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Microgrid Global Market Report 2022
Major players in the microgrid market are ABB Ltd. , Eaton Corporation, General Electric, Siemens AG, Schneider Electric SE, Honeywell International Inc. , Advanced Microgrid Solutions, Anbaric Transmission, Canopy Power, Exelon Corporation, Ferroamp, General Microgrids, Go Electric, Gram Power, Toshiba Corporation, S&C Electric, Tesla, Caterpillar, Echelon Corporation, Pareto Energy Limited, and Engie Group.
New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microgrid Global Market Report 2022" - https://www.reportlinker.com/p06284151/?utm_source=GNW
The global microgrid market is expected to grow from $9.63 billion in 2021 to $11.9 billion in 2022 at a compound annual growth rate (CAGR) of 23.6%. The microgrid market is expected to grow to $25.04 billion in 2026 at a CAGR of 20.4%.
The microgrid market consists of sales of microgrids by entities (organizations, sole proprietors, partnerships) that refer to a local energy grid with control capability, which means it can disconnect from the traditional grid and operate autonomously.A microgrid is a self-contained energy system that serves a specific geographic area, such as a college campus, hospital, business center, or neighborhood.
Microgrids can strengthen grid resilience and help mitigate grid disturbances by operating while the main grid is down, as well as serve as a grid resource for faster system response and recovery.
The main types of microgrids are AC microgrids, DC microgrids, and hybrid microgrids.Hybrid microgrids are made up of several parallel-connected distributed resources that are controlled electronically and can operate in both islanded and grid-connected modes.
The various component of a microgrid includes hardware, software, and services that are grid-connected and off-grid connected. Microgrids are used in different applications including remote systems, institutional buildings, and commercial utility, and are employed in several sectors such as commercial and industrial, institutes and campuses, and the military.
North America was the largest region in the microgrid market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the microgrid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing adoption of microgrids for rural electrification is expected to propel the growth of the microgrid market going forward.Rural electrification is progressing, with plans to provide energy 24 hours a day and connect rural communities, including micro, small, and medium enterprises (MSME) businesses.
For rural electrification, microgrids have several advantages over centralized infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas.For instance, in April 2021, the Indian government’s e-governance services arm, launched a partnership with Tata Power to install solar-powered microgrids and water pumps in rural areas around the country.
To begin, Tata Power has proposed establishing 10,000 microgrids to assist rural clients via Common Service Centers (CSCs).This will aid the government’s ongoing campaign to equip rural households and businesses in India with clean, sustainable energy.
Therefore, an increase in demand for microgrids in rural electrification will drive the microgrid market.
The development and adoption of green hydrogen microgrids is a key trend gaining popularity in the microgrid market.Green hydrogen is generated by splitting water into hydrogen and oxygen in an electrolyzer using renewable energy sources such as wind and solar.
Companies developing microgrids are focused on developing eco-friendly products including green hydrogen microgrids to reduce the carbon footprints in the environment.For instance, in December 2021, NTPC Ltd, an India-based state-run company has awarded the country’s first green hydrogen microgrid project at its Simhadri plant in Andhra Pradesh.
To boost clean fuels, India is considering making green hydrogen microgrids mandatory for fertilizer factories and oil refineries to purchase green hydrogen. It would serve as a testbed for large-scale hydrogen energy storage projects, as well as a tool for researching and building several microgrids in off-grid and strategic locations across the country.
In October 2020, EDF, a French-based company pioneer in operations spanning electricity generation and the sale of natural gas and electricity to homes acquired Ecosun Innovations for an undisclosed amount.Through this acquisition, EDF will be able to increase its industrial and commercial presence, as well as the competitiveness of its products and geographic reach.
Ecosun Innovation is a French-based firm that specializes in the development and distribution of off-grid and ’plug ’n play’ mobile electrification solutions for distant places.
The countries covered in the microgrid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284151/?utm_source=GNW
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