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The global microgrid market is anticipated to grow at an 11.6% CAGR during the forecast period 2021-2027 and will reach USD 43.4 billion by 2027. The rising population, increased demand to offer secure and reliable power supply in commercial and industrial sectors globally, and initiatives by the government to decrease carbon footprint will accelerate the growth of the global microgrid market. Moreover, robust adoption of software among industry verticals like commercial, industrial, government, and healthcare so as to manage and control energy along with integrated weather and load forecasting will drive the market growth during the projected period. Also, the advent of smart cities, rising adoption of ruggedized computers will propel the growth of the global microgrid market.
The COVID-19 pandemic has affected the working of numerous microgrid hardware manufacturing companies owing to delays in export shipments, reduced domestic demand for microgrid hardware, and delays in projects.
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The global microgrid market on the basis of connectivity is divided into grid connected and off-grid connected. The integration of renewable sources, initiatives by the government in the construction and deployment of solar and wind farms, and integration of heat and power systems in commercial buildings, offices, and healthcare centers will have a significant impact on the off-grid microgrid networks.
The global microgrid market is divided into utilities, commercial & industrial, institutions & campuses, military, remote, government, and healthcare categories based on end use. Microgrid technology is progressively being adopted by the commercial and industrial sectors to reduce emissions and assure stable and uninterrupted power and electricity supplies, even in remote places. Rapid cost reductions associated with renewable energy sources, as well as increasing adoption of microgrid in the defense and military sectors to ensure network security and decrease the risk of cyberattacks, are likely to drive revenue growth in the market over the forecast period.
Asia-Pacific is expected to have a high CAGR during the forecast period 2021-2027 owing to rapidly growing industrialization and urbanization along with initiatives by the government in promoting distributed energy generation and microgrids so as to supply electricity that will fuel the growth in the region.
In March 2022, Honeywell and Duke Energy’s Sustainable Solutions will collaborate to develop and supply microgrid solutions to towns and communities in the United States in order to improve energy resilience in the event of grid-level disruptions. To construct municipal microgrids alongside city-owned assets, the strategic agreement will integrate Duke Energy Sustainable Solutions’ distributed energy resources (DER) with Honeywell’s battery energy storage systems (BESS) and Smart Cities Software solution. During power outages, these microgrids will allow towns to continue delivering important services such as water delivery, wastewater treatment, and community centers.
The prominent players in the microgrid market include ABB, Hitachi Energy Ltd., General Electric, Eaton, Siemens, Schneider Electric, Honeywell International Inc., HOMER Energy (Acquired by UL LLC), S&C Electric Company, and General Microgrids.
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VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that includes comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across wide range of industries.
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