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The global microgrid market size is projected to reach USD 47.4 billion by 2025 from USD 28.6 billion in 2020, at a CAGR of 10.6%. Major drivers for the market’s growth are rising demand for clean energy, increasing instances of cyberattacks on the energy infrastructures, growing requirement for reliable and secure global power supply, and rising global deployment of microgrids for rural electrification.

Furthermore, the expansion of renewable energy capacity of countries in APAC and government initiatives to encourage the development of microgrids are the opportunities for microgrid developers. The major restraint for the microgrid market is high installation costs. Technical issues faced during the operation of island mode microgrids and lack of regulatory frameworks related to operations of microgrids pose a significant challenge for this market.

To know about the assumptions considered for the study download the pdf brochure

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) are a few major players in the global microgrid market.

Top 2 players in Microgrid Market:

ABB (Switzerland)

ABB is one of the technology leaders in terms of electrification, industrial automation, motion, and robotics, and discrete automation. The company serves utilities, industrial, and transportation & infrastructure sectors globally. ABB was founded in 1988 owing to the merger of ASEA Brown Boveri (Germany) and BBC Brown Boveri (Switzerland). The company has its headquarters in Zurich (Switzerland). ABB operates in over 100 countries. ABB focuses on new projects, partnerships, and expansions to maintain its global market presence. In 2019, the company announced a partnership with Germany-based Rolls-Royce Power Systems for developing microgrid technology that integrates digital technology and efficient hybrid power systems. This is expected to help the company is offering an innovative and energy-efficient microgrid solution for utilities, as well as commercial and industrial entities. ABB has a strong customer base.

General Electric (US)

GE is one of the world’s leading high-tech industrial companies. It offers products and services for use in power generation plants, aircraft engines, medical imaging machines, industrial products, and oil & gas plants. It was founded in 1892 owing to the merger of Edison General Electric Company (US) and Thomson-Houston Electric Company (US). The company serves customers in over 180 countries worldwide. GE has its headquarters in Connecticut (US). The business segments of this company are Power, Aviation, Healthcare, Renewable Energy, Transportation, Oil & Gas, and Lighting. GE has a significant presence in North America, Europe, Asia, and the Middle East & Africa with manufacturing operations at 162 plants located in 34 states in the US and Puerto Rico. The company has 297 manufacturing plants located in 41 other countries. In June 2019, GE announced the availability of three new grid analytics, which combine domain expertise with artificial intelligence (AI) and machine learning (ML) to tackle pressing challenges of ensuring smooth electric grid operations.

Related Reports:

Microgrid Market by Connectivity (Grid Connected and Off-Grid Connected), Offering (Hardware and Software & Services), End-Use (Commercial & Industrial, Remote, Instituites & Campuses), Grid Type, Pattern, Region - Global Forecast to 2025

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