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The global microgrids market is expected to reach $ 45 billion in 2026 from $ 20 billion in 2017 at a CAGR of 10.67%.
A microgrid is a combination of technologies such as the generation, transmission and distribution of electricity and is used on a small scale compared to the conventional macrogrid. It performs functions, for example, adding or removing new energy resources without modifying existing components. A microgrid is a localized group of electricity sources and sinks (loads) that generally operates connected and synchronous with the traditional centralized network, but can be disconnected and operate autonomously as physical or economic conditions dictate.
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Microgrids can be used as a composite of multiple power generation sources, for example solar, wind, biomass, geothermal and fossil fuels, to generate and supply electricity to a local community, a university and a military base is envisioned to be the main driver. of the microgrids market. In addition, the high cost of installation and maintenance of microgrids and the lack of knowledge about the procedures to secure the license right to connect multisite microgrids are the limitations of the market.
The software is booming in the microgrids market globally. Microgrid Software as a Service is a remotely hosted microgrid control solution. The software service is designed for campuses, institutions, infrastructures and utilities who want advanced monitoring, control and optimization of distributed power at an affordable cost without the hassle of managing and maintaining the IT infrastructure on site.
Networked is also called networked and off-network. Grid connectivity was the dominant segment, accounting for more than 55% of the market share, in value terms, in 2017. A grid-connected segment is projected to expand at a rapid pace over the forecast period , due to the growing demand for energy from underdeveloped and developing countries.
Regionally, North America currently leads the microgrids market. Canada and the US are relatively advanced countries that witnessed the early adoption of microgrid solutions in North America. The governments of these countries have recognized the need for a reliable and safe power source that alleviates the burden of traditional power generation methods. The US market is primarily focused on grid strength and power supply reliability. A large part of the microgrid projects have been implemented by the military. In the future, it is estimated that other consumer segments will adopt microgrids, which would boost the market significantly.
Key players operating in the global microgrids market, Lockheed Martin Corporation, ZBB Energy Corporation, ABB Ltd., GE Digital Energy, Power Analytics Corporation, Consert Inc., Viridity Energy, Inc., S&C Electric Company, Chevron Energy, Toshiba Corporation , HOMER Energy LLC, Honeywell International Inc., Microgrid Energy LLC and Siemens.
Global Microgrids Market Scope
Global Microgrids Market, By Type
Network connected
Remote island
Global microgrids market, by supply
software
Hardware
Service
Global market for microgrids, by consumption pattern
Urban and Metropolitan
Semi urban
Rural / Island
Global Microgrids Market, By Region
North America
Europe
Pacific Asia
Middle East and Africa
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South America
Key Players Operating In The Global Microgrid Market
Lockheed Martin Corporation
ZBB Power Corporation
ABB Ltd.
GE Digital Energy
Power Analytics Corporation
Consert Inc.
Viridity Energy, Inc.
S&C Electric Company
Chevron Energy
Toshiba Corporation,
HOMER Energy LLC
Honeywell International Inc.
Microgrid Energy LLC
Siemens.
