Profile image
Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

Microgrid Market worth 39.10 billion USD by 2023 with a growing CAGR of 11.97%

% of readers think this story is Fact. Add your two cents.

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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=917

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.

Request Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=917

Americas held largest share of microgrid market in 2017

The Americas is considered one of the most technologically advanced markets for microgrids. It has the presence of a large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions. Moreover, in September 2014, Con Edison (US), GE (US), and Pareto Energy (US) entered into a partnership to improve the resiliency of microgrids in New York, US. The team was funded substantial amount by the New York State Energy Research and Development Authority (NYSERDA) for the development of microgrids in this region. Some of the major companies in this region include General Electric (US), Chevron Energy (US), and Pareto Energy (US). The healthcare sector is rapidly adopting microgrid technology for various hospitals and other healthcare units. Educational institutes is another sector adopting microgrids for university campuses and research laboratories in this region.

Support BeforeitsNews by trying our natural health products! Join our affiliate program
Order by Phone at 888-809-8385 or online at www.mitocopper.com
Get our Free Ebook, "Suppressed Health Secrets" THEY don't want you to know!

APeX - Far superior to colloidal silver!  Desroys Viruses, Bacteria, Pathogens!
Ultimate Curcumin - Natural pain relief, reduce inflammation and so much more.
Supreme Fulvic - Nature's most important supplement! Vivid Dreams again!
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy.
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup!
B-12 - Supports healthy metabolism, brain function, hormone balance!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Never Wax Your Car Again -
Protects vehicles for years with dazzling shine!
Smart Meter Cover - Reduces Smart Meter radiation! See Video!
Prodovite - The Secret To Healing is in the Blood!

Tactical Laser Blinds
Attackers
Bring Batteries Back
toLife!
New Laser Blinds Attackers Instantly! Bring Dead Batteries Back to life!
US Faces 100 Year Drought
Cut Power Bills by 65%
NASA - US Faces 100 Year Drought! Discovery Can Cut Power Bills by 65%
Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.