Allied Market Research published a report, titled,” Microgrid Market by Connectivity (Grid Connected and Off-grid Connected), Type (AC Microgrids, DC Microgrids, and Hybrid) and End User (Commercial & Industrial, Government, Healthcare, Remote, Utility, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.” According to the report, the global microgrid industry was estimated at $15.88billion in 2020, and is anticipated to hit $59.74 billion by 2030, registering a CAGR of 14.9% from 2021 to 2030.

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The key players profiled in the report include ABB, General Electric, Siemens, Eaton Corporation, Honeywell, Schneider Electric, S&C Electric, Spirae Inc., Exelon Corporation, and Pareto Energy. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the microgrid industry.

Key Benefits for Stakeholders

  • This study comprises analytical depiction of the microgrid market size, and opportunity along with current trends and future estimations to depict imminent investment pockets.
  • The overall microgrid market analysis is determined to understand profitable trends to gain a stronger foothold. 
  • The report presents information related to key drivers, restraints, size and microgrid market opportunities with a detailed impact analysis.
  • The microgrid market outlook forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency. 
  • Porter’s five forces analysis illustrates potency of buyers and the microgrid market forecast of key vendors.
  • The report includes the industry trends and the microgrid market share of key vendors.

Drivers, Restraints, and Opportunities

Rise in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints drive the growth of the global microgrid market. On the contrary, high installation and maintenance charges impede the market growth to some extent. However, rapid industrialization, increase in demand for power, and rise in demand for microgrids in the commercial and industrial sector areanticipated to pave the way for multiple opportunities in the industry.

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The Grid Connected Segment to Dominate by 2030

Based on connectivity, the grid connected segment contributed to nearly three-fifths of the global microgrid market share in 2020, and is anticipated to dominate the market by 2030, due to availability of storing energy from renewable resources. Moreover, this segment is anticipated to register the fastest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of the off-grid connected segment.

The AC Microgrids Segment held the Highest Share in 2020

Based on type, the AC microgrids segment contributed more than three-fifths of the global microgrid market share in 2020, and is expected to rule the market by 2030, owing to lower transmission losses in AC lines. Moreover, this segment is expected to witness the highest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of hybrid and DC microgrid segments.

Asia-Pacific, followed by North America, Garnered the Major Share in 2020

Based on region, Asia-Pacific garnered the major share in 2020, holding more than two-fifths of the global microgrid market. This is attributed to the growing technological advancements in microgrids in this region. Moreover, this region is anticipated to register the fastest CAGR of 16.4% throughout the forecast period. The market across North America would grow with a CAGR of 13.0% from 2021 to 2030.

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COVID-19 Scenario

  • Due to the lockdown, industries were working at minimum capacity. This resulted inthe lack of skilled professional for operating the technology thus impacting the microgrid market.
  • The production facilities and industrial operations were stalled in the initial days of the pandemic which reduced the need for maintenance from industrial sectors.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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