The Microgrid by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microgrid, The microgrid market size has grown exponentially in recent years. It will grow from $14.36 billion in 2023 to $17.34 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for clean energy sources and growing adoption of microgrids for rural electrification.
The microgrid market size is expected to see rapid growth in the next few years. It will grow to $34.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to increasing electricity demand, increasing initiatives and rising population. Major trends in the forecast period include use of artificial intelligence (ai), development and adoption of green hydrogen microgrids, development of smart, plug-and-play microgrid inverters, adoption of solar and battery-powered microgrid community and partnerships and collaborations.
The growing adoption of microgrids for rural electrification is expected to propel the growth of the microgrid market going forward. Rural electrification is progressing, with plans to provide energy 24 hours a day and connect rural communities, including micro, small, and medium-sized enterprises (MSME) businesses. For rural electrification, microgrids have several advantages over centralized infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas. For instance, in April 2021, the Indian government’s e-governance services arm launched a partnership with Tata Power to install solar-powered microgrids and water pumps in rural areas around the country. To begin with, Tata Power has proposed establishing 10,000 microgrids to assist rural clients via common service centers (CSCs). This will aid the government’s ongoing campaign to equip rural households and businesses in India with clean, sustainable energy. Therefore, an increase in demand for microgrids in rural electrification will drive the microgrid market.
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The microgrid market covered in this report is segmented –
1) By Type: AC Microgrid, DC Microgrid, Hybrid
2) By Connectivity: Grid Connected, Off-Grid Connected
3) By Component: Hardware, Software, Services
4) By Application: Remote Systems, Institutional Buildings, Community And Utility Distribution
5) By End-User: Commercial And Industrial, Institutes And Campuses, Defense And Military
The development and adoption of green hydrogen microgrids is a key trend gaining popularity in the microgrid market. Green hydrogen is generated by splitting water into hydrogen and oxygen in an electrolyzer using renewable energy sources such as wind and solar. Companies developing microgrids are focused on developing eco-friendly products, including green hydrogen microgrids, to reduce the carbon footprints in the environment. For instance, in December 2021, NTPC Ltd., an India-based state-run company, was awarded the country’s first green hydrogen microgrid project at its Simhadri plant in Andhra Pradesh. To boost clean fuels, India is considering making green hydrogen microgrids mandatory for fertilizer factories and oil refineries to purchase green hydrogen. It would serve as a testbed for large-scale hydrogen energy storage projects, as well as a tool for researching and building several microgrids in off-grid and strategic locations across the country.
The microgrid market report table of contents includes:
1. Executive Summary
2. Microgrid Market Characteristics
3. Microgrid Market Trends And Strategies
4. Microgrid Market – Macro Economic Scenario
5. Global Microgrid Market Size and Growth
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26. South America Microgrid Market
27. Brazil Microgrid Market
28. Middle East Microgrid Market
29. Africa Microgrid Market
30. Microgrid Market Competitive Landscape And Company Profiles
Top Major Players:
- General Electric Company
- Schneider Electric SE
- ABB Group
- Siemens AG
- Toshiba Corporation
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