Follow on Google News
News By Tag
News By Location
Follow on Google News
With 20.1% CAGR, Microgrid Market Growth to Surpass USD 79.0 billion
Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Controllers, Energy Storage), Software, Services), End User, Type
A microgrid is a localized network comprising interconnected load and energy sources that operate in coordination with the primary power grids. They can also function as independent off-grid systems in remote areas. Microgrids are small-scale localized power plants with their own power generation resources and loads, with well-defined boundaries for supplying electricity. They can serve as backup or supplementary power sources for main grids, effectively meeting the increasing electricity demands of end users.
Based on connectivity, the grid-connected segment of the microgrid market is expected to hold a larger market share throughout the forecast period. Grid-connected microgrids dominate the market share due to their higher reliability, cost efficiency, flexibility, and regulatory support. They provide a stable power supply by staying connected to the main grid, reducing the need for expensive equipment. Grid integration allows them to participate in programs, sell surplus energy, and quickly scale up. Governments and utilities incentivize their adoption, streamlining interconnection and regulatory processes. While off-grid microgrids have their place, grid-connected microgrids are preferred in urban and industrial areas for their dependable, affordable, and scalable power solutions.
Inquiry Before Buying @ https://www.marketsandmarkets.com/
Americas region to hold largest market share in 2023. Due to several factors, the Americas region is poised to hold the largest market share in the microgrid market in 2023. These include advanced energy infrastructure, supportive government policies and incentives, a focus on integrating renewable energy sources, resilience needs in the face of challenges like extreme weather events, and a mature market with significant industry expertise. These elements create a conducive environment for the adoption and development of microgrids, making the Americas a prominent market leader in the industry.