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.
Request for free sample:https://www.datamintelligence.com/research-report/microgrid-market
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.
Get your customized report @https://www.datamintelligence.com/customize/microgrid-market
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
Related Reports
Hydrogen Energy Storage Market
Company Name: DataM Intelligence
Email: info@datamintelligence.com
Contact Person: Sai. K
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About DataM Intelligence:
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. At DataM Intelligence, we leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across
