AUS
NZ
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GER
ESP
ITA
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PRT
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IND
POL
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UAE
LONDON, GREATER LONDON, UK, December 18, 2023 /EINPresswire.com/ -- Embark on a journey through the expanding landscape of the global microgrid market, witnessing its remarkable surge from $12.07 billion in 2022 to $15.02 billion in 2023, propelled by a compelling Compound Annual Growth Rate (CAGR) of 24.5%. The narrative unfolds with the market poised to ascend to $32.13 billion in 2027, maintaining a robust CAGR of 20.9%.
Empowering Rural Electrification: Microgrids Take Center Stage
The forefront of the market's evolution is marked by the growing adoption of microgrids for rural electrification. Plans are underway to provide 24/7 energy access to rural communities, encompassing micro, small, and medium-sized enterprises (MSMEs). Microgrids, with their distinct advantages over centralized infrastructure, including cost-effectiveness, environmental sustainability, and regional equity, emerge as a catalyst for rural electrification.
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Market Leaders: Guiding the Microgrid Revolution
Key players in the microgrid market shape its trajectory, contributing to its dynamism and innovation:
• ABB Ltd.
• Eaton Corporation
• General Electric
• Siemens AG
• Schneider Electric SE
• Honeywell International Inc.
• Engie Group
These industry leaders contribute to the innovative landscape, driving advancements and steering the microgrid revolution.
Green Hydrogen Microgrids: Pioneering Sustainable Solutions
A pivotal trend gaining prominence in the market is the development and adoption of green hydrogen microgrids. Green hydrogen, produced through electrolysis using renewable energy sources, emerges as an eco-friendly solution. Companies at the forefront of microgrid development are actively focusing on sustainable products, including green hydrogen microgrids, to mitigate environmental impact.
In a groundbreaking move, NTPC Ltd. secured India's first green hydrogen microgrid project at the Simhadri plant in Andhra Pradesh. This initiative not only underscores the commitment to clean fuels but also positions green hydrogen microgrids as a transformative tool for large-scale hydrogen energy storage projects. The mandate for green hydrogen microgrids in India's industrial landscape further cements their role as a catalyst for research and development.
Regional Dynamics: From North America to Asia-Pacific
In 2022, North America held the mantle as the largest region in the microgrid market, while Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period. Comprehensive regional coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmentation Insights: Tailoring Microgrids for Diverse Applications
Explore the nuanced segmentation of the microgrid market, offering tailored solutions for diverse applications:
1) By Type: AC Microgrids, DC Microgrids, Hybrid
2) By Connectivity: Grid Connected, Off-grid Connected
3) By Component: Hardware, Software, Services
4) By Application: Remote Systems, Institutional Buildings, Commercial Utility
5) By End User: Commercial And Industrial, Institutes And Campuses, Military
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Microgrid Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Microgrid Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on microgrid market size, microgrid market drivers and trends, microgrid market major players, microgrid market competitors' revenues, microgrid market positioning, and microgrid market growth across geographies. The microgrid market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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