Microgrids Market Report by Key Players, Types, Applications, Countries, Size

 

Microgrid Market: Introduction

Swift industrialization together with increased demand for power is expected to boost growth avenues in the global microgrids market in the forthcoming years, states a new research report by TMR. The study highlights that the market is estimated to expand at a CAGR of 11.3% during the forecast period of 2021–2031, considering the base year as 2020. Thus, the market is all set to garner the valuation of US$ 206.1 Bn by the end of 2031.

Microgrid refers to a localized grid with an ability to connect and disconnect with conventional utility grids in order to offer superior level of grid resilience and reliability. Thus, microgrid works as an interconnection between loads within well-defined electric boundaries and distributed energy sources. Microgrids can be operated autonomously; therefore, they are increasingly utilized throughout major grid failures. Thus, the device assists in mitigating risks occurring due to grid failures and disturbances. Based on connectivity, the global microgrid market can be segregated into grid-tied (grid-connected) and off-grid.

Request Sample Copy: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=236 

Advantages of Microgrids to Fuel Demand

Microgrids are gaining traction owing to a wide range of advantages they offer. Integration of distributed energy generation sources, including renewables, integration of several smart grid technologies, and grid modernization are some of the key advantages of microgrids. Moreover, the device assists in providing local loads with the help of local power sources. This allows minimizing distribution and transmission losses, thereby achieving increased overall efficiency of system.

Microgrids work as a helpful tool to macrogrids, as they can handle power inconsistencies from regional renewable sources and provide ancillary services to bulk power systems and sensitive loads. Owing to all these advantages, there is extensive growth in product utilization across varied applications such as community & utility, campus & institution, defense & military, remote island, and commercial & industrial sectors. This is expected to generate promising sales avenues in the global microgrids market in the forthcoming years.

Increase in Usage of Microgrids during Critical Weather Conditions to Boost Market

Macrogrids have to deal with the issue of grid instability during critical weather conditions as well as natural disaster situations. In this scenario, microgrid work as a helpful tool. On-site microgrid systems are gaining traction, owing to their capability to be used during floods, earthquakes, and tornadoes.

In addition, these systems are increasingly utilized as substitutes for traditional grids during power outage. Government bodies of many countries from all across the globe are focusing on the strategic use of microgrids near hospitals, pharmacies, gas stations, grocery stores, and police stations in order to deal with various emergency situations.

Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=236 

Asia Pacific: Prominent Growth Region of Microgrid Market

The global microgrid market has been classified into Latin America, North America, Asia Pacific, Middle East & Africa, and Europe. Asia Pacific is one of the key regions offering prodigious expansion avenues for vendors in the microgrid market. This regional growth can be attributed to many factors such as low electrification rate, low grid connectivity, and increased demand for power in Asia Pacific. The market is estimated to gather lucrative avenues over the next few years, owing to rapid urbanization and industrialization across many countries (including India and China).

The nature of the global microgrids market seems to be fairly fragmented with presence of many well-entrenched enterprises. This also highlights that the competition landscape is highly intense. General Electric, Siemens AG, ABB Group, S&C Electric Company, Engie Group, Schneider Electric SE, Echelon Corporation, Honeywell International Inc., Toshiba Corporation, Pareto Energy Limited, Power Analytics Corporation, and Duke Energy Corporation are some of the key participants of the global microgrid market.

Global Microgrid Market: Segmentation

Microgrid Market, by Connectivity

·         Grid-tied (Grid-connected)

·         Off-grid

Microgrid Market, by Application

·         Campus & Institution

·         Community & Utility

·         Commercial & Industrial

·         Defense & Military

·         Remote Island

Oversupply and Undersupply of Power Affects Operations in Microgrid Market

One of the major operational challenges faced by microgrids relates to their functioning in an isolated mode. During this functioning, microgrids need to maintain stability with the help of distributed energy resources. Microgrids generally face instability during oversupply as well as undersupply of electricity. The Oversupply of electricity may cause a generator to trip off, resulting in loss of power supply to a microgrid.

Get Full Customized Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=236 

On the other hand, undersupply of electricity can result in equipment malfunction. Another challenge relates to installation costs incurred when a microgrid is employed to replace a conventional grid. For efficient functioning of microgrids, system engineers, monitoring systems, and relays need to be incorporated by service providers in the microgrid market.

Similar Reports by TMR: 

Power Management Services Market: https://www.transparencymarketresearch.com/power-management-services-market.html

Rooftop Solar PV Market: https://www.transparencymarketresearch.com/rooftop-solar-pv-market.html

Wire and Cable Recycling Market: https://www.transparencymarketresearch.com/wire-cable-recycling-market.html

Biomethane Market: https://www.transparencymarketresearch.com/europe-biomethane-market.html

Silicon Transformer Oil Market: https://www.transparencymarketresearch.com/silicon-transformer-oil-market.html

Green Hydrogen Market: https://www.transparencymarketresearch.com/green-hydrogen-market.html

District Cooling Market: https://www.transparencymarketresearch.com/district-cooling-market.html

Sulfur Market for Mining Application: https://www.transparencymarketresearch.com/sulfur-market-for-mining-application.html

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact Us

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com