Microgrid Market: Size, Share Production & Consumption Analysis with Forecast To 2031
Swift industrialization together with increased demand for power is expected to boost growth avenues in the global microgrids market in the forthcoming years, states a new research report by TMR. The study highlights that the market is estimated to expand at a CAGR of 11.3% during the forecast period of 2021–2031, considering the base year as 2020. Thus, the market is all set to garner the valuation of US$ 206.1 Bn by the end of 2031.
Microgrid refers to a localized grid with an ability to connect and
disconnect with conventional utility grids in order to offer superior level of
grid resilience and reliability. Thus, microgrid works as an interconnection
between loads within well-defined electric boundaries and distributed energy
sources. Microgrids can be operated autonomously; therefore, they are
increasingly utilized throughout major grid failures. Thus, the device assists
in mitigating risks occurring due to grid failures and disturbances. Based on
connectivity, the global microgrid market can be segregated into grid-tied (grid-connected)
and off-grid.
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Advantages of Microgrids to Fuel Demand
Microgrids are gaining traction owing to a wide range of advantages they
offer. Integration of distributed energy generation sources, including
renewables, integration of several smart grid technologies, and grid
modernization are some of the key advantages of microgrids. Moreover, the
device assists in providing local loads with the help of local power sources.
This allows minimizing distribution and transmission losses, thereby achieving
increased overall efficiency of system.
Microgrids work as a helpful tool to macrogrids, as they can handle
power inconsistencies from regional renewable sources and provide ancillary
services to bulk power systems and sensitive loads. Owing to all these
advantages, there is extensive growth in product utilization across varied
applications such as community & utility, campus & institution, defense
& military, remote island, and commercial & industrial sectors. This is
expected to generate promising sales avenues in the global microgrids market in
the forthcoming years.
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Increase in Usage of Microgrids during Critical
Weather Conditions to Boost Market
Macrogrids have to deal with the issue of grid instability during
critical weather conditions as well as natural disaster situations. In this
scenario, microgrid work as a helpful tool. On-site microgrid systems are
gaining traction, owing to their capability to be used during floods,
earthquakes, and tornadoes. In addition, these systems are increasingly utilized
as substitutes for traditional grids during power outage. Government bodies of
many countries from all across the globe are focusing on the strategic use of
microgrids near hospitals, pharmacies, gas stations, grocery stores, and police
stations in order to deal with various emergency situations.
Asia Pacific: Prominent Growth Region of Microgrid
Market
The global microgrid market has been classified into Latin America,
North America, Asia Pacific, Middle East & Africa, and Europe. Asia Pacific
is one of the key regions offering prodigious expansion avenues for vendors in
the microgrid market. This regional growth can be attributed to many factors
such as low electrification rate, low grid connectivity, and increased demand
for power in Asia Pacific. The market is estimated to gather lucrative avenues
over the next few years, owing to rapid urbanization and industrialization
across many countries (including India and China).
The nature of the global microgrids market seems to be fairly fragmented
with presence of many well-entrenched enterprises. This also highlights that
the competition landscape is highly intense. General Electric, Siemens AG, ABB
Group, S&C Electric Company, Engie Group, Schneider Electric SE, Echelon
Corporation, Honeywell International Inc., Toshiba Corporation, Pareto Energy
Limited, Power Analytics Corporation, and Duke Energy Corporation are some of
the key participants of the global microgrid market.
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Global Microgrid Market: Segmentation
Microgrid Market, by Connectivity
·
Grid-tied
(Grid-connected)
·
Off-grid
Microgrid Market, by Application
·
Campus
& Institution
·
Community
& Utility
·
Commercial
& Industrial
·
Defense
& Military
·
Remote
Island
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