Kenneth Research, in its repository of market research reports, has recently added a report on Microgrid Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Microgrid Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Microgrid Market products.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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The Microgrid Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
The Global Microgrid Market was valued at USD 19.01 billion in 2017 and is projected to reach USD 46.26 billion by 2025, growing at a CAGR of 11.26% from 2018 to 2025.
What is a Microgrid?
A microgrid can be defined as a localized group of electricity sources and loads that normally operates with the traditional wide area synchronous grid as well as disconnect to island mode and function autonomously as physical or economic conditions dictate. A grid in and of itself is able to connect to homes, businesses and other buildings to central power sources, which allow for applicances such as heating/cooling systems and electronics to be used. When this grid suffers from a problem, tis interconnectedness becomes a problem. This is when a microgrid can help. The microgrid generally operates while connected to the grid but can also operate autonomously in times of crisis such as storms or power outages.
Global Microgrid Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
There are several advantages to a microgrid such as the ability to use the system when in times of crisis, the ability to operate autonomously, as well as the ability to use both electricity as well as heat energy so that overall efficiency increases. Factors such as the difficultly of resynchronization to utility grid are restraining the microgrid market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Microgrid Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Microgrid Market Competitive Landscape
The “Global Microgrid Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Eaton, S&C Electric, Power Analytics, General Electric, ABB, Exelon Corporation, Siemens, Schneider Electric, Honeywell and Homer Energy. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Microgrid Market , By Type
• Grid Connected
Global Microgrid Market , By Offering
Global Microgrid Market, By Vertical
• Educational Institutes
• Government & Utilities
Global Microgrid Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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