioned favorable trends in natural gas industry of Russia is expected to open new markets.
• Utility is projected to account for 9.6% of global volume share by the end of 2025 as a result of increasing power demand amid the inclusion of new HVAC and heavy load machinery in manufacturing sector
• North America is expected to account for 71.4% of global revenue by the end of 2025. The increasing number of new solar PV microgrids for utility in Northeast and West regions of the U.S. is expected to have a positive impact.
• Key vendors include Siemens AG, Exelon, GE, Lockheed Martin Corporation, Lockheed Martin Corporation, ABB Group, Power Analytics, Toshiba Corporation, Honeywell International Inc, ZBB Energy Corporation, Echelon Corporation and Schneider Electric. In November 2016, Exelon launched five new microgrids at USD 250 million through the assistance with Anarbic. This launch is anticipated to play a crucial role in increasing the market share of Exelon in global industry over the next eight years.

Browse more reports of this category by Grand View Research at: www.grandviewresearch.com/industry/construction-and-utilities

Grand View Research has segmented the global microgrid market on the basis of power source, product, application, and region:

Microgrid Power Source Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

• Natural Gas
• CHP
• Solar PV
• Diesel
• Fuel Cell
• Others

Microgrid Product Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

• Remote
• Grid connected
• Hybrid

Microgrid Application Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

• Government
• Education
• Commercial
• Utility
• Defense
• Others

Microgrid Regional Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Access Press Release of Microgrid Market @ www.grandviewresearch.com/press-release/global-microgrid-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com