$43+ Bn Microgrid Market 2021-26, Industry Share, Size, Growth, Trends and Forecast Report

The global microgrid market size is projected to reach US$ 43.7 Billion by 2026, expanding at a CAGR of 10.1% during (2021-2026), according to the latest report by IMARC Group.

A microgrid represents a distinct energy system that comprises of interconnected loads and distributed energy resources capable of operating independently or in parallel with the primary power grid. It is considered as the smaller version of the power grids that deliver electricity from producers to consumers. Microgrids help in minimizing the overall costs and providing backup for the main grid in case of emergencies. They are usually powered by batteries, distributed generators, solar panels, etc.

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The rising number of innovative technological advancements is one of the primary factors driving the global microgrid market. These advancements include the introduction of control and dispatch strategies, enhancement in load management, integration with inverter interfaced distributed generation systems, etc. Moreover, the increasing environmental awareness among consumers, coupled with the accelerating popularity of renewable energy, is further propelling the product demand. Besides this, the implementation of favorable policies by government bodies and NGOs across the globe to popularize solar and wind energy farms, in addition to hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems, is also augmenting the global market. Furthermore, the growing product utilization to improve security against cyberattacks and the risk of grid outages is expected to fuel the microgrid market over the forecasted period.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Who are the Major Microgrid Market Key players?

The report provides a detailed analysis of the market leaders, including.

• Lockheed Martin Corporation,

• Eaton Corporation, PLC (ETN)

• ABB Ltd (ABB)

• SIEMENS AG (SIEGY)

• General Electric.

Also Read: Top Microgrid Companies Worldwide:

The report has segmented on the basis of energy source, application and geography

By Energy Source

1. Natural Gas

2. Combined Heat and Power

3. Solar Photovoltaic (PV)

4. Diesel

5. Fuel Cell

6. Others

By Application

1. Remote Systems

2. Institution and Campus

3. Utility/Community

4. Defence

5. Others

By Region:

1. Europe

2. Asia Pacific

3. North America

4. Middle East and Africa

5. Latin America

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$43+ Bn Microgrid Market Research Report 2021-26, Size, Share, Growth, Trends and Forecast