Global Microgrid Market Report, Market Size, Share, Trends,

Stratistics MRC’s Global Microgrid Market value is expected to reach $20.89 billion growing at a CAGR of 15.21% during 2022-2028.

A microgrid is an energy system with connected loads and scattered energy supplies that functions either simultaneously with or independently from the main power grid. It mainly consists of fuel cells, battery storage systems, wind turbine generators, micro turbines, and solar generators to transport electricity from producers to consumers. It increases the reliability and resilience of the electric grid, improves its efficiency and stability, and reduces peak loads, fuel consumption, and congestion. As microgrids are more effective than traditional electrical networks, they may be connected to a range of renewable energy sources, such as solar, small hydro, wind, waste-to-energy, geothermal, and combined heat and power systems.

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Asia Pacific is projected to have the highest CAGR over the forecast period, owing to its high power demand. The low electrification rate, inadequate grid connectivity, and high demand for power in the area are its main contributors. Governments in Asia-Pacific nations intend to support distributed energy generation and microgrids in order to provide electricity to their citizens. In addition, it is anticipated that rapid urbanization and industrialisation in China and India would greatly increase market demand.
Some of the key players profiled in the Microgrid Market include ABB Ltd, Honeywell International Inc, Toshiba Corporation, Ameresco Inc, S&C Electric Company, ZBB Energy Corporation, GE Digital Energy, Chevron Energy, HOMER Energy LLC, Viridity Energy Inc, Lockheed Martin Corporation, Siemens AG, Microgrid Energy LLC, Power Analytics Corporation, Hitachi Ltd, Schneider Electric SE, Eaton Corporation Plc, Caterpillar Inc, Exelon Corporation and Cummins Inc.
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