Industry Background:
A microgrid is a small scale power grid that can operate independently or collectively to work with other power grids to generate energy or power. It is used for power generation, power storage, and consumption and is a renewable energy resource. Microgrids Technology Provides aid to economic growth and generates revenue, helps in providing efficiency, sustainability and is very cost-effective.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | General Electric (United States), Echelon (United States), S&C Electric Co (United States), Siemens (Germany), General Microgrids (United States), Microgrid Solar (United States), Raytheon (United States), Sunverge (United States), Toshiba (Japan) and Aquion Energy (United States) |
According to AMA, the market for Microgrid Technology is expected to register a CAGR of 16.42% during the forecast period to 2030. This growth is primarily driven by Need for Reliable, Sustainable and Efficient source of energy in Case of Emergencies and Increasing Population and Industrialization.
Globally, a noticeable market trend is evident Rising use of a natural source of Energy Generation like Solar, Geothermal, Fossil Fuel, etc Major Players, such as General Electric (United States), Echelon (United States), S&C Electric Co (United States), Siemens (Germany), General Microgrids (United States), Microgrid Solar (United States), Raytheon (United States), Sunverge (United States), Toshiba (Japan) and Aquion Energy (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Developments in the Market:
In May 2022 , Endeavor Business Media has acquired of Microgrid Knowledge, including an online news and information site designed to advance microgrid adoption and the Microgrid Conference series. This acquisition will align with Endeavor's Energy brands such as T&D World, EnergyTech, and Utility Analytics Institute, among others.
In October 2023, Pacific Gas and Electric Company (PG&E) launched of its Microgrid Incentive Program (MIP) and handbook, providing funding, expertise and guidance for building community, local and tribal government-proposed multi-customer microgrids.
Influencing Trend:
Rising use of a natural source of Energy Generation like Solar, Geothermal, Fossil Fuel, etc
Market Growth Drivers:
Need for Reliable, Sustainable and Efficient source of energy in Case of Emergencies and Increasing Population and Industrialization
Challenges:
Stringent legal and Regulatory Norms might be the Hindrance and Increasing Risk of Cyberattack in Defence Sector due to the use of New Technolgy like cloud Computing
Restraints:
Maintaining the Microgrid Technologies can be Expensive and Space Issues can be the Problem
Opportunities:
Advancement in Technology for uninterrupted and High-performance Power Supply
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Microgrid Technology Market
- Analysis about New Entrants in Microgrid Technology Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Microgrid Technology Study Sheds Light on
The Microgrid Technology Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Microgrid Technology industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Microgrid Technology industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.