Dublin, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Microgrid Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global microgrid market is estimated to witness growth at a CAGR of 10.73% during the forecast period 2022-2028.
The global market's growth can be attributed to key factors such as combating power outages using microgrids, along with growing electricity consumption across the globe. Additionally, the surging integration of the internet of things in microgrids and rising investments in clean energy by governments are expected to open new avenues for the studied market.
On the contrary, the market's growth is restricted owing to hurdles posed by the regulatory framework and high maintenance and installation costs.
Regional Outlook
The global microgrid market includes North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific is deemed to witness the fastest growth over the forecast period. The large population base in the region has increased the demand for power grids due to the lack of electricity. Due to low electrification rates, several microgrid innovators are expanding operations in the region and are backed by government funding.
Additionally, with several nations facing extreme weather conditions, microgrids have emerged as an ideal solution to improve grid efficiency. During the forecast period, collaborations between governments, international development agencies, and energy companies are expected to rise, boosting the market's growth.
Competitive Outlook
The major companies in the microgrid market are Hitachi Ltd, Schneider Electric, Duke Energy Corporation, Exelon Corporation, Siemens AG, Fairbanks Morse, National Grid Plc, S&C Electric Company, Bloom Energy, Cummins Inc, FuelCell Energy Inc, General Electric Company, Power Engineers Incorporated, NRG Energy Inc, and Eaton Corporation Plc.
Siemens AG is a global technology company engaged in electrification, automation, and digitalization. It specializes in developing intelligent infrastructure for buildings and distributed energy systems. The company serves clients across various sectors, including manufacturing, healthcare, and power generation. Additionally, it operates through business segments, including smart infrastructure and gas & power. Siemens has operations across the globe, with headquarters located in Munich, Germany.
Key Topics Covered:
1. Global Microgrid Market - Summary
2. Industry Outlook
2.1. Impact of Covid-19 on the Microgrid Market
2.2. Key Insights
2.2.1. Growing Use of Microgrids in Solar Energy
2.2.2. Increase in Smart Cities Initiatives
2.3. Porter'S Five Forces Analysis
2.3.1. Threat of New Entrants
2.3.2. Threat of Substitutes
2.3.3. Bargaining Power of Buyers
2.3.4. Bargaining Power of Suppliers
2.3.5. Threat of Competitive Rivalry
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Key Market Strategies
2.6.1. Product Launches
2.6.2. Collaborations
2.6.3. Business Divestitures
2.6.4. Acquisitions
2.7. Market Drivers
2.7.1. Combating Power Outages During Severe Weather Using Microgrids
2.7.2. Growing Electricity Consumption Worldwide
2.8. Market Challenges
2.8.1. Hurdles Posed by Regulatory Framework
2.8.2. High Maintenance and Installation of Microgrids
2.9. Market Opportunities
2.9.1. Rising Use of Internet of Things (Iot) in Microgrids
2.9.2. Rise in Clean Energy Integration by Government and Private Sector
3. Global Microgrid Market Outlook - by Utilization Type
3.1. Metropolitan
3.2. Semi-Urban
3.3. Rural
4. Global Microgrid Market Outlook - by Component
4.1. Hardware
4.1.1. Power Generators
4.1.2. Energy Storage
4.1.3. Controllers
4.2. Software
4.3. Services
5. Global Microgrid Market Outlook - by Connectivity
5.1. Grid Connected
5.2. Island Grid
6. Global Microgrid Market Outlook - by Industry Vertical
6.1. Commercial & Industrial
6.2. Healthcare
6.3. Educational Institutions
6.4. Military & Defense
6.5. Government & Utilities
6.6. Other Industry Verticals
7. Global Microgrid Market - Regional Outlook
8. Competitive Landscape
8.1. Hitachi Ltd
8.2. Schneider Electric
8.3. Duke Energy Corporation
8.4. Exelon Corporation
8.5. Siemens AG
8.6. Fairbanks Morse
8.7. National Grid plc
8.8. S&C Electric Company
8.9. Bloom Energy
8.10. Cummins Inc
8.11. Fuelcell Energy Inc
8.12. General Electric Company
8.13. Power Engineers Incorporated
8.14. Nrg Energy Inc
8.15. Eaton Corporation plc
9. Research Methodology & Scope
For more information about this report visit https://www.researchandmarkets.com/r/41ao22
