Microgrid Market Projected to reach $63.2 billion by 2027

Microgrid Market size is estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period.

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Several main reasons are predicted to generate significant growth in the microgrid industry in the near future. One of the key factors is the growing emphasis on decarbonization as end users and governments strive to minimise their carbon footprints and shift to more sustainable energy sources. Furthermore, there is an increasing demand for dependable and continuous power delivery, particularly in locations where grid infrastructure is unstable or non-existent. This has resulted in an increase in the usage of microgrids for rural electrification, allowing underprivileged communities to get access to energy. Finally, increased government attempts to stimulate microgrid construction are projected to drive sector growth. Overall, these elements are creating a favourable climate for the microgrid industry's expansion.

The grid-connected microgrid market is predicted to grow rapidly in the near future, with the highest compound annual growth rate (CAGR) during the forecast period. Grid-connected microgrids have several generators, distribution systems, and sophisticated controls that improve grid resiliency, electricity quality, and environmental performance while also increasing grid reliability. As a result, demand for grid-connected microgrids has increased. The global expansion of utility-based grid networks, as well as the large-scale harnessing of renewable energy sources such as offshore wind, are important factors driving the growth of this market. These factors are fostering the expansion of the grid-connected microgrid industry.

Microgrid software is an essential component of microgrid systems, particularly used to model variable energy sources such as solar and wind with changeable heat loads. Microgrids use software such as supervisory control and data acquisition (SCADA), energy management, generator and load management, and system reconfiguration software to enable resource simulation and optimisation. The use of microgrid software simplifies the technical and economic variables involved in microgrid projects, making it possible to compare the cost and feasibility of various hardware configurations. This enables designers to employ highly specialised software to model the technical performance of microgrids, improving the efficiency and effectiveness of the microgrid design process. The use of microgrid software is projected to increase as the demand for dependable, long-term power grows.

The energy storage systems segment of the microgrid market is expected to register the second-highest growth rate during the forecast period, by hardware type. This growth is being driven by the growing need for energy storage systems to optimize power delivery. Energy storage systems are flexible and versatile distributed energy resources (DER) used by microgrids. Modern storage systems are fast-responding resources that can both generate and absorb power and, in some cases, regulate real and reactive power quality in an electric distribution system. These capabilities allow storage systems to serve a variety of roles within a microgrid, enhancing the stability and efficiency of microgrids by decoupling the energy generation sources from loads. The use of energy storage systems is expected to continue to grow as the demand for more reliable and efficient energy sources increases.

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Key players in the microgrid market include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton Corporation (US), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy (Switzerland), HOMER Energy (US), S&C Electric (US), and Power Analytics (US).

News also Covered: https://www.prnewswire.com/news-releases/microgrid-market-worth-63-2-billion-by-2027--exclusive-report-by-marketsandmarkets-301580399.html

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