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Utility Scale Grid Connected Microgrid Market Trends

Report ID: GMI11887
Published Date: Oct 2024
Report Format: PDF

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Utility Scale Grid Connected Microgrid Market Trends

Rising investments in developing advanced microgrid components, such as advanced inverters, energy management systems and smart grid integration will drive the business scenario. Additionally, growing research on modern microgrids offering real-time monitoring and control systems that ensure optimal performance and quick responses to grid changes will enhance product adoption. Increasing pressure on companies to adopt sustainability goals as part of their corporate social responsibility programs will complement the industry landscape.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for utility-scale grid-connected microgrid was reached USD 1.5 billion in 2023 and is estimated to grow at a 19.6% CAGR from 2024 to 2032, driven by the integration of renewable energy sources and enhanced grid stability.

The diesel generators segment is anticipated to exceed USD 3 billion by 2032, due to their reliability in providing backup power during grid outages and high demand periods.

The flywheels segment is set to grow at a CAGR of over 20.5% through 2032, owing to their rapid response times and high durability, which are crucial for grid stabilization.

The Asia Pacific market for utility-scale grid-connected microgrid is predicted to reach USD 4.5 billion by 2032, bolstered by rising energy demand and government support for renewable energy adoption.

The industry features key players such as ABB, Black & Veatch, Dominion Energy, ESS Tech, Eaton Corporation, General Electric, Hitachi Energy, Honeywell, mtu Solutions, Schneider Electric, S&C Electric Company, and Team Sustain