The Global Microgrid Market Analysis, 2020 market research report depicts a deep-dive market analysis of statistics of Global Microgrid market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
Some of the key factors associated with the growth of the microgrid market are the escalating demand for reliable and secure power supply across the globe and the advanced deployment of microgrids of rural electrification. Another reason for the market growth of microgrids is the surging demand for clean energy and proliferation in government initiatives for the development of microgrids.
COVID-19 Impact: COVID-19 pandemic is expected to further slow down the processes of project acquisition, procurement, and allotment. Therefore, the growth is expected to be less during 2020-21. The investments in this regard are expected to pick up post 2021 due to rapid business easing during that period.
According to MarkNtel Advisors’ research report titled “Global Microgrid Market Analysis, 2020”, the Global Microgrid market is anticipated to grow at a CAGR of less than 12% during 2020-25. However, rising cyberattacks on the energy infrastructure are largely hindering the market growth.
Power Generator Segment Remained the Dominant Segment
For reducing the electricity costs, less emission of carbon, and improved reliability are contributing to the growth of the power generator segment. The segment held the highest market share in 2019. End users, in order to achieve energy efficiency goals, primarily opt for power generators. Energy distribution through microgrids includes renewable energy such as solar energy, wind turbines, and hydro turbines. Therefore, the segment is expected to witness propelled growth during the forecast period.
Natural Gas-Based Microgrids Gaining Traction
Based on the source segmentation, the natural gas segment is gaining popularity owing to the augmenting need for power generation globally. Moreover, the integration toward sustainable and efficient power supply would escalate the Global Microgrid market growth till 2025. Furthermore, the expansion of shale gas production and stiff competition from the US for shale are catalyzing factors in a growth in the demand for microgrids in the coming years as stated in the MarkNtel Advisors’ research report “Global Microgrid Market Analysis, 2020”.
According to MarkNtel Advisors, ABB, General Electric (GE), Siemens, Eaton, Schneider Electric, Honeywell, HOMER Energy, S&C Electric, Power Analytics, and Exelon Corporation are few of the leading players in the Global Microgrid Market.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Microgrid Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What would be the growth rate or CAGR of the Global Microgrid Market during 2020-25?
A. The growth rate of the Global Microgrid Market during 2020-25 is forecast to be around 12%.
Q. Who are the key competitors or players operating in the Global Microgrid Market?
A. ABB, General Electric (GE), Siemens, Eaton, Schneider Electric, Honeywell, HOMER Energy, S&C Electric, Power Analytics, Exelon Corporation are few of the leading players in the Global Microgrid Market are few of the leading players in the Global Microgrid Market.
Q. Which source segment would emerge as an opportunity area for players in Global Microgrid Market?
A. The diesel generators segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Microgrid Market?
A. North America region grabbed a significant market share continues to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of the Global Microgrid Market.