Microgrid is a localized group of electricity that can be operated independently or collaboratively in combination with other small power grids. Grid-connected microgrids, networked microgrids and remote microgrids are main types of microgrids. Microgrids help in improving customer reliability and resilience to grid disturbances. Microgrid is used in reducing energy loss through transmission lines, makes use of waste heat, help in managing power supply & demand, improve grid resilience to extreme weather, and help in deploying more zero emissions energy sources. Growing need for reliable and un-interrupted power supply has driven the target market growth.

Increasing demand for reliable and automated grid system, advancement in microgrid connectivity by integration of IoT, and reduction in carbon footprint are prominent factors driving the growth of the target market. Microgrid has become an important part of the energy infrastructure because they strengthen grid resilience & mitigate grid disturbance and function as a grid resource for faster recovery of a system. Microgrid has become a growing segment of energy industry, which represents a paradigm shift from remote central station power plants towards more localized and distributed generation in cities, campuses and communities. Many companies and governments are considering microgrid as a solution due to its wide variety of benefits. However, wide variety of benefits of microgrids has fueled the market growth.

The report “Microgrid Market By Grid Type (AC Microgrid, DC Microgrid, and Hybrid), By Connectivity (Grid Connected, and Off-Grid Connected), By Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar PV, Fuel Cells, and Others), By Offering (Hardware (Power Generators, Controllers, Energy Storage Systems),  Software & Services (Engineering & Design, Monitoring & Control, and Operations & Maintenance)), By Power Rating (Less than 1MW, 1MW to 5MW, 5MW to 10MW, and More than 10MW), By End-Users (Healthcare, Educational Institutions, Industrial, Military, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Highlights:

• In October 2022, Statcon Energiaa has launched new plug-and-play microgrid inverter solution. Newly launched microgrid solution integrate multiple energy sources which includes, battery storage, biomass, hydro & solar, wind and diesel generators. Microgrid inverter solution also help in delivering continuous and voltage stabilized power to loads and supports DC and AC coupling.

• In June 2022, Emera Technologies and Novonix has launched custom designed microgrid battery prototype. The prototype was developed by NOVONIX for supporting Emera Technologies residential microgrid system, ‘BlockEnergy’ which is operating in residential pilot project at South of Tampa, Florida.

• In November 2020, Cummins has launched new ‘PowerCommand’ Microgrid Control product line for coordinating, managing and optimizing DER (Distributed Energy Sources): MGC300 and MGC900. Newly launched ‘PowerCommand’ product line is comprised of one-stop-shop suite of solutions which encompasses new hardware, software & services by covering all facets of customers acquisition, management & servicing of microgrid controllers.

Analyst View:

The key factor driving the growth of the Microgrid market is increasing emphasis on decarbonization by government and end-users. Number of companies and governments are considering microgrid as a solution to various challenges due to its wide variety of benefits. Microgrid provides various benefits such as it improves operation & stability of regional electric grid, help in reducing grid congestion and peak loads, provide efficient, low cost and clean energy and also help in reducing carbon foot print. Microgrids are the future because they aren’t depend on traditional grid, their stability in bad weather has become important for mission-critical structures like hospitals and military bases which saves money and also help in reducing carbon dioxide emissions. Microgrids provide dynamic responsiveness unprecedented for energy resource. However, rising demand from commercial & industrial end-users and government initiative is expected to boosts the demand for Microgrid market growth over the forecast period.

As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Microgrid Market By Grid Type (AC Microgrid, DC Microgrid, and Hybrid), By Connectivity (Grid Connected, and Off-Grid Connected), By Power Source (Natural Gas, Combined Heat and Power, Diesel, Solar PV, Fuel Cells, and Others), By Offering (Hardware (Power Generators, Controllers, Energy Storage Systems),  Software & Services (Engineering & Design, Monitoring & Control, and Operations & Maintenance)), By Power Rating (Less than 1MW, 1MW to 5MW, 5MW to 10MW, and More than 10MW), By End-Users (Healthcare, Educational Institutions, Industrial, Military, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Microgrid Market accounted for US$ 35.8 Billion in 2024 and is estimated to be US$ 71.6 Billion by 2034 and is anticipated to register a CAGR of 7.90%. The Microgrid Market is segmented based on Grid Type, Connectivity, Power Source, Offering, Power Rating, End-Users and Region.

• Based on Grid Type, Microgrid Market is segmented into AC Microgrid, DC Microgrid, and Hybrid.
• Based on Connectivity, Microgrid Market is segmented into Grid Connected, and Off-Grid Connected.
• Based on Power Source, Microgrid Market is segmented into Natural Gas, Combined Heat and Power, Diesel, Solar PV, Fuel Cells, and Others.
• Based on Offering, Microgrid Market is segmented into Hardware (Power Generators, Controllers, Energy Storage Systems), Software & Services (Engineering & Design, Monitoring & Control, and Operations & Maintenance).
• Based on Power Rating, Microgrid Market is segmented into Less than 1MW, 1MW to 5MW, 5MW to 10MW, and More than 10MW.
• Based on End-Users, Microgrid Market is segmented into Healthcare, Educational Institutions, Industrial, Military, and Others.
• By Region, the Microgrid Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Microgrid Market:

The prominent players operating in the Microgrid Market includes, ABB Inc., General Electric Co., Eaton Corporation Plc., Siemens AG., Schneider Electric Inc., Honeywell Inc., Homer Energy LLC., S&C Electric Inc., Power Analytics Corp., Exelon Corporation LLC., and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

• Explains an overview of the product portfolio, including product development, planning, and positioning
• Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
• Detailed analysis of the market revenue over the forecasted period.
• Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
• Study on the segments that are anticipated to dominate the market.
• Study on the regional analysis that is expected to register the highest growth over the forecast period

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