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Microgrid Market Size, Analysis By Segmentation And Geography Overview | Fortune Business Insights

The global microgrid market is likely to gain traction in the coming years due to the uptake of renewable energy sources, resulting from the growing awareness regarding climate change. According to a report by Fortune Business Insights, titled “Microgrid Market Size, Share and Global Trend By Type (Grid-connected, Hybrid Cycle), By End User (Educational Institutes, Military & Defence, Hospitals, Remote Areas, Commercial & Industrial) and By Geography Forecast till 2026, the market is likely to expand considerably in the coming years due to the abilities of microgrid system to harness energy and enable optimum use, thereby minimizing waste.

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The increasing use of conventional sources has had a negative impact on the environmental conditions. With the increasing use, there is a need to develop their product alternatives that would preferably work on non-conventional sources. This has led to the emergence of energy harnessing systems integrated with concepts that would suffice optimum energy use. The naturally available non-conventional sources can be harnessed and used for several purposes in the industrial sector and domestic purposes.

Among all sources, the sun provides an unlimited amount of energy, due to which, the emphasis is inclined towards harnessing solar energy to its maximum. The ability of microgrid systems to operate through renewable energy sources has led to a rising uptake of microgrid, around the world.

Segmentation

1. By Type

  • Grid-connected
  • Off-grid

2. By End User

  • Educational Institutes
  • Military & Defence
  • Hospitals
  • Remote Areas
  • Commercial & Industrial

3. By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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Key Market Driver – Demand for an uninterrupted and reliable source of power

Key Market Restraint – Higher initial investment for micro-grid infrastructure

Key Market Driver – Demand for an uninterrupted and reliable source of power

Key Market Restraint – Higher initial investment for micro-grid infrastructure

Key Industry Developments

  • In Marche 2019, Georgia Power in collaboration with Georgia Tech will build a new 1.4 MW microgrid in Tech Square at Metro Atlanta.
  • In January 2019, ABB is planning to install microgrid with battery storage at the campus of IIT, Roorkee as a part of smart campus development. This is a part of R&D collaboration outlined in MoU between ABB and IIT Roorkee signed in July 2018.
  • In October 2018, Small island nation Palau in the western Pacific signed a 30-year power purchase agreement (PPA) with Engie EPS for world’s largest microgrid. Palau is targeting 45% increase in renewables by 2026 to reduce energy emissions.

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Top Players Overview:

  • ABB
  • Schneider Electric
  • Encorp
  • Schweitzer Engineering Laboratories
  • Siemens
  • S&C Electric
  • PowerSecure
  • Spirae
  • Power One Solutions
  • Emerson Automation Solutions
  • CleanSpark
  • Honeywell
  • Power Analytics and Exelon Corporation.

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/microgrid-market-100406

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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