LONDON--(BUSINESS WIRE)--The global microgrid market is expected to grow by USD 18.89 billion as per Technavio. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The market is driven by increasing government support. In addition, the need for resilience is anticipated to boost the growth of the microgrid market.
Microgrids are resilient to natural calamities, due to which governments across the world are framing several policies to encourage the development and adoption of microgrids. For instance, in 2015, the New York State Research and Development Authority awarded about USD 8 million to support the implementation of microgrid projects in 83 communities through the NY Prize program. Similarly, in 2015, the Department of Environment in Japan announced a budget of nearly USD 0.5 million per month for the next three years for the development and implementation of microgrids in the country. Such government initiatives are resulting in the rapid adoption of microgrids, which is driving the growth of the market.
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Major Five Microgrid Companies:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers a line of solutions such as Microgrid Plus control solution which consists of a PowerStore flywheel or battery-based grid stabilizing system.
Eaton Corp. Plc
Eaton Corp. Plc operates its business through segments such as Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers a range of microgrid energy systems that help customers meet demand and keep power flowing despite power disruptions from natural disasters, accidental faults, or intentional attacks.
Emerson Electric Co.
Emerson Electric Co. operates its business through segments such as Automation Solutions and Commercial and Residential Solutions. The company offers a wide range of microgrid solutions such as the Ovation control system. It manages the distributed energy assets with an integrated microgrid controller to cost-effectively produce low-carbon electricity while maintaining grid stability and operational resiliency.
Exelon Corp. operates its business through segments such as Generation, ComEd, PECO, BGE, PEPCO, and Other. The company offers microgrids that combine both existing clean power facilities and new distributed generation technologies to ensure cleaner energy transmissions.
General Electric Co.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers microgrid systems that improve grid resiliency and energy availability to deliver electrification of critical infrastructure and remote communities.
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Microgrid Market Application Outlook (Revenue, USD Billion, 2020-2024)
- Institutions and campus
Microgrid Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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