Microgrid Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024
2016 and this trend is likely to continue over the forecast period. The Fuel cell followed by Solar PV segment is anticipated to grow at the highest CAGR over the forecast period. Among the regions, North America region along accounted for nearly 70 % of the global microgrid market revenue in terms of value in 2015 and 2016. The rapid growth in government usages in emerging markets of Asia-pacific is likely to drive the growth in the region at the swiftest CAGR over the forecast period.
Among the product hybrid micro grid market share is set to witness strong growth on account of simplicity of compatibility with AC, DC grid and supportable energy technologies. Due to adoption of such technologies will further drive the micro grid market.
Among the applications education dominated the micro grid market. As the government spending towards the improvement of education infrastructure for ensuring school education in rural areas is rising the demand for micro-grid market. The developing countries including India and china is also expected to have the positive impact.
GLOBAL MICROGRID MARKET, 2016- 2024( USD MILLION)
2016 2017 2018 2019 2020 2021 2022 2023 2024
Value
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