Global Microgrid Market 2018-2022
A microgrid is a smaller type of power grid that has its own collection of power generation assets, energy storage equipment and other distribution equipment necessary to meet local energy needs. A microgrid has the capability to operate with or without being connected to the main power grid, thus making it more resilient and supply power to critical buildings in an event of power outrage.
Technavio’s analysts forecast the global microgrid market to grow at a CAGR of 9.69% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global microgrid market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of industrial fastener seal.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Microgrid Market 2018-2022
Technavio recognizes the following companies as the key players in the global microgrid market: ABB, Emerson Electric, General Electric, Schneider Electric, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is technological advancements. With the advent of advanced technology, advanced control systems and renewable power generators are gaining traction. The decentralized power systems such as microgrids are adopted more frequently due to the reduced cost of power generators. Moreover, vendors in the solar microgrid market are focusing on building advanced technologies in the energy production process, contributing to the development of flexible and scalable microgrids.”
According to the report, one of the major drivers for this market is increasing government support. Governments across the world are supporting the adoption of microgrids due to its strong endurance capability during natural calamities. The governments are stressing more towards green energy and renewable energy. The microgrids projects are backed by funding benefits in the form of grants from federal and state governments in the US.
ABB, Emerson Electric, General Electric, Schneider Electric, and Siemens.