Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
A microgrid refers to a local energy grid which has control capability and can operate independently by disconnecting from the main grid. These grids can provide backup for the main grid in case of emergencies as well as can connect to a small local resource. The energy resources are mostly renewable energy generators, such as solar panels and wind turbines, which are too small or unreliable for traditional grid use. Microgrids can also be helpful for a community to prepare for emergency situations such as power outages by providing a source of backup when the main grid goes down. Additionally, microgrids are known to drastically reduce losses and carbon footprints. According to IMARC Group’s latest report, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global microgrid market reached a value of US$ 17 Billion in 2017.
The growing need for better power systems as opposed to the traditional power systems represents the key factor driving the global microgrid market. Numerous countries are now focusing on improving their grid infrastructure on account of constantly rising energy cost, aging infrastructure, mass electrification, and climatic changes. Moreover, the usage of microgrid systems is increasing in order to reduce the significant amount of energy that is lost during transmission and distribution in the conventional electricity production. Owing to the abovementioned factors, the market is expected to reach a value of US$ 33 Billion by 2023, exhibiting a CAGR of around 11.5% during 2018-2023.
The report has segmented the market on the basis of energy source including natural gas, combined heat and power, Solar Photovoltaic (PV), and diesel. Based on the applications, remote systems represent the largest segment, followed by institutional and campus, utility/community, defense, and others. Region-wise, North America is the leading market, holding the majority of the global share. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America. The report has also analysed the competitive landscape of the market with some of the key global players being Lockheed Martin, ABB Ltd., General Electric, Eaton Corporation and Siemens.
This report provides a deep insight into the global microgrid market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the microgrid industry in any manner.
Key Questions Answered in This Report:
How has the global microgrid market performed so far and how will it perform in the coming years?
What are the key regions in the global microgrid market?
What are the key application segments in the global microgrid market?
Which are the major energy sources in the global microgrid market?
What are the various stages in the value chain of the global microgrid market?
What are the key driving factors and challenges in the global microgrid market?
What is the structure of the global microgrid market and who are the key players?
What is the degree of competition in the global microgrid market?
How are microgrids manufactured?
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