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Global Microgrid Market Report 2022-2027, Growth Impelled by Rising Energy Demand

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Global Microgrid Market Report 2022-2027, Growth Impelled by Rising Energy Demand

September 22
13:16 2022
Global Microgrid Market Report 2022-2027, Growth Impelled by Rising Energy Demand
Global Microgrid Market Report 2022-2027, Growth Impelled by Rising Energy Demand
The global microturbine market is being driven by the rising demand for cost-effective and eco-friendly power generation technologies.

According to IMARC Group latest published report, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” that the global microgrid market size reached US$ 25.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 49.2 Billion by 2027, exhibiting at a CAGR of 11.2% during 2022-2027.

Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2021

Historical Period: 2016-2021

Forecast Period: 2022-2027

Microgrid Definition and Application:

A microgrid represents an energy system with interconnected loads and distributed energy resources that operate independently or parallelly from the main power grid. It mainly consists of wind turbine generators and microturbines, fuel cells, battery storage systems, and photovoltaic motors to deliver electricity from producers to consumers. A microgrid improves the operation and stability of the electric grid, reduces congestion, fuel utilization, and peak loads, and increases reliability and resilience. It can also be combined with various renewable sources, such as wind power, small hydro, geothermal, solar, waste-to-energy, and combined heat and power (CHP) systems. As a result, a microgrid finds widespread applications in institutions, campuses, utilities, defense, remote techniques, etc.

Covid-19 Scenario:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Download a free sample report to get a detailed overview of the report:  

Global Microgrid Industry Trends

The rising construction activities in the residential and commercial sectors are primarily driving the microgrid market. In addition, the increasing investments by the public and private agencies in infrastructural development projects are further augmenting the market growth. Besides this, the escalating demand for microgrids for a secure network with a continuous power supply that can function under island mode and are independent of external power and data transmissions is also catalyzing the global market. Moreover, the growing emphasis on rural electrification is acting as another significant growth-inducing factor. Apart from this, the launch of several policies by the government bodies across countries to establish biopower, solar, and wind energy farms, owing to the elevating environmental concerns among the masses, is also stimulating the market growth. Furthermore, various technological advancements to enhance the performance of battery inverters and ensure uninterrupted power supply are anticipated to propel the microgrid market over the forecasted period. 

Competitive Scenario with Key Players:

The competitive landscape of the market has also been analyzed, with some of the key players being

Lockheed Martin Corporation,

ABB Ltd (ABB)

General Electric Company (GE),

Eaton Corporation plc (ETN) ,

Siemens AG.

Click here to view detailed information with table of content: https://www.imarcgroup.com/microgrid-market

Microgrid Market Report Scope

Report Coverage

Details

Market size value in 2021

US$ 25.9 Billion

Market forecast in 2027

US$ 49.2 Billion

Growth Rate

CAGR of 11.2% from 2022 to 2027

Base year for estimation

2021

Historical data

2016-2021

Forecast period

2022-2027

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Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
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City: Sheridan
State: WY
Country: United States
Website: https://www.imarcgroup.com

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