According to a new market research report published by Acute Market Reports, “Microgrid Market - Growth, Future Prospects, and Competitive Landscape, 2023 -2030”, the microgrid market was valued at US$ 31.43 Bn in the year 2021 and expected to reach US$ 78.09 Bn by the year 2030, expanding at a CAGR of 10.7% during the forecast from 2023 to 2030.
Market Insights
"Rising preference for Distributed Power Generation expected to spur the demand for Microgrids over the Forecast Period"
Increasing natural disasters, failing grid infrastructure, and rising threats for cyber-attacks have compelled future development to provide such technology that provides power continuity. As a result, distributed power generation was introduced to overcome the traditional grid failures. In addition, on-site generation provides improved power quality and reliability to the critical loads such as hospitals and large data centers. This is majorly attributed to the components used by the microgrids that are primarily based on power electronic technology that has the lowest failure rate. Moreover, microgrid uses several promising technologies to power its operation some are microturbines, fuel cells, renewable generation, advanced storage technologies, load control, and heat recovery system.
However, the global electricity market has enormous opportunities. In the year 2016, around US$ 718 Bn was invested in the global electricity sector. Additionally, the International Energy Agency has predicted that the global investment of US$ 44 Tn and US$ 23 Tn is required in energy supply and energy efficiency sectors respectively to meet the rising demand for electricity and power.
The global microgrid market is a fragmented market with the presence of a large number of small and large players. The race to provide the best quality of power at a low price has turned the market to be highly competitive.
Industrial Developments
Key Market Movements:
List of Companies Covered:
Browse the full report at https://www.acutemarketreports.com/report/microgrid-market
The Global Microgrid Market is Segmented into:
ATTRIBUTE | DETAILS |
---|---|
Research Period | 2020-2030 |
Base Year | 2021 |
Forecast Period | 2023-2030 |
Historical Year | 2020 |
Unit | US$ Billion |
Segmentation |
By Grid Type Segment (2020–2030; US$ Bn) |
By Source Segment (2020–2030; US$ Bn) |
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By Storage Segment (2020–2030; US$ Bn) |
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By Application Segment (2020–2030; US$ Bn) |
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By Geography Segment (2020–2030; US$ Bn) |
*Complete segmentation list is on the report page