Global Microgrid Market Share, Size, Growth, Industry, Latest Trends and Forecast till 2028

NORTHBROOK, Ill. - Jan. 15, 2024 - PRLog -- The Micro-Grid Electronics Market share is positioned as a cornerstone of the broader microgrid industry, which is witnessing unprecedented growth as the world transitions towards decentralized and renewable energy solutions. According to a comprehensive report by MarketsandMarkets, the global microgrid market size is estimated to be USD 31.5 billion in 2023 and is projected to reach USD 79.0 billion by 2028, at a CAGR of 20.1% during the forecast period. This robust growth underscores the increasing adoption of microgrid solutions globally.

The microgrid market is expanding as a result of a number of significant elements in the business environment. These include the growing prevalence of cyberattacks on energy facilities, the growing emphasis on decarbonization among governments and end users, and the growing usage of microgrids for rural electrification. The governments of some well-known nations have also launched programs to encourage the creation of microgrids, which has further fueled the market's growth.

Market Drivers:

Energy Resilience and Reliability:

Microgrid electronics contribute to the resilience and reliability of energy systems. The ability to efficiently control and monitor energy flow within a microgrid ensures that critical facilities, such as hospitals and data centers, have a continuous and reliable power supply, even during grid outages.

Integration of Renewable Energy Sources:

With the global shift towards sustainable energy, microgrid electronics facilitate the seamless integration of renewable energy sources, such as solar and wind, into the energy mix. These components enable effective management of the intermittent nature of renewable energy, ensuring optimal utilization.

Energy Efficiency and Optimization:

Microgrid electronics play a crucial role in optimizing energy consumption within microgrids. Through advanced control systems and monitoring mechanisms, these electronics enable real-time adjustments, ensuring that energy is distributed efficiently, minimizing waste, and reducing operational costs.

In 2023, the Americas will account for the greatest market share. The Americas region is anticipated to hold the biggest market share in the microgrid industry in 2023 as a result of multiple factors. These include the requirement for resilience in the face of difficulties like major weather occurrences, sophisticated energy infrastructure, government regulations and incentives that are supportive, an emphasis on integrating renewable energy sources, and a mature market with substantial industry knowledge. The aforementioned factors foster an atmosphere that is favorable for the implementation and growth of microgrids, hence positioning the Americas as a significant leader in the industry.

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At the forefront of the microgrid companies are key players driving innovation and shaping the future of energy distribution. Major contributors include ABB Ltd., Siemens AG, Schneider Electric SE, Honeywell International Inc., and General Electric Company.