Microgrid Market estimated to reach $39.10 billion by 2023
Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023
(EMAILWIRE.COM, December 08, 2018 ) The microgrid market is expected to grow from USD 19.22 billion in 2017 to USD 39.10 billion by 2023, at a CAGR of 11.97% during the forecast period. The base year considered for the study is 2017, and the forecast period is 2018–2023. A microgrid is a small-scale power grid that can operate independently or in conjunction with the area’s main electrical grid. It is a group of interconnected loads and distributed energy resources within clearly defined electrical boundaries. It acts as a single controllable entity with respect to the grid. A microgrid can be connected to or disconnected from the grid to enable it to operate in both grid-connected and remote/island modes. Microgrids cater to various verticals, such as educational institutes, industrial, military, healthcare, government & utilities, and others (electric vehicles, data centers, and telecom infrastructure).
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This report covers the microgrid market based on type, offering, vertical, and region. The microgrid market for remote/island microgrids is expected to grow at a higher CAGR between 2018 and 2023. The key reasons for this growth are heavy decline in the prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits, such as less heat generation and smog. Commercially, remote microgrids are considered to be an appropriate energy solution for remote and rural locations. The investment scenario in the remote microgrid sector is improving as industry giants such as ABB (Switzerland) and General Electric (US) are eyeing this segment.
The microgrid market is segmented on the basis of type whether is it connected to grid is off-grid. A grid-connected microgrid operates in connection with a larger utility grid whereas it is said to be in a remote/island/off-grid mode when a limited distributed energy system is disconnected from the main grid. The remote/island/off-grid segment holds the higher share and is expected to grow at a higher rate due to heavy decline in the prices of solar PV and wind power sources.
Browse and in-depth TOC on "Microgrid Market"
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64 - Figures
177 - Pages
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The market for software is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.
Americas held largest share of microgrid market in 2017
The Americas is considered one of the most technologically advanced markets for microgrids. It has the presence of a large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions. Moreover, in September 2014, Con Edison (US), GE (US), and Pareto Energy (US) entered into a partnership to improve the resiliency of microgrids in New York, US.
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The team was funded substantial amount by the New York State Energy Research and Development Authority (NYSERDA) for the development of microgrids in this region. Some of the major companies in this region include General Electric (US), Chevron Energy (US), and Pareto Energy (US). The healthcare sector is rapidly adopting microgrid technology for various hospitals and other healthcare units. Educational institutes is another sector adopting microgrids for university campuses and research laboratories in this region.
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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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Don’t miss out on business opportunities in Microgrid Market . Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=917
This report covers the microgrid market based on type, offering, vertical, and region. The microgrid market for remote/island microgrids is expected to grow at a higher CAGR between 2018 and 2023. The key reasons for this growth are heavy decline in the prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits, such as less heat generation and smog. Commercially, remote microgrids are considered to be an appropriate energy solution for remote and rural locations. The investment scenario in the remote microgrid sector is improving as industry giants such as ABB (Switzerland) and General Electric (US) are eyeing this segment.
The microgrid market is segmented on the basis of type whether is it connected to grid is off-grid. A grid-connected microgrid operates in connection with a larger utility grid whereas it is said to be in a remote/island/off-grid mode when a limited distributed energy system is disconnected from the main grid. The remote/island/off-grid segment holds the higher share and is expected to grow at a higher rate due to heavy decline in the prices of solar PV and wind power sources.
Browse and in-depth TOC on "Microgrid Market"
67 - Tables
64 - Figures
177 - Pages
View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/micro-grid-electronics-market-917.html
The market for software is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.
Americas held largest share of microgrid market in 2017
The Americas is considered one of the most technologically advanced markets for microgrids. It has the presence of a large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions. Moreover, in September 2014, Con Edison (US), GE (US), and Pareto Energy (US) entered into a partnership to improve the resiliency of microgrids in New York, US.
Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=917
The team was funded substantial amount by the New York State Energy Research and Development Authority (NYSERDA) for the development of microgrids in this region. Some of the major companies in this region include General Electric (US), Chevron Energy (US), and Pareto Energy (US). The healthcare sector is rapidly adopting microgrid technology for various hospitals and other healthcare units. Educational institutes is another sector adopting microgrids for university campuses and research laboratories in this region.
Browse Adjacent Markets @ Semiconductor and Electronics Market Research Reports & Consulting
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Visit MarketsandMarkets Blog@ http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
Website: http://www.marketsandmarkets.com/
Contact Information:
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Mr. Shelly Singh
Tel: 1-888-600-6441
Email us
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ReportsnReports
Mr. Shelly Singh
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results