High conversion efficiency, low cost converter systems, enhanced transmission efficiency and maximized power supply reliability in remote locations in conjunction with convenient system for controllability will boost the business expansion. A paradigm shift toward the adoption of high-performance electrical systems combined with continuous deployment of smart solutions will foster the industry dynamics. Additionally, favorable government funds and incentives toward the development of sustainable & efficient electricity generation solutions will augment the market statistics.ĭC microgrid market revenue is expected to rise at around USD 12 billion by 2030. The solution is equipped with a wide array of features including off-grid mode preparation, grid connection management, and demand charge reduction to maintain the increased grid complexity. For instance, in January 2021, Schneider Electric launched the EcoStruxure Microgrid Solution for small & medium buildings in Canada. Grid connected segment is estimated to upsurge on account of rising concerns toward enhanced & reliable electricity supply across remote areas with minimum grid connectivity coupled with continuous introduction of innovative solutions. In addition, the growing requirement of reliable energy supply and continuous advancement of renewable technology will sway the microgrid market trend. However, with the resumption of manufacturing facilities after reopening of government-imposed restrictions, the industry is set to recover its lost strength to pre-pandemic level. The COVID-19 crisis has substantially halted the microgrid industry with reduced workforce management and limited industrial operations.
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Moreover, ongoing large-scale infrastructure growth and increasing installation of advanced & sustainable electricity solutions will positively influence the market outlook. Growing consumer shift toward enhanced energy security along with ongoing introduction of norms and policies for the development of efficient power generation sources will accelerate the business landscape. Rising demand for off grid power supply in line with increasing electrification rate is fueling the industry growth. Global Microgrid Market size exceeded USD 11 billion in 2021 and is anticipated to grow at over 22.4% CAGR from 2022 to 2030.
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