Microgrid Market Segmentation:
Connectivity Segment Analysis
The grid connected segment is predicted to account for 68% market share by 2035, led by increased use and isntallations of renewable energy sources such as offshore wind. It was observed that offshore wind installations worldwide in 2020 passed 6.1GW, making it the second biggest year since COVID was disrupted. Grid connected microgrids can help to distribute wind energy produced offshore more efficiently and reliably.
Additionally, the grid connected microgrids allow for better integration of renewable energy sources, as well as increased resilience against outages and disruptions. Furthermore, grid connected microgrids are able to provide backup power during outages and disruptions, which makes them highly desirable for businesses, governments, and other organizations.
Offering Segment Analysis
The hardware segment is estimated to dominate 59% market share by 2035. The segment growth can be attributed to increasing investment in renewable energy sources and development of smart grids, which require hardware components like inverters, energy storage, and power converters. Moreover, the segment is also expected to be driven by the increasing need for reliable and efficient energy storage solutions, as well as innovations in energy storage technologies, such as the development of advanced battery systems and other energy storage solutions. For instance, in April 2022, a Coimbatore-based startup, Cellex Battery Systems, has launched its cutting edge energy storage solutions for a variety of sectors in India, including renewable energy storage.
Our in-depth analysis of the global market includes the following segments:
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By Offering |
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