Home / Press Release / Global Microgrid Market Garnered US$ 23.80 Bn in the year 2018

Global Microgrid Market Garnered US$ 23.80 Bn in the year 2018

According to a new market research report published by Credence Research, “Microgrid Market - Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the microgrid market was valued at US$ 23.80 Bn in the year 2018 and expected to reach US$ 59.12 Bn by the year 2027, expanding at a CAGR of 10.7% during the forecast from 2019 to 2027.

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 are primarily based on power electronic technology that have 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, global electricity market has enormous opportunity. In the year 2016, around US$ 718 Bn was invested in the global electricity sector. Additionally, 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.

Microgrid Market

The global microgrid market is a fragmented market with the presence of large number of small and large players. The race to provide best quality of power in 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.credenceresearch.com/report/microgrid-market

The Global Microgrid Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 By Grid Type Segment (2017–2027; US$ Bn)

 By Source Segment (2017–2027; US$ Bn)

 By Storage Segment (2017–2027; US$ Bn)

 By Application Segment (2017–2027; US$ Bn)

 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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