Microgrid Market Report 2031 by Segments, Geography, Dynamics, Recent Developments
The Microgrid Market size is projected to reach US$ 89.20 billion by 2031 from US$ 35.67 billion in 2023. The market is expected to register a CAGR of 12.1% in 2023–2031. The rising energy demand and growing instances of power outrages are anticipated to drive the growth of the microgrid market globally. Additionally, the growing procurement of electric vehicles and the increasing number of electric vehicle charging facilities are also having a positive impact on the microgrid market globally.
The rising development in the power sector with the expansion of electricity infrastructure in rural parts of developing nations like Asia Paxfix is anticipated to drive the demand for microgrids globally. Smart grid integration and the growing application of microgrids for industrial and manufacturing sectors are also acting as major driving factors for the microgrid market. Additionally, growing government focus on mitigating carbon footprint to reduce the level of environmental pollution is also driving the demand for microgrids globally.
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Top Key Major Players:-
- ABB Group
- Eaton Corporation
- General Electric Company
- HOMER Energy LLC
- Honeywell International
- PECO (Exelon Corporation)
- S&C Electric Company
- Schneider Electric
- Siemens AG
- Hitachi Energy Ltd.
