Microgrids: Technologies and Global Markets

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Report Scope: The market analysis provided in this report is based on a variety of data sources. These include the most recent government, industry, academic and company data regarding the projected level of demand for microgrid technologies.

New York, April 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Microgrids: Technologies and Global Markets” – https://www.reportlinker.com/p05370222/?utm_source=GNW

The report provides a comprehensive review of available data to provide a realistic, robust, and accurate assessment of this quickly changing market.

Regional and country level markets will be segmented and analyzed by type and application.

The market sizes and estimates are provided in terms of revenue, with 2020 serving as the base year; and market forecasts will be given for the period from 2021 to 2026.

Report Includes:
– 161 data tables and 12 additional tables
– An overview of the global market and technologies for microgrids
– Estimation of the market size and analyzes of global market trends, with data from 2020, 2021 with projections of compound annual growth rates (CAGRs) through 2026
– Coverage of definition, revenue implications, and security of microgrids, and insights into safety, islanding, and energy storage standards
– Comparative study between grid-connected vs. off-grid microgrids, and information on remote/island and hybrid microgrid
– Highlights of the market potential for microgrids, based on major segment, product type, connection type, power source, type, end user, and region
– Identification of market drivers, restraints and other forces impacting the global market and evaluation of current market size and forecast, and assessment of new developments in the industry
– Market share analysis of the key companies of the industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies and a relevant patent analysis
– Profile description of leading market companies, including ABB Ltd., Eaton Corp. plc., General Electric, Honeywell International Inc., Schneider Electric SE and Siemens AG

Summary:
Microgrids are a critical and fundamental component of the development of smart grids. It is a distributed energy resource-based small-scale power system.

To fully utilize the distributed generation potential, it is critical to adopt a system in which the associated loads and generation are treated as a subsystem or microgrid.

Global energy demand grew by REDACTED% in 2021, more than offsetting the REDACTED% drop in 2020 and boosting demand above 2019 levels, according to a forecast from the International Energy Agency (IEA).Arecovery in demand has increased energy-related carbon dioxide emissions by about REDACTED% in 2021.

Carbon emissions on a global scale are expected to increase by REDACTED billion tons this year, owing to the come backof coal use in the power industry.

The global microgrid market increased from $REDACTED billion in 2020 to $REDACTED billion in 2021, and it is forecast to rise to nearly $REDACTED billion by 2026 at a compound annual growth rate (CAGR) of REDACTED% over the five-year forecast period. Distributed renewable energy microgrid technology holds significant potential as a key driver for increasing energy access for millions of people around the world without access to energy as well as for providing reliable and stable power to industry.

Because the microgrid approach to electrical distribution allows local users more flexibility to control the optimization of powersources and uses, it is growing in appeal.

Microgrids are an extension of on-site generators, or dedicated power supplies, sometimes called captive generation.Technically, a microgrid is a grouping of small, independent power-generating equipment connected to computer systems that monitor, control and balance energy demand and supply and storage in response to changing energy needs.

They can also be cleaner if solar or wind is used as part of the energy mix. Now that solar panel prices have fallen, distributed solar can be cheaper than running diesel generators alone for backup power.

The microgrid market is therefore undergoing a transformation from a niche application intended for military bases, telecommunication base stations and remote communities to national grid extenders, a grid modernization tool for utilities, cities, communities and public institutions.

Market growth can be attributed to several factors, which vary depending on global region but include a growing demand for stable and reliable electricity, declining prices for microgrid technology, increasingly unstable grids (especially in more developed countries) and a lack of grid connectivity in many developing countries.

Emerging markets with little or no infrastructure are, in some ways, ideal for the microgrid system because they avoid the need for expensive and inefficient transmission and distribution systems. Microgrids allow the developer and user to put generation closer to the load, so there are fewer losses and no need to build the expensive transmission and distribution networks that are typical with the central generation model in use in much of the world today.
Read the full report: https://www.reportlinker.com/p05370222/?utm_source=GNW

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