The global microgrid market is projected to propagate from $XX million in 2018 to $54,544 million by 2027 at a growth rate of 11.38% CAGR during the forecasting years 2019-2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. Government investments supporting the development of the new microgrid platform are expected to support drive the market growth.
The increasing demand for power is enhancing the capacity addition of renewable energy resulting in increased adoption of the microgrids globally. Microgrids can assimilate energy generation, energy storage systems and offer controls of on-site power generation that provide electricity, cooling, and heat with exceptional advantages to the healthcare facilities.
The advancements in electronics such as miniaturization of electronic components, sensor technology, drop in the prices of communication devices coupled with the advancements in the internet network and the introduction of cloud computing has led to a seamless integration of digital control systems into the electric network, which has brought in many advancements in the microgrid systems.
The global microgrid market has been bifurcated into several segments on the basis of offerings, types, consumption patterns and verticals.
The global microgrid market has been geographically segmented into North America, Europe, Asia Pacific and the remaining countries forming the Rest of World segment. North America contributed xx% of market share in 2018 & is estimated to contribute the majority of share to remain at xx% in 2027. Government & utilities, military, healthcare, education, industrial, etc. are some of the vertical segments that have various application for the microgrids in the North American region.
Market share analysis along with company profiles of the prominent market players are discussed in detail. Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, to gain a competitive edge over other companies. Siemens AG, Power Engineers Incorporated, Eaton Corporation PLC, ABB Ltd., General Electric, Duke Energy Corporation, Princeton Power Systems, Fairbanks Morse, S&C Electric Company, National Grid, Fuelcell Energy Inc., Hitachi Ltd., Schneider Electric, NRG Energy Inc. and Exelon Corporation are the major companies operating in the global market.