Infinium Global Research Microgrid Market | Page 8

Microgrid Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024
The market size of microgridis determined based on the top down approach. The market
size is validated using primary interview with the participants working in some of the
leading players in the microgrid market. The primary interview participants typically
includes managers and CXO level executives of the leading players in this market. The
primary interviews not only help identify the market size of the microgrid market but also
identify the factors that promote the growth in the market and the factors that restrain the
growth in this market. The views of primary respondents were reconciled to provide
qualitative analysis of the microgrid market. The primary respondents also help identifying
top 5-10 players and their possible market share in the respective country markets and in
world market. The bottom-up approach is used to validate the global market size of
microgrid. With the help of primary interviews and secondary research the market size of
microgridis determined for each country studied, which then is added to arrive at regional
market size and thereby obtaining global market size. This in turn helps us to validate the
market size of microgridin the world market.
Executive Summary
Global Microgrid Market Highlights, (USD Million)
The global microgrid market is expected to grow at a CAGR of 16.5 % between 2018 and
2024 in terms of value. The global microgrid market is projected to grow from USD xxxx.x
million in 2016 to USD xxxxx.x million in 2024.The growth in the market is driven by factors
such as low cost associated with the microgrid, reduced carbon footprint, and favourable
government initiatives. To balance the load on central grid system there is growing concern
regarding security of supply coupled with regulatory inclinations. As lead acid batteries are
used in micro grid manufacturing so stringent government laws have been made pertaining
to harmful emissions that may restrain the growth of market. Moreover, ongoing
distribution of distributed power generating plants will further encourage the industry
outlook is the key opportunity for the players in the micro grid market.
Among the power sources combined heat and power (CHP) segment accounted for largest
market share over the past couple of years. This segment accounted for 3X.X% share in
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