According to the research report titled ‘Global Microgrid Market (Value, Volume): Analysis By Grid Type, Connectivity, Application, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global microgrid market had accounted for USD 14,881.33 million in 2019 and is expected to register consistent growth during the study period.
 

Rapid industrialization and improving power capacity have impelled the demand for captive power generation facilities, which in turn is a major factor driving the growth of global microgrid market. Surging R&D investments and focus towards developing an advanced electrical infrastructure for controlling and monitoring the high power demand are also adding towards the market expansion.
 

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Swift urbanization, favorable regulatory outlook which promote infrastructural development, shifting preferences towards on-site power generation, and rising number of smart control networking initiatives are stimulating global microgrid industry outlook. Also, growing electrification demand in consort with widespread adoption of decentralized generation units are adding traction to the overall market size.
 

The emergence of COVID-19 outbreak had an adverse effect on the renewable sector. China, which is the mail producer of green energy technologies such as batteries, turbines, and solar panels, was heavily affected by the Coronavirus pandemic. Moreover, the supply chain disruptions as a result of the lockdowns are negatively influencing global microgrid market outlook.
 

According to the report, global microgrid market share from industrial sector is predicted to expand substantially during the study duration. Microgrid systems offer improved autonomy, several cost management and revenue opportunities, local renewable generation, environmental benefits, and can operate in extreme weather conditions. Moreover, increasing power consumption and high usage of heavy load and HVAC machinery systems are favoring the overall market scenario.
 

Considering the geographical landscape, Asia-Pacific accounted for 42.30% market share in the year 2019 and is set to continue with its dominance in the subsequent years. High presence of unstable and unreliable power infrastructure in India and China are providing lucrative growth opportunities for industry participants in Asia-Pacific.
 

The competitive landscape of global microgrid market is defined by companies such as S&C Electric Company, Eaton Corporation Plc, Lockheed Martin Corp., Exelon Corporation, General Electric Co., Schneider Electric SE, Hitachi Ltd., Honeywell International Inc., ABB Ltd., and Siemens AG among others.