According to a research report "MicrogridMarket with COVID-19 Impact Analysis by Connectivity (Grid Connected,Off-grid Connected), Offering (Hardware, Software, Services), End Use(Commercial & Industrial, Remote, Utilities), Pattern, Type, and Geography - Global Forecast to 2026" published by MarketsandMarkets, theglobal microgrid market is estimated to grow from USD 24.6 billion in 2021 to USD 42.3 billion by 2026 at a CAGR of 11.4% during 2021–2026. The growth of the microgrid market is driven by factors such as rising focus on decarbonization by various end users and government, increasing demand for uninterrupted power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures. Initiatives by governments of different countries to encourage the development of microgrids are also fueling the growth of the market.
Browse 181 market data Tables and 61 Figuresspread through 249 Pages and in-depth TOC on "MicrogridMarket - Global Forecast to 2026"
[249 Pages Report] The global microgrid market sizeis expected to reach USD 42.3 billion by 2026 from USD 24.6 billion in 2021 ata CAGR of 11.4% between 2021 and 2026.
The growth of the microgrid market is driven by factors suchas rising focus on decarbonization by various end users and government,increasing demand for uninterrupted power supply, growing adoption of microgrids for rural electrification, and rising instances of cyberattacks on energy infrastructures. Initiatives by governments of different countries to encourage the development of microgrids are also fueling the growth of the industry.
COVID-19 Impact on the Microgrid Market
The microgrid market includes key companies such as ABB(ABB, Switzerland), General Electric Company (GE, US), Siemens AG (Siemens,Germany), Eaton Corporation Inc. (Eaton, Ireland), Schneider Electric SE (Schneider Electric, France), Honeywell International Inc. (Honeywell, US), HOMER Energy LLC (Homer Energy, US), S&C Electric Company (S&C Electric, US), Power Analytics Corporation (Power Analytics, US), and Exelon Corporation (Exelon, US). These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, North America, and Rows. The microgrid hardware products manufactured by these companies are purchased by several stakeholders for various end use. COVID-19 has impacted the operations of the various microgrid hardware manufacturers companies, along with businesses of their suppliers and distributors. The fall in export shipments, delay in projects, and slow domestic demand for microgrid hardware in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for the microgrid market in short term.
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