The International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.
Global Microgrid Market Research Report:
The latest report by IMARC, titled “ Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” findsthat theglobal microgrid market sizereached US$ 28.9Billion in 2022.
Microgrids are self-sufficient localized grids that serve a discrete geographic footprint and can operate parallelly or independently from the primary power grid. They generally consist of fuel cells, battery storage systems, wind turbine generators and microturbines, and photovoltaic generators to supply electricity to consumers. Since they are more efficient and considered the smaller version of traditional powergrids, they can becombined with different renewablesources, including solar, wind power, small hydro, geothermal,waste-to-energy, andcombined heat andpower (CHP)systems.
They aid in enhancing the operation and stability of the electric grid, improving reliability, and decreasing congestion, fuel consumption, and peak loads. Over the years, microgrids have gained immense traction across the globe as they can strengthen grid resilience, help mitigate grid disturbances,and serveas agrid resourceforfaster systemresponse andrecovery.
Request Free Sample Report: https://www.imarcgroup.com/microgrid-market/requestsample
The escalating demand for remote off-grid power networks, especially from the defense sector, islands, data centers, and industrial mines, represents the primary factor driving the market growth. This is further strengthened by the growing need for clean energy generation and a self-sufficient source of power generation during a crisis or grid disconnection. In addition, governments of various nations are taking favorable initiatives to establish biopower, solar, and wind energy farms due to rising environmental concerns. Along with this, the shifting focus toward rural electrification and decarbonization has augmented the demand for microgrids for reliable and uninterrupted power supply. Moreover, there is a significant rise in electricity consumption owing to the increasing residential and commercial construction activities. In line with this, extensive investments by public and private agencies in infrastructure development projects have catalyzed market growth.
Furthermore, numerous technological advancements, such as the integration of forecasting algorithm with microgrids that helps predict the load demand and the power generated by the microgrid network have propelled the market growth. Other factors, including the development of smart cities, rising incidences of cyberattacks on energy infrastructures, rapid industrialization, and ongoing research and development (R&D) activities, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 54.1 Billion by 2028, expanding at a CAGR of 10.89% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Energy Source Insights:
•Natural Gas
•Combined Heat and Power
•SolarPhotovoltaic(PV)
•Diesel
•Fuel Cell
•Others
Application Insights:
•RemoteSystems
•Institution and Campus
•Utility/Community
•Defence
•Others
Regional Insights:
•North America
•Asia Pacific
•Europe
•MiddleEast and Africa
•Latin America
Competitive Landscape with Key Players:
• Lockheed Martin Corporation
• ABBLtd
• General ElectricCompany(GE)
• Eaton Corporation PLC
• SiemensAG
We are the trusted business partners to the world's leading corporates, governments, and institutions
We are the trusted business partners to the world's leading corporates, governments, and institutions
© 2019 IMARC All Rights Reserved
This Publication and all it’s contents unless otherwise mentioned are copyrighted in the name of International Market Analysis Research and Consulting (IMARC). No part of this publication may be reproduced, repackaged, redistributed or resold in whole or in any part. The publication may also not be used in any form or by and means graphic electronic or mechanical, including photocopying, recording, taping or by information storage or retrieval, or by any other form, without the express consent of International Market Analysis Research and Consulting (IMARC).
Disclaimer: All contents and data of this publication, including forecasts, data analysis and opinion have been based on information and sources believed to be accurate and reliable at the time of publishing. International Market Analysis Research and Consulting makes no representation of warranty of any kind as to the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any loss or damage resulting from opinion, errors or inaccuracies if any found this publication.
IMARC, IMARC Group and Global Therapy Insight Series are registered trademarks of International Market Analysis Research and Consulting. All other trademarks used in this publication are registered trademarks of their respective companies.
