Microgrid Market to Exceed Market Valuation of USD 211.79 Billion by 2031 Driven by the Development of Industrial Sector

WESTFORD, MASSACHUSETTS, UNITED STATES, August 2, 2024 /EINPresswire.com/ -- Microgrid Market size was valued at USD 54.41  billion in 2022 and is poised to grow from USD 63.28 billion in 2023 to USD 211.79 Billion by 2031, at a CAGR of 16.3% during the forecast period (2023-2031).

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Microgrid market witness noteworthy growth over the forecast period owing to rising demand for resilient and reliable energy supply services from multiple industries. The market expansion is also propelled by increased implementation of renewable power and growing need to alleviate vulnerabilities of integrated grids against cyber-attacks and natural calamities.

Inclination Towards Regenerative Buildings to Fuel the Market Growth

The shift towards regenerative buildings, which create more power than what they use, is an advantage to the environment and power ecology. As microgrids with two-way power flow and with utility grid interconnection are being constructed, onsite distributed energy resources can fulfill the rising demand for renewable grid power, besides just onsite needs. Regenerative building holders can decrease costs by lowering their high utility energy and expand their ROI by buybacks. This trend is the key focus at present as the increasing number of owners are aiming for financial and operational value in microgrid connections.

Demand-Side Elasticity and Microgrids to Considerably Boost Investor Interest over 4-5 years

The following are the key Microgrids Trends that will shape the growth of the market in the next 5 years

The microgrids and demand-side flexibility will significantly boost investor interest as their prospective will sparkle even more. Driven by the potential of smart and clean energy, financial institutions, private equity, and venture capital can aim for better solutions in the coming five years. For instance, community solar and battery projects since they deliver local resilience and sustainable returns – ideal for communities and investors equally. This wave will remarkably compel distributed energy future, wherein endowed communities and consumers become the engine drivers.

Rising Availability of BESSs to be Highly Advantageous to the Organizations

Organizations are increasingly installing microgrids due to rising availability of BESSs, battery electric storage systems. They multiply microgrids advantages that enable companies to incorporate more resources and optimize the best of on-site power. By preserving energy from most fluctuating sources like wind and solar, BESSs enable users to utilize energy when it is highly advantageous. BESSs can efficiently replace the utility energy immediately in case of an outage, actively flexible by keeping critical infrastructure functioning.

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Remote Microgrids to Hold a Greater Market Over Next 10 years

The remote microgrids are projected to succeed over the next 10 years. The remote domain that commenced in Alaska and Australia, and several other remote places, wherein microgrids are highly emphasized, sums upto 44% of the total market. Earlier, industrial and commercial microgrids, which captured lesser market share, are today holding more than 26%, being the second. Visioning the future 10 years later, Asia Pacific is projected to be the leading market with great emphasis on these remote grids. Relatively, Europe holds a smaller share due to reliable grids and the region’s great attention to (VPP) Virtual Power Plants.

Latest Headlines and Headlights

• May 2023: Eaton is partnering with Endurant Energy, a companion on-site power and microgrid developer to install 10 battery storing projects. These projects are aimed at strengthening grid dependability in the Staten and Bronx Island. Valued at more than USD 7 million, the energy storage project is specially to release load for the grid and the buildings during crowning demand hours.

• March 2023: Siemens Smart Infrastructure in partnership with Fluence, has effectively completed and given a sustainable energy project to the Portuguese energy supplier EDA. The project pools software that estimates energy production and consumption with a robust BESSs, allowing more reliable and greater combination of renewable energy sources like solar or wind in the power grid.

• March 2023: ABB entered into a partnership with (DEP) Direct Energy Partners, involving a marginal investment in Direct Energy Partners by ABB’s venture capital segment named, (ATV) ABB Technology Ventures for a hidden amount.

• April 2024: Schneider Electric declared the introduction of its modern (BESS) Battery Energy Storage System that is specially engineered and designed to be a vital component of scalable and flexible architecture.

• February 2024: Bloom Energy company introduced a fresh solution for its Energy Server^®. The solution can capably and efficiently manage fluctuations in demand and supply for huge power consumers, assuring power quality and certainty while delivering significant cost savings.

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Expanding Adoption of Renewable Energy to Drive the Market in Future

Microgrids are a key driving force while hunting for improvements in the grids, bi-directionality and power efficiency, and electrification of nearly everything. With the most recent trends seen in the market, the world will see a better sustainable energy. Also, renewable energy adoption will further augment, with microgrids offering a flexible and decentralized systems, empowering businesses, communities, and individuals to contribute to a cleaner energy evolution.

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