01.12.2021 00:00

Microgrid Market to grow at a CAGR of 12.86 % from 2020 to 2025 | 28% of the market growth will originate from North America | 17000+ Technavio Reports

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NEW YORK, Nov. 30, 2021 /PRNewswire/ -- The microgrid market share growth by the remote segment will be significant for revenue generation. The microgrid market is set to grow by USD 19.50 billion from 2020 to 2025. The report projects the market to progress at a CAGR of 12.86%. In addition, the report offers a detailed analysis of the current market scenario, the latest trends, drivers, challenges, and the overall market environment. The microgrid market is fragmented and the vendors are deploying organic and inorganic growth strategies to gain a competitive advantage.

Attractive Opportunities in Microgrid Market by Application and Geography - Forecast and Analysis 2021-2025


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Microgrid Market: Drivers

Need for resilience to drive growth

Increasing government support recognition of the resilience of microgrids demonstrated during the natural calamities has led to the introduction of policies along with government support for encouraging the development of microgrids. For instance, in the US, microgrid projects are supported by funding benefits in the form of grants from federal and state governments. In 2012, when the US was hit by Hurricane Sandy, millions of people, as well as several medical centers and other critical setups, were left without power.

Microgrid Market: Challenges

High implementation costs to impede growth

The generation of power from microgrids is a tedious and expensive process as it involves the use of new and advanced technologies. Similar to macro-grids, microgrids involve a wide array of equipment related to power generation resources, distribution infrastructure, and control systems. These components can be classified into infrastructure, generation, and controls and need to be connected and monitored with advanced control and communications technologies. A microgrid is built according to the needs of various dynamic load types and is capable of operating under varying grid conditions. However, most of the microgrids are usually built upon existing infrastructure and are custom fitted with the equipment to meet customer needs; thus, there is no fixed cost for microgrids

For additional information on drivers & challenges - Request a Free Sample Research Report

Microgrid Market: Segmentation Analysis

This market research report segments the microgrid market by Application (remote, Institutions and campus, military, and others) and Geography (North America, APAC, Europe, South America, and MEA).

28% of the microgrid market growth will originate from North America. US and Canada are the key markets for microgrids in the region. Factors such as the increased initiatives from the US government for implementing energy-efficient power solutions are accelerating the microgrid market growth in North America

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Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

Related Reports -

Remote Microgrid Market -The remote microgrid market size is expected to grow by USD 5.26 bn and record a CAGR of 14.10% during 2021-2025. Download a free sample now!



Selective Catalytic Reduction (SCR) Systems Market  -The selective catalytic reduction (SCR) systems market size for coal-fired plants is expected to grow by USD 2.22 billion, at a CAGR of 3.41%, between 2021 and 2025. Download a free sample now!

Microgrid Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of almost 12.86%

Market growth 2021-2025

USD 19.50 billion

Market structure

Fragmented

YoY growth (%)

12.43

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 28%

Key consumer countries

US, China, Russian Federation, Australia, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

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SOURCE Technavio

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