According to the research report titled ‘Asia Pacific Microgrid Market Forecast 2027 By Storage Device, By Connectivity, By Grid Type, By Source, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report LLC, Asia-Pacific microgrid market is expected to register substantial growth through 2027.
 

Growing demand for continuous power sully, improving economic conditions, and collective inclination towards renewable sources of energy over fossil fuels are major factors driving the growth of Asia-Pacific microgrid market. Favorable government initiatives that promote the deployment of medium-scale energy infrastructure are also aiding towards the market expansion.
 

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Microgrids help in increasing energy efficiency since they require lesser resources to produce power. Technological advancements in electricity distribution systems are also paving the way towards the overall market growth.
 

Regional governments have also been focused on reducing their carbon footprint by offering favorable tax incentives and feed-in tariffs to entice businesses to integrate green technologies. This coupled with emphasis towards modernizing existing infrastructure are propelling the demand for microgrid networks in Asia-Pacific.
 

By storage device, the report cites that flywheel segment is predicted to expand significantly during the study period. Flywheel storage devices are quite efficient and reliable while storing renewable energy. They are also known to have lower environmental impact and a longer lifespan as compared to its counterparts, thus contributing towards their popularity in the region.
 

Moving on to the country-level analysis, India microgrid market size is expected to record considerable growth in the ensuing years, primarily driven by swift urbanization, commercialization, and industrialization. Growing demand for reliable power supply, government focus towards green energy, and rising prevalence of power outages are also favoring the overall market outlook in India.
 

The prominent companies in Asia-Pacific microgrid market are Hitachi Ltd., Global MicroGrid Technologies Limited, Toshiba Corporation, Schneider Electric SE, General Electric Co., Siemens AG, and Eaton Corporation among others.