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Classified in: Environment, Science and technology
Subject: MRR

Microgrid Market Size to Grow by USD 19.5 billion | Increasing Government Support to Boost Growth | Technavio


NEW YORK, June 29, 2022 /PRNewswire/ -- The microgrid market will be driven by factors such as increasing government support. Governments are introducing policies that encourage the development of microgrids. For instance, in the US, microgrid projects are supported by funding benefits in the form of grants from federal and state governments. Hence, the adoption of microgrids is increasing at a rapid pace, which is adding to microgrid capacity. Moreover, energy storage systems are being installed to increase the penetration of renewable energy, which helps microgrids operate by making use of non-carbon emitting resources. Hence, the market will continue to grow during the forecast period.

The microgrid market size is expected to grow by USD 19.5 bn from 2020 to 2025. Moreover, the growth momentum of the market will progress at a CAGR of 12.86% during the forecast period, according to Technavio.

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Microgrid Market 2021-2025: Scope

The microgrid market report covers the following areas:

Microgrid Market 2021-2025: Challenge

The high implementation costs will challenge the global microgrid market share growth during the forecast period. Microgrids involve a wide range of equipment related to power generation resources, distribution infrastructure, and control systems. A majority of the microgrids are built upon existing infrastructure. Moreover, the components of microgrids need to be integrated with several other technologies to have the required platform functionalities. This increases the production costs of the equipment.

Microgrid Market 2021-2025: Segmentation

Learn more about the contribution of each segment of the market. Download a sample report

Microgrid Market 2021-2025: Regional Analysis

North America will account for 28% of the market's growth during the forecast period. Increased initiatives from the US government for implementing energy-efficient power solutions will drive the microgrid market growth in North America during the forecast period. The US and Canada are the key countries for the microgrid market in North America. Moreover, market growth in this region will be slower than the growth of the market in other regions.

Microgrid Market 2021-2025: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the microgrid market, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG, among others.

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Microgrid Market 2021-2025: Key Highlights

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Microgrid Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 12.86%

Market growth 2021-2025

USD 19.5 billion

Market structure

Fragmented

YoY growth (%)

12.43

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 28%

Key consumer countries

US, China, Russian Federation, Australia, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Application

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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