Microgrid Market Projected To Reach USD 197.88 Billion By 2030

Posted by Neha Bora on April 26th, 2023

San Francisco, 26 April 2023: The Report Microgrid Market Size, Share & Trends Analysis Report By Power Source (CHP, Fuel Cell), By Product (Grid Connected, Hybrid), By Application (Education, Government), By Region, And Segment Forecasts, 2023 - 2030

The global microgrid market size is anticipated to reach USD 197.88 billion by 2030, expanding at 16.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.

Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

Access Research Report of Microgrid Market @ https://www.grandviewresearch.com/industry-analysis/microgrid-market

Microgrid Market Report Highlights

• The global microgrid market size was valued at USD 54.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2023 to 2030.
• The Combined Heat & Power (CHP) power source segment dominated the global market and accounted for more than 36.0% of the overall revenue share in 2022. Shifting preference from conventional Separate Heat & Power (SHP) system to energy generation from single fuel is expected to have a substantial impact on the segment growth.
• The grid-connected product segment dominated the global market and accounted for more than 64.0% of the overall revenue share in 2022. The rising popularity of smart micro-grid-connected PV systems to provide electricity to consumers by reducing transmission losses is expected to have a substantial impact.
• North America led the global market and accounted for more than 35.0% of the overall revenue share in 2022. The high adoption rate of captive power generation methods in the industrial and municipal sectors of the U.S. for reducing reliance on the government-controlled power supply is expected to have a substantial impact.

List of Key Players in the Microgrid Market

• ABB
• Siemens AG
• General Electric
• Eaton Corp.
• Exelon
• Honeywell International
• NRG International
• Anarbic
• Pareto
• Spirae
• Northern Power
• Viridity

Access Press Release of Microgrid Market @ https://www.grandviewresearch.com/press-release/global-microgrid-market