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Hybrid Grid Connected Microgrid Market Trends

Report ID: GMI11459
Published Date: Sep 2024
Report Format: PDF

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Hybrid Grid Connected Microgrid Market Trends

Increasing financial support from government agencies to develop advanced energy storage technologies, particularly lithium-ion batteries, with affordable and efficient design, leading to impact business expansion. Additionally, the product enables sophisticated energy management systems that optimize the use of available power sources. This results in energy credits or financial compensation, reducing overall energy costs, leading to strengthen product adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global hybrid grid connected microgrid industry size was valued USD 1.8 billion in 2023 and is estimated to grow at a CAGR of 21% from 2024-2032, due to rising adoption of cost-efficient solutions that allow businesses and homeowners to minimize dependence on expensive grid electricity by using cheaper renewable energy when available.

Lithium-ion segment of hybrid grid connected microgrid industry is anticipated to grow by more than USD 7 billion by 2032 owing to its high energy density, allowing for greater energy storage in smaller spaces.

Europe hybrid grid connected microgrid market is anticipated to grow by more than USD 2.4 billion by 2032, due to the commitment to improve renewable energy sources coupled with an increasing focus on energy security and reducing dependence on imported fossil fuels.

Black & Veatch, Blue Planet Energy, Caterpillar, ComAp, Eaton, MTU Solution, Northern Power Systems, Piller Power Systems, PowerSecure, Stellar Energy, and Victron Energy among others.