
Microgrid Market Global Opportunity Analysis and Industry Forecast, 2020–2030
PORTLAND, OR, UNITED STATES, June 20, 2023/EINPresswire.com/ — Market Insights:
Allied Market Research, a leading market research firm, has released a report on the global microgrid market. According to the report, the global microgrid market was valued at $15.88 billion in 2020 and is expected to reach $59.74 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.9% from 2021 to 2030.
Microgrids are small-scale power grids that can operate independently or in conjunction with the main power grid. They use a combination of renewable energy sources, energy storage, and backup generators to provide reliable and sustainable power to communities, businesses, and industries.
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The report identifies the key drivers, restraints, and opportunities in the global microgrid market. One of the major drivers is the increasing demand for reliable and uninterrupted power supply, particularly in remote and off-grid areas. Microgrids are becoming a popular solution for such areas, as they can provide reliable power even in the absence of the main power grid.
Another driver is the growing adoption of renewable energy sources, such as solar and wind power, to reduce carbon emissions and promote sustainable development. Microgrids can integrate these renewable sources and provide a stable and reliable power supply.
The report also highlights the challenges faced by the global microgrid market, such as the high initial cost of installation and the lack of regulatory frameworks in some regions. However, the increasing government support for renewable energy and the growing awareness about the benefits of microgrids are expected to create a lucrative opportunity for the growth of the market.
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Key Companies Analysis:
The report provides a comprehensive analysis of the global microgrid market, including market size, market share, and revenue forecast. It also profiles the key players in the market, such as ABB Group, GENERAL ELECTRIC, Schneider Electric, SIEMENS, Eaton Corporation, HONEYWELL, and SPIRAE INC.
These major players in the market for microgrid are examined in-depth in the report. To increase their market share and maintain dominant positions in various geographies, these players have adopted a variety of strategies, including new product launches, expansion, joint ventures, collaborations, agreements, and others. The report is valuable in that it highlights company performance, operating segments, product portfolio, and strategic moves made by market participants to illustrate the competitive environment.
Research Methodologies:
The market study includes a thorough primary and secondary research methodology and incorporates a wealth of factual data, including local intelligence, reliable data and statistics, and more. Establishing formal alliances, conducting telephone consultations, and asking for professional recommendations are a few examples of methods used in primary research. Regulatory frameworks, webinars, press releases, company profiles, reputable industry bulletins, and official government websites have all been meticulously examined and assessed and are used in secondary research.
Key Market Segmentation:
• By Connectivity- Grid-connected, Off-grid connected.
• By Type- AC microgrids, DC microgrids, Hybrid Microgrids.
• By End User- Government, Remote, Healthcare, Utility, Commercial and Industrial, and Others.
• By Region- North America (including the United States, Mexico, and Canada), Europe (including the UK, Spain, France, Netherlands, Italy, Russia, Germany, and the Rest of Europe), South America, Africa, and the Middle East (including the UAE, Saudi Arabia, Egypt, Nigeria, and South Africa), Asia-Pacific (including Japan, China, India, Singapore, Australia, South Korea, and the Rest of Asia-Pacific).
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Key Questions Answered in the Global Microgrid Market Report:
• What are the key factors driving the growth of the global microgrid market?
• What is the market size and growth rate of the global microgrid market?
• Who are the key players in the microgrid market?
• Which region is more attractive for vendors in the microgrid market?
• Which region has the highest growth rate in Microgrid Market?
Thus, the report provides valuable insights for investors, stakeholders, and industry players to understand the current trends and future prospects of the global microgrid market.
Microgrid Market Report Highlights
By Connectivity
• Grid connected
• Off-grid connected
By Type
• AC microgrids
• DC microgrids
• Hybrid Microgrids
By end user
• Commercial and Industrial
• Government
• Healthcare
• Remote
• .Utility
• Others
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Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.