According to the new research report "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", 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. The growth of the microgrid market can be attributed to the government
initiatives to reduce carbon footprint, increasing demand for reliable and secure
power supply worldwide, and the advantages of cheap and clean energy storage.
Microgrid market for remote/island to grow at higher CAGR
between 2018 and 2023
Microgrids are mainly of 2 types: grid connected and
remote/island. Remote/island microgrids are mainly used to provide diverse
power sources for geographically remote communities and developing countries.
Along with the expansion of electricity infrastructure in developing countries,
many remote microgrids are being designed to be self-sufficient to cater to
complex setups such as remote islands or distant villages where transmission
via traditional electric utility players is not viable. The key reasons for the
growth of remote/island microgrids are heavy decline in the prices of solar PV
and wind power sources, drop in the cost of power generation compared with
centralized power grids, and other environmental benefits, such as less heat
generation and smog.
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Microgrid market for software to grow at highest CAGR
between 2018 and 2023
The highest growth rate of the market for software can be
attributed to the high adoption of software across university campuses,
industrial and commercial sites, municipalities, and utilities.
Software-as-a-service platform allows microgrid operators to dynamically manage
and control distributed energy resources with integrated weather and load
forecasting. With software management services, microgrid owners have a single
point of accountability and a reduced risk of project delays and failures. This
results in a safer, reliable, and cost-efficient microgrid system.
Microgrid market for healthcare to grow at highest CAGR
between 2018 and 2023
The market for the healthcare vertical is expected to grow
at the highest CAGR between 2018 and 2023. Increasing need for uninterrupted
power supply in the healthcare vertical is the key factor contributing to the
growth of this market. Healthcare requires reliable power that is generated in
a sustainable manner. Next-generation microgrids offer healthcare facilities
the ideal power source for maintaining user experience while optimizing energy
consumption.
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Americas held largest share of microgrid market in 2017
