Nanogrid Market Size Report 2023-2028

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Global Nanogrid Market Research Report:

According to the latest report by IMARC Group, titled “ Nanogrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global nanogrid market reached a strong growth in 2022.

A nanogrid refers to a power distribution system that generates and stores power for a house or a small building. It offers improved electrical services to areas that insufficiently served by a conventional electricity grid. It can operate in either island mode or grid connected mode and comprises a local power production, domestic load, gateway, controller and a storage. At present, the increasing sales of home appliances and smart devices, such as smartphones, tablets, desktops, laptops, on account of rising penetration of high speed internet connectivity is catalyzing the demand for nanogrids across the globe.

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: Rapid urbanization, expanding global population, and increasing investments in the development of smart cities by governing agencies of numerous countries are driving the application of nanogrids in commercial and residential complexes. This represents one of the major factors strengthening the market growth around the world. Moreover, the surging consumption of electricity worldwide is driving the need for nanogrids to minimize the instances of power failures. In addition, due to rising environmental concerns, governing agencies of numerous countries are imposing stringent policies to reduce carbon emissions and boost the adoption of renewable energy, such as solar photovoltaic (PV) and nanogrids. They are also undertaking measures to facilitate the supply of electricity in rural areas. Apart from this, there is an increase in the awareness among people about the benefits of using nanogrids, such as improving power quality and reliability and storing clean energy. This, along with the launch of the smart grid that allows realtime collection of data about the electricity demand and supply during the transmission and distribution process is favoring the growth of the market. Besides this, the rising adoption of nonogrids in the agriculture sector for various irrigation processes like pumping water and spraying pesticides is contributing to the market growth. Additionally, the growing number of electric vehicle (EV) charging stations that are powered by nanogrids to provide uninterrupted charging on account of the increasing demand for EVs is creating a positive outlook for the market. The market growth can also be attributed to inflating income levels of individuals and improving living standards.

Global Nanogrid Market Trends

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Type Insights:

• DC Nanogrid

• AC Nanogrid

Components Insights:

• Controller

• Gateway

• Storage

• Others

Mode of Operation Insights:

• Island Mode

• Grid Connected Mode

Function Insights:

• Energy Generation

• Energy Storage

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Energy Source Insights:

• Solar

• Wind

• Others

Application Insights:

• Residential

• Commercial

Regional Insights:

• North America

• United States

• Canada

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

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• Others

• Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

Note: We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report.

Competitive Landscape with Key Players: Emerson Electric Co. and Sunverge Energy Inc. Kindly note that this only represents a partial list of companies and the complete list has been provided in the report.Kindly note that this only represents a partial list of companies

• the complete list has been provided in the report

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Partial List of Clients

We are the trusted business partners to the world's leading corporates, governments, and institutions

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