Microgrid Market Analysis 2020–2030: Size, Trends, Growth Drivers, Challenges Covering Top 10 Vendors

PORTLAND, OR, UNITED STATES, August 11, 2023/EINPresswire.com/ -- According to the report published by Allied Market Research, titled, "Microgrid Market by Connectivity (Grid Connected and Off-grid Connected), Type (AC Microgrids, DC Microgrids, and Hybrid) and End User (Commercial & Industrial, Government, Healthcare, Remote, Utility, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030," the global microgrid market size was estimated at $15.88billion in 2020, and is anticipated to hit $59.74 billion by 2030, registering a CAGR of 14.9% from 2021 to 2030.

The key players profiled in the report include ABB, General Electric, Siemens, Eaton Corporation, Honeywell, Schneider Electric, S&C Electric, Spirae Inc., Exelon Corporation, and Pareto Energy. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the microgrid industry.

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Drivers, Restraints, and Opportunities

Rise in demand in remote areas and backup for military bases and stringent government initiatives to reduce carbon footprints drive the growth of the global microgrid market. On the contrary, high installation and maintenance charges impede the market growth to some extent. However, rapid industrialization, increase in demand for power, and rise in demand for microgrids in the commercial and industrial sector areanticipated to pave the way for multiple opportunities in the industry.

Key Benefits for Stakeholders

• This study comprises analytical depiction of the microgrid market size, and opportunity along with current trends and future estimations to depict imminent investment pockets.
• The overall microgrid market analysis is determined to understand profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, size and microgrid market opportunities with a detailed impact analysis.
• The microgrid market outlook forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates potency of buyers and the microgrid market forecast of key vendors.
• The report includes the industry trends and the microgrid market share of key vendors.

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The Grid Connected Segment to Dominate by 2030

Based on connectivity, the grid connected segment contributed to nearly three-fifths of the global microgrid market share in 2020, and is anticipated to dominate the market by 2030, due to availability of storing energy from renewable resources. Moreover, this segment is anticipated to register the fastest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of the off-grid connected segment.

The AC Microgrids Segment held the Highest Share in 2020

Based on type, the AC microgrids segment contributed more than three-fifths of the global microgrid market share in 2020, and is expected to rule the market by 2030, owing to lower transmission losses in AC lines. Moreover, this segment is expected to witness the highest CAGR of 15.6% throughout the forecast period. The report also includes an analysis of hybrid and DC microgrid segments.

Asia-Pacific, followed by North America, Garnered the Major Share in 2020

Based on region, Asia-Pacific garnered the major share in 2020, holding more than two-fifths of the global microgrid market. This is attributed to the growing technological advancements in microgrids in this region. Moreover, this region is anticipated to register the fastest CAGR of 16.4% throughout the forecast period. The market across North America would grow with a CAGR of 13.0% from 2021 to 2030.

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Microgrid Market Report Highlights

By Connectivity

• Grid connected
• Off-grid connected

By Type

• AC microgrids
• DC microgrids
• Hybrid Microgrids

By end user

• Commercial and Industrial
• Government
• Healthcare
• Remote
• .Utility
• Others

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