Covid-19 Impact on Microgrid Market Size To Reach $17.51 Billion By 2025
Micriogrid Market has experienced a staggering growth during the Covid-19 pandemic. Microgrids have brought a major change to the USA’s power sector amid the COVID-19 crisis and plays a significant role in altering the conservative energy paradigm. The market products can provide an optimal contingency plan to upkeep the existing grids, finds Grand View Research, Inc.
The global microgrid market is expected to reach USD 17.51 billion by 2025, growing at a CAGR of 17.0%. The improvement in manufacturing sectors of the developing markets such as Mexico, India, and China is a result of favorable government policies. This has attracted international investments and is projected to promote market growth.
Major hindrance and disruption in the supply chain due to the Covid-19-induced workforce restrictions and shutdowns have affected the microgrid market. India imports 80% of clean energy solutions and the closing of industries has affected the target dates. The Indian Ministry of New and Renewable Energy (MNRE) had extended the deadlines of activities proposed under the ‘One Sun One World One Grid (OSOWOG)’. The OSOWOG aims at interconnecting the power transmission grids in the countries of South Asia, the Middle East, and Southeast Asia.
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www.grandviewresearch.com/industry-analysis/microgrid-market
Microgrid Market Highlights:
- Based on power source, fuel cell is anticipated to foresee a CAGR of 25.1% from 2017 to 2025. This can be attributed to the superior ability of fuel cells to operate at high temperatures with negligible electrolytic loss
- Based on products, grid-connected products market was valued at USD 2.17 billion in 2016 and is gaining popularity due to its ability to reduce transmission losses
- Based on region, North America dominated the overall market and accounted for 71.9% of global volume share in 2016. This can be factored to the high adoption rate of captive power generation methods in the U.S. industrial and municipal sectors
Microgrid Market Segmentation:
Grand View Research has segmented the microgrid market on the basis of power source, product, application, and region:
- Power Source Outlook (Volume, MW; Revenue, USD Million; 2014–2025)
- Natural Gas
- CHP
- Solar PV
- Diesel
- Fuel Cell
- Others
- Product Outlook (Volume, MW; Revenue, USD Million; 2014–2025)
- Remote
- Grid-connected
- Hybrid
- Application Outlook (Volume, MW; Revenue, USD Million; 2014–2025)
- Government
- Education
- Commercial
- Utility
- Defense
- Others
- Regional Outlook (Volume, MW; Revenue, USD Million; 2014–2025)
- North America
- The U.S.
- Europe
- Germany
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa (MEA)
List of Key Players in Microgrid Market
- Lockheed Martin Corporation
- Siemens AG
- GE
- Power Analytics
- ABB Group
- Microgrid LLC
- Spirae Inc.
- Schneider Electric
- ZBB Energy Corporation
- Pareto Energy
- Toshiba Corporation
- Honeywell International Inc.
- Echelon Corporation
- Viridity Energy Inc.
