Jun 6, 2020   SOURCE: BusinessWire

Global Microgrid Market 2020-2024 | Evolving Opportunities with ABB Ltd. and Eaton Corp. Plc | Technavio

The global microgrid market is expected to grow by USD 18.89 billion as per Technavio. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200605005436/en/

Technavio has announced its latest market research report titled Global Microgrid Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Microgrid Market 2020-2024 (Graphic: Business Wire)

Request challenges and opportunities influenced by COVID-19 pandemic - Request free sample pages of the microgrid market

Read the 120-page report with TOC on "Microgrid Market Analysis Report by Application (Remote, Institutions and campus, Military, and Others), Geography (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024".

https://www.technavio.com/report/global-microgrid-market-2020-2024-industry-analysis

The market is driven by increasing government support. In addition, the need for resilience is anticipated to boost the growth of the microgrid market.

Microgrids are resilient to natural calamities, due to which governments across the world are framing several policies to encourage the development and adoption of microgrids. For instance, in 2015, the New York State Research and Development Authority awarded about USD 8 million to support the implementation of microgrid projects in 83 communities through the NY Prize program. Similarly, in 2015, the Department of Environment in Japan announced a budget of nearly USD 0.5 million per month for the next three years for the development and implementation of microgrids in the country. Such government initiatives are resulting in the rapid adoption of microgrids, which is driving the growth of the market.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Major Five Microgrid Companies:

ABB Ltd.

ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers a line of solutions such as Microgrid Plus control solution which consists of a PowerStore flywheel or battery-based grid stabilizing system.

Eaton Corp. Plc

Eaton Corp. Plc operates its business through segments such as Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers a range of microgrid energy systems that help customers meet demand and keep power flowing despite power disruptions from natural disasters, accidental faults, or intentional attacks.

Emerson Electric Co.

Emerson Electric Co. operates its business through segments such as Automation Solutions and Commercial and Residential Solutions. The company offers a wide range of microgrid solutions such as the Ovation control system. It manages the distributed energy assets with an integrated microgrid controller to cost-effectively produce low-carbon electricity while maintaining grid stability and operational resiliency.

Exelon Corp.

Exelon Corp. operates its business through segments such as Generation, ComEd, PECO, BGE, PEPCO, and Other. The company offers microgrids that combine both existing clean power facilities and new distributed generation technologies to ensure cleaner energy transmissions.

General Electric Co.

General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers microgrid systems that improve grid resiliency and energy availability to deliver electrification of critical infrastructure and remote communities.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Microgrid Market Application Outlook (Revenue, USD Billion, 2020-2024)

  • Remote
  • Institutions and campus
  • Military
  • Others

Microgrid Market Geography Outlook (Revenue, USD Billion, 2020-2024)

  • North America
  • APAC
  • Europe
  • South America
  • MEA

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

Request a free sample report

Related Reports on Industrials Include:

Global Medium Voltage Cables Market – Global medium voltage cables market by installation (overhead, underground, and submarine) and geography (APAC, Europe, MEA, North America, and South America).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.