DUBLIN--(BUSINESS WIRE)--The "Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023.
Increasing demand for reliable and secure power supply worldwide; widespread industrialization and population growth fueling demand for energy storage systems; and government initiatives to reduce carbon footprint are driving the microgrid market. Major factors restraining the growth of the microgrid market are the high installation and maintenance costs of microgrids, lack of knowledge about procedures to secure license rights for connecting multisite microgrids, and land acquisition and registration procedures creating complications for solar PV plant installations in rural areas.
Utility microgrids are usually owned by private or government bodies. Aggressive decline in the prices of renewable resources is one of the major reasons for the growth of microgrids in urban and rural areas. Several major developments have been made in this vertical; for instance, in February 2015, Exelon Corp (US) partnered with Anbaric Transmission (US) to build microgrids in New York, US. Anbaric has experience in competitive markets such as New York and New Jersey in particular, where it has helped develop independent transmission. Also, increasing government initiatives worldwide to maximize the electrification rate is expected to increase the market share of the government & utilities vertical by 2023.
- General Electric
- Schneider Electric
- Homer Energy
- S&C Electric
- Power Analytics
- Exelon Corporation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Microgrid Market, By Type
8 Microgrid Market, By Offering
9 Consumption Pattern
10 Microgrid Market, By Vertical
11 Microgrid Market, Geographic Analysis
12 Competitive Landscape
13 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/54x9pg/global_microgrid?w=4