Global Microgrid Market | Size, Share, Research Report And Forecast 2018-2023

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Microgrid Market to Reach US 33 Billion by 2023
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Report Description and Highlights
Report Description
Microgrid Market to Reach US 33 Billion by
2023 Microgrid refers to a group of
interconnected localised sources of electricity
that operates along with a traditionally
centralised electricity grid. It has the
potential to disconnect itself from the grid, in
order to operate autonomously in the island-mode
for easing the grid disturbances. A microgrid
supports flexibility as it helps in generating,
supplying and distributing power in case of an
emergency. Moreover, it can derive energy from
non-renewable and renewable sources like solar
energy, biomass, tidal power, hydropower and
geothermal. Microgrid acts as a mediator amidst
power generation and power consumption sources,
resulting in an increased efficiency, reduction
in the production of carbon footprints and
diminishing losses incurred in the process of
transmission. Driven by environmental benefits,
the global microgrid market has been growing
continuously over the past few years. According
to research analysts at IMARC Group, this market
was worth US 17 Billion in 2017.  It is further
anticipated to grow at a CAGR of 11.5 during
2018-2023, reaching US 33 Billion by
2023. Government Initiatives to Improve Older
Grid Infrastructure
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Report Description and Highlights
Report Description
Microgrid is one of the most efficient means for
providing continuous supply of power due to which
it finds applications in various sectors. One of
the primary factors influencing the microgrid
market is the growing need for procuring a better
power system. A constant increase in the prices
of energy, mass electrification, aging
infrastructure and climatic changes are
positively influencing the global microgrid
market size. Owing to this, government of several
countries are taking initiatives on improving
their grid infrastructure. Moreover, the military
sector consumes huge amounts of energy and they
have started resorting to self-sufficient means
of sustaining energy by using microgrids. Rapid
advancements in technology coupled with
development of energy storage systems is
complementing the microgrid market outlook.
However, there is still a considerable amount of
energy loss during the process of transmission
and distribution. This is one of the hindrances
which is impeding the growth of the microgrid
market. Combined Heat and Power Represents the
Largest Energy Source Segment On the basis of
energy source, the market is segmented as natural
gas, combined heat and power, solar photovoltaic
(PV), diesel, fuel cell and others. Combined heat
and power is the most popular energy source,
accounting for the largest market share. In
comparison to the conventional methods, these
systems allow better utilisation of
energy. Remote Systems to Dominate the Market
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Report Description and Highlights
Report Description
Based on application, the microgrid market is
segregated into remote systems, institution and
campus, utility/community, defense and others.
Amongst these, remote systems represent the
largest segment as they provide power to islands,
industrial mines and military installations.
While the majority of remote systems were
initially powered via diesel, smarter combustion
technologies are now widely replacing
diesel. North America Holds the Largest Market
Share On a geographical front, the global
microgrid market has its presence in several
countries across the globe. North America enjoys
the leading position in the market owing to the
rapidly rising application of microgrids in the
defense industry. Apart from this, initiatives of
the American government for implementing energy
efficient power back-up solutions is further
proliferating the market growth in this region.
North America is followed by Asia Pacific,
Europe, Latin America, and Middle East and
Africa. Request a free report sample
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Global Microgrid Market
Report Description
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Report Description and Highlights
Report Description

The global microgrid market is essentially
fragmented in nature with the several players
competing against each other for acquiring
majority of the total global market share. Some
of the top key players operative in the market
include Lockheed Martin Corporation, Eaton
Corporation PLC, ABB Limited and Siemens
AG. Get more information https//energymarkettr
ends.wordpress.com/2018/05/28/microgrid-market/
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Report Description and Highlights
Report Description

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