Stratview Research has recently published a report on the Microgrid Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
Microgrid Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Microgrid Market is likely to witness an impressive CAGR of 19% during the forecast period to reach USD 82.79 billion in 2028.
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Some of the companies drives the market growth:
- Eaton
- Siemens
- GE
- Caterpillar
- Schneider Electric
- HOMER Energy
- Honeywell International
- Toshiba Corporation
- AMS
- SC Electric
- Tesla
- Hitachi ABB Power Grids
- Spirae
- General Microgrids
- Lockheed Martin Corporation
- Heila Technologies
- Exelon Corporation.
Segments Analysis
By Connectivity Type
The market is segmented as grid connected and off grid. The grid connected segment is expected to witness significant growth rate in the market during the forecast period owing to the potential in the connected microgrids to handle peak demand, improve system supply, and maintain stability in the event of a large network breakdown. Furthermore, growing consumer demand for power supply security, together with the development of Tier II and III cities, backed by government regulations and guidelines, will give birth to opportunities for business growth.
By Grid Type
The market is segmented as AC microgrid, DC microgrid, and hybrid. AC microgrid type is expected to register high growth rate in the market owing to its lower transmission losses, minimum heat generation, and effective high-end voltage levels across the network. Furthermore, it is extremely compatible with grid networks and does not require inverters for power delivery, propelling the industry dynamics. Also, the increasing deployment of high-voltage AC power networks, as well as big solar and wind farms connected to AC transmission lines, will positively influence the business environment.
By Application Type
The market is segmented as healthcare, educational institutes, military, utility, industrial/commercial, remote, and others. The industrial/commercial application is estimated to account for the major share of the market during the forecast period on account of the increasing government efforts and mandates to reconstruct and overhaul existing TD networks, as well as increased incentives to install energy-efficient alternatives. In the current context, the industrial and commercial sectors are focusing on the implementation of smart solutions across new and traditional grid infrastructure, which will favorably influence industry potential.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
COVID-19 IMPACT
COVID-19 has affected almost every business, irrespective of size, irrespective of region. In the year 2020, the dynamics of the ELECTRIC PRESSURE WASHER Market have shifted dramatically. The consumer climate and business practices have evolved significantly, resulting in numerous process changes that will have long-term consequences.
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