With Companies like ABB Ltd., General Electric Company, Eaton, Siemens AG, Schneider Electric, Caterpillar Inc.
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Global Microgrid Market By Geography, Offering (Hardware, Software, Services), Connectivity (Grid Connected, Remote/Island), Grid Type (AC, DC, Hybrid), Vertical (Healthcare, Institutions, Industrial, Military, Electric Utility) – Industry Trends and Forecasts 2024
The Global Microgrid Market accounted for USD 18.2 billion in 2016 growing at a CAGR of 14.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Major Market Competitors:
- ABB Ltd.,
- General Electric Company,
- Siemens AG,
- Schneider Electric,
- Caterpillar Inc.,
- S&C Electric Company,
- HOMER Energy LLC,
- Power Analytics Corporation,
- Advanced Microgrid Solution,
- Pareto Energy Inc.,
- Green Energy Corporation,
- Sustainable Power System,
- among others.
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Market Drivers And Restraints:
- Increased demand for automated grid systems
- Growing government initiatives
- Increasing concerns about carbon footprint
- High installation cost
- Land acquisition and registration complications
On the basis of offering :- hardware, software, and services.
The hardware segment is further sub-segmented:- switchgears, power inverters, smart meters, reciprocating engines, energy storage systems and power generators.
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The services segment is further sub-segmented:- Engineering and design, monitoring and control, and operations and maintenance.
On the basis of connectivity:- Grid connected, and remote/island.
On the basis of grid type:- AC, DC, and hybrid.
On the basis of vertical:- Healthcare, institutions, industrial, military, electric utility, and others.
On the basis of geography:- North America, South America, Europe, Asia-Pacific, and Middle East & Africa. U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
In 2017, North America is expected to dominate the market.
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Microgrid is a miniature local electric system which has abilities to provide power either in parallel or isolation from electric grids. It generates, distributes, and regulates the flow of electricity from multiple resources to multiple loads interconnected in a grid.
The market is majorly driven by increased demand for automated grid systems and increased government initiatives. However, the high installation costs may restrain the growth of the market.
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