Overview

Microgrid Market growing at a CAGR of 13.0% within the forecast period (2024-2031).

A microgrid is a self-contained energy system designed to power a specific area, such as a college campus, hospital, commercial center, or residential neighborhood. It operates independently and doesn't rely on the main power grid for support. When connected to the central grid, a smart microgrid can function autonomously, or in "island mode," it can continue to operate this way even when disconnected.

Microgrids help reduce harmful emissions by utilizing renewable energy sources efficiently, enhancing energy use, and offering long-term cost predictability. The growing demand for stable and reliable power, along with increasing electrification in developing countries, is expected to drive the expansion of the microgrid industry.

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Market Growth Trends

The growing demand for uninterrupted power supply is boosting the market share of microgrids.

Climate change is intensifying floods, wildfires, droughts, and extreme storms worldwide. These events are pushing aging power grids beyond their capacity, often with devastating consequences and power delays. In 2020, a series of unprecedented winter storms in Texas caused widespread power outages that lasted for days, leading to power shortages and resulting in over 100 fatalities.

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Market Key Players

·         ABB Ltd

·         Eaton

·         General Electric

·         Siemens AG

·         Exelon Corporation

·         Honeywell International Inc.

·         Power Analytics

·         HOMER Energy

·         S&C Electric

·         Schneider Electric

Market is segmented

By Type:  Ground Mounted Solar Installations, Grid Connected, Remote / Island, Hybrid

By Component:  Generation, Switchgear, Controls, Cables, Software and services

By End User:  Government Institutions, Residential and Commercial Buildings, Industrial, Others

By Region:  North America, Latin America, Europe, Asia Pacific, Middle East, and Africa

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