About 2025 Microgrid Industry
In the year 2025, the industry size of microgrid is estimated at USD 11.33 billion. The growing energy consumption throughout the world has played a significant role in the growth of the market.
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6 FAQs about [2025 Microgrid Industry]
How big is the microgrid market?
Microgrid Market size is anticipated to surpass USD 27 billion by the end of 2035, growing at a CAGR of 13% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of microgrid was over USD 8 billion. The growing energy consumption throughout the world has played a significant role in the growth of the market.
What are the opportunities for the microgrid market?
The innovation-oriented endeavors and the funding feasibility studies in many countries are the biggest opportunities for the microgrid market. Apart from independent power generation, microgrids have evolved with high-speed control platforms and forecasting systems that make them more sophisticated.
Why are microgrids becoming more popular?
Microgrids are becoming increasingly popular as they provide a reliable and resilient source of energy and are more cost-effective when compared to traditional grid systems. The growing demand for renewable energy and the need to reduce carbon emissions are driving the growth of the microgrid market.
What are the key factors affecting the microgrid market?
The microgrid market is expected to have a robust growth during the forecast period, primarily due to two main factors, i.e., the global demand for clean energy generation and a self-sufficient source of power generation in times of crisis or grid disconnection.
Who are the major players in the microgrid market?
The microgrid market is moderately consolidated. Some of the major players include Hitachi Energy Ltd, General Electric Company, Siemens AG, Eaton Corporation PLC, and Schneider Electric SE. Need More Details on Market Players and Competitors?
Will a microgrid decarbonize the transportation sector by 2023?
The project is expected to serve the city's public transport by 2023. The initiative to decarbonize the transportation sector with microgrids is a part of a major goal to reduce carbon emissions by 2035. In January 2022, Ameresco Inc. announced that it had been awarded a microgrid project in Prince Edward Island, Canada.
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