Global Microgrid Market 2019-2025 with General Electric, ABB, Siemens, Schneider Electric, Honeywell, Exelon and Eaton Dominating - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 4, 2019--
The “Global Microgrid Market (2019-2025): Market Forecast By Types (Grid Connected, Remote/ Island), By Applications (Commercial & Residential, Government & Education, Industrial & Utility, Military & Others), By Regions, By Key Countries and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Global Microgrid Market is projected to grow at a CAGR of 9.3% during 2019-25.
Global Microgrid Market is expected to witness significant growth over the coming years owing to the ongoing shift from conventional power stations towards distributed energy. Rising demand for uninterrupted power supply and resilient power infrastructure has paved the way for the growth of the microgrid market globally. Also, microgrids use the renewable energy mix for power generation, that would help the governments and enterprises across the globe to achieve the target to reduce global carbon footprint.
Governments across several countries are actively working towards higher adoption of microgrids for power generation. Several initiatives have been taken by various governments such as Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program has augmented the large-scale deployment of microgrids in the USA military sector and the Clean Power Plan would further strengthen the deployment of microgrids in the USA.
In China and India, the respective governments have given emphasis to the adoption of microgrids for electricity generation with the launch of programs such as China’s Thirteenth Five Year Plan for Electricity Development and National Smart Grid Mission of India.
One of the major benefits of microgrids is the reduction in energy loss due to the long distance transmission of electricity as power is generated locally. As a result, the demand for microgrids is increasing across several segments. Healthcare application segment is expected to grow at a faster rate over the coming years on account of the requirement of uninterrupted power supply for critical life support systems and equipment.
Some of the key players in the global microgrid market are General Electric, ABB, Siemens AG, Schneider Electric, Honeywell, Exelon Corporation and Eaton.
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SOURCE: Research and Markets
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PUB: 11/04/2019 06:13 AM/DISC: 11/04/2019 06:13 AM