Microgrid Industry Report 2024: Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, and Others – Global Forecast to 2032

Global Microgrid Market

Dublin, March 22, 2024 (GLOBE NEWSWIRE) — The “Microgrid Market Report by Energy Source (Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, and Others), Application (Remote Systems, Institution and Campus, Utility/Community, Defence, and Others), and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.

Market Overview

The global microgrid market size reached US$ 32.1 billion in 2023. The market is projected to reach US$ 74.5 billion by 2032, exhibiting a growth rate (CAGR) of 9.8% during 2023-2032. The growing demand for enhanced energy security, along with the need for reliable power, rising need for cleaner and more sustainable energy sources, and increasing demand for cost-effective energy systems are some of the major factors propelling the market.

About Microgrids

A microgrid is a localized and small-scale energy system that generates, distributes, and manages electricity independently or in conjunction with the main power grid. It typically includes a combination of renewable energy sources, energy storage devices, and conventional generators. It can operate autonomously or disconnect from the main grid during power outages or emergencies and ensure a reliable and continuous power supply to a specific area or facility. As it is highly flexible and can be customized to meet unique energy needs, the demand for microgrid is increasing across the globe.

Market Analysis

North America: North America held the biggest market share due to the presence of well-developed energy infrastructure. The region is also witnessing a rising awareness about maintaining sustainability, which is contributing to the growth of the market. Additionally, favorable government initiatives are supporting the growth of the market in North America.

Key Players: Key players in the microgrid market are improving technologies by developing more efficient energy storage solutions, advanced control systems, and integrated renewable energy sources. They are also working closely with clients to design and implement customized solutions tailored to specific energy needs and objectives.

Current Trends and Drivers:

• Rising demand for enhanced energy security
• Increasing need for cleaner and more sustainable energy sources
• Growing demand for cost-effective energy systems

Key Questions Answered in This Report:

1. How big is the microgrid market?
2. What is the future of microgrids?
3. What are the key factors driving the global microgrid market?
4. What has been the impact of COVID-19 on the global microgrid market?
5. What is the breakup of the global microgrid market based on the energy source?

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SDGs, Targets, and Indicators Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 13: Climate Action
• SDG 17: Partnerships for the Goals

The article discusses the global microgrid market, which is related to the promotion of affordable and clean energy (SDG 7). It also mentions the need for reliable power and sustainable energy sources, which align with SDG 9. The growth of microgrids contributes to creating sustainable cities and communities (SDG 11) and taking climate action (SDG 13). Additionally, the article highlights the importance of partnerships between key players in the industry, which relates to SDG 17.

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 7.2: Increase the share of renewable energy in the global energy mix
• SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
• SDG 11.6: Enhance inclusive and sustainable urbanization
• SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
• SDG 17.17: Encourage and promote effective public-private partnerships

The targets mentioned above are relevant to the issues discussed in the article. The growth of the microgrid market contributes to increasing the share of renewable energy (SDG 7.2), developing sustainable infrastructure (SDG 9.1), enhancing sustainable urbanization (SDG 11.6), integrating climate change measures (SDG 13.2), and promoting public-private partnerships (SDG 17.17).

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article implies several indicators that can be used to measure progress towards the identified targets:

• Market size and projected market value: These indicators can measure the growth and adoption of microgrids, which contribute to increasing the share of renewable energy and developing sustainable infrastructure.
• Growth rate (CAGR): This indicator can measure the rate at which the microgrid market is growing, indicating progress towards sustainable urbanization and climate change integration.
• Government initiatives and incentives: The article mentions favorable government initiatives, which can be used as indicators to measure progress in promoting public-private partnerships and integrating climate change measures.

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: finance.yahoo.com

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