Microgrid Market (Power - Natural Gas, CHP, Solar PV, Diesel, Fuel Cell; Product - Remote, Grid Connected, Hybrid; Application - Government, Education, Commercial, Utility, Defence): Global Industry Analysis, Trends, Market Size and Forecasts up to 2024. The global microgrid market is projected to grow at a CAGR of 16.5% over the forecast period of 2018 - 2024.

Pune, India -- (SBWire) -- 04/12/2019 --The latest report has been added to the wide database of Microgrid Market by Infinium Global Research. This report studies the microgrid market by power (natural gas, CHP, solar PV, diesel, fuel cell, and others), product (remote, grid-connected, and hybrid), application (government, education, commercial, utility, defence, other) market status and outlook of global and major regions, from manufacturers, and end industries. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. microgrid Market provides opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape, latest trends, and product offerings of the major companies in the microgrid Market. The global microgrid market is projected to grow at a CAGR of 16.5% over the forecast period of 2018 - 2024.

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Microgrid Market: Industry Insight

The microgrid is an effective integration of the power grid that helps to improve the reliability of the power supply. A microgrid is used to enhance the efficiency of energy cascade utilization of new energy and renewable energy. This microgrid can operate autonomously or collaboratively with other small power grids. During the high energy demand, the Microgrid are provided support power to the main power grids.

Microgrid Market: Driver and Restraints

The demand for eco-friendly and effective power systems is rising rapidly owing to the rising energy crisis and environmental issues. Continuously growing energy demand is the key factor that drives the growth of the microgrid market. Microgrid provides reliable backups for the grid dusting the time emergencies. They offer effective, independent and eco-friendly operations. Thus, this contributes to the growth of the microgrid market. Additionally, rising adoption of a microgrid in the healthcare and other Government Sectors are likely to boost the growth of the microgrid market worldwide. On the other hand, high installation and maintenance cost is expected to hamper the growth of the microgrid market. Moreover, growing government funding and introduction IoT in the microgrid technologies are projected to create several growth opportunities in this market in upcoming years.

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Microgrid Market: Segmentation

The global microgrid market is segmented into Power, Product, and Application. In terms of product, the microgrid market is categorized into Remote, Grid connected and Hybrid. Among these products, the remote and grid-connected products hold a significant market share in the microgrid market. The remote microgrid is used on remote mainland areas. They do not ha e any connection with the main grid. Growing adoption of renewable energy is driving the growth of remote grids in the microgrid market. On the basis of power, the market is sub-segmented as Natural Gas, CHP, Diesel, Fuel Cell, and others. Furthermore, by application, the market is bifurcated into Government, Education, Commercial, Utility, Defense, and others.

Microgrid Market: Regional Insight

Geographically, North America is accountable for the largest market share in the microgrid market flowed by Europe. It is anticipated to be the dominating region during the forecast period. Presence of large players and the high adoption of microgrid across various industry verticals is driving the growth of North America microgrid market. In addition, Asia Pacific is the fastest growing region in this market. Increased demand for electricity owing to the increasing electricity consumption, rapid urbanization, and growing population is driving the microgrid market in the Asia Pacific.

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Microgrid Market: Competitive Landscape

The key companies in the microgrid market include Siemens AG, General Electric, Exelon, Anarbic, Eaton Corporation, Spirae, NRG International, Northern Power, Honeywell International, and Pareto. These prominent players have been focusing on expanding their geographical as well as an industrial reach by entering into alliances and partnerships.

Reasons to Buy this Report:

- Comprehensive analysis of global as well as regional markets of the Microgrid.

- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.

- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.

- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.