According to Market Research Future Analysis, The Global Microgrid market is estimated to reach USD 30 billion by 2022 growing with approximately 10% CAGR during forecast period 2016-2022.
A microgrid is an energy grid system used to control power capability especially during the energy crisis like storms, and power outages. It connects to the grid which maintains voltage at the same level as the main grid. It provides power backup for emergency cases, reduces power generating cost, and connects to local resource when required unless traditional grid system.
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The growing demand of microgrid system by military & defense sector, and other industrial sectors, increasing requirement of secured and reasonable power generating & supplies, and rising adoption of green technology by end-user industries as well as consumers are included in some of the driving factors of microgrid market.
Market Research Future (MRFR) recognizes the following companies as the key players in the global Microgrid market include Lockheed Martin Corporation (U.S.), ABB, Ltd. (U.S.), Anbaric (U.S.), S&C Electric Company (U.S.), Homer Energy LLC (U.S.), Microgrid Energy LLC (U.S.), Power Analytics Corporation (U.S.), Siemens AG (Germany), Eaton Corporation PLC (Ireland), General Electric Company (U.S.) and others.
Market research Future has segmented the global Microgrid market into its various types and end-users.
By types, Microgrid market is classified into off-grid, smart grid, and hybrid grid. It is serving many end-users sectors which include Healthcare, education, industrial, military & defense, electric utility and others.
Rising small-scale energy resources as solar arrays and batteries, utilities are planning for dramatic transformation in a way to produce more energy while increasing the reliability and efficiency of the same.
According to the report, geographically, North America is expected to boost the market growth of microgrid products and software system in the forecast period 2016-2022.
Rising concern about environment safety and actively implementing government environment protection policies into industrial manufacturing and operational process especially by countries namely U.S. and Canada among others has projected to increase the market share of North America in microgrid market in near future. Also, the growing demand of microgrid system in military & defense to reduce their power cost, and to reduce carbon pollution in the environment. Europe, on the other hand, has considered to support North America in generating high revenue for Microgrid market as the region generates around two-third of power by using renewable energy storage systems which derives probability of large number of installation of microgrid system in the region in near future. Also, Asia-Pacific is expected to be the fastest growing region in microgrid market due to growing investment by major market players namely ABB Ltd., Siemens AG, and General Electric because of huge investment by regional government to initiate rural electrification projects in the region.
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