According to the new research report "Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023", The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. The growth of the microgrid market can be attributed to the government initiatives to reduce carbon footprint, increasing demand for reliable and secure power supply worldwide, and the advantages of cheap and clean energy storage.
Microgrid market for remote/island to grow at higher CAGR between 2018 and 2023
Microgrids are mainly of 2 types: grid connected and remote/island. Remote/island microgrids are mainly used to provide diverse power sources for geographically remote communities and developing countries. Along with the expansion of electricity infrastructure in developing countries, many remote microgrids are being designed to be self-sufficient to cater to complex setups such as remote islands or distant villages where transmission via traditional electric utility players is not viable. The key reasons for the growth of remote/island microgrids are heavy decline in the prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits, such as less heat generation and smog.
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Microgrid market for software to grow at highest CAGR between 2018 and 2023
The highest growth rate of the market for software can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.