According to our latest market study on "Microgrid Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Component, End-Use Industry, and Geography," the market is expected to grow from US$ 25 billion in 2021 to US$ 60 billion by 2028; it is estimated to grow at a CAGR of 17.0% from 2022 to 2028.

The microgrid market is segmented on the basis of type, component, and end-use industry. Based on type, the market is segmented into grid connected and off-grid. The market, by component, is segmented into hardware, software, and services. Further, on the basis of end-use industry, the microgrid market is segmented into military, healthcare, government and utilities, institutes, industrial, and others.

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In the last few years, microgrid deployments have increased across the world. The snowballing of annual microgrid capacities, increasing spending by countries such as the US on microgrids, and preferred electrification of vehicles and transportation are creating new growth opportunities for companies operating in the microgrid market. With the development of legislation in various countries, states, and communities to reach net-zero carbon emission goals, coupled with the greater integration of renewables into the grid, the adoption rate of microgrid is expected to fuel up. This growth is expected to further make a change toward more advanced microgrid development. Systemic microgrid standardization is the next logical step that is likely to benefit microgrid developers and end users. Subsequently, the acceptance of microgrid control standards such as IEEE 2030.7-2017 is paving the path for the development of more standards.

In addition to the introduction of microgrids in large urban areas, the need for proper cybersecurity is getting prevalent. Cybersecurity requirements vary across commercial, industrial, and utility microgrid installations. Therefore, the development of comprehensive cybersecurity standards is a must to protect future microgrid infrastructures. Considering the focus of the cybersecurity requirements specified by the US Department of Defense (DoD), third-party validation and testing should be implemented as a standard practice for every microgrid, instead of prioritizing only the federal ones. Microgrid manufacturers need to ensure the security of assets involved in microgrids to strengthen their role as a new backbone of a grid infrastructure. With continuous changes in microgrids, they are likely to prove as a suitable alternative for other non-wired solutions in a broader range of applications.

Thus, with advancements in terms of standardization, cybersecurity, and grid-connected operations, microgrids are likely to come up as a prominent solution to fulfill future power demands.

ABB Ltd., Schneider Electric SE, Eaton Corporation, and General Electric are among the key players in the microgrid market, which are profiled during the study. Moreover, several other major companies have been studied and analyzed to get a holistic view of the microgrid market and its ecosystem.

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