According to the recent research report titled ‘Europe Microgrid Market Size By Grid Type, By Connectivity, By Source, By Storage, By Application, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026’, available with Market Study Report, Europe microgrid market is projected to record a robust CAGR between 2020 and 2026.
 

Surging demand to refurbish and expand the existing electric networks is primarily driving Europe microgrid market growth. The industrial and commercial sectors in Europe are rising rapidly, resulting in a high demand for reliable electric infrastructure.
 

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Governments across the region are actively looking for energy alternatives, having recognized the negative environmental effects of fossil fuels. This has promoted the use of renewable energy sources such as wind and solar energy, that emit no pollutants and have low emission rates.
 

These sources are used as an environment friendly alternative to fossil-fuel-based electricity and can power several homes. Smart electric networks are gaining popularity in Europe, which along with new technologies for efficient electricity generation & delivery will stimulate the industry outlook.
 

Based on grid type, DC microgrid segment is projected to contribute significantly to Europe microgrid industry growth in the coming years, owing to increasing efforts to install HVDC lines. Growing demand for immediate line fault clearance for continuous power supply is adding to the segmental share.
 

As per power source, CHP segment is anticipated to witness stellar growth over 2020-2026, as CHP-based microgrid provides several benefits like efficient fuel utilization, and increased efficacy of plant operations. CHP generate electricity using environmentally friendly energy sources like wind and solar power. Strict regulations banning use of greenhouse gases will also bolster the growth of the segment.
 

Elaborating on storage device, flywheel segment is slated to amass noteworthy returns by the year 2026, creditable to various advantages, including low product lifecycle cost, longer lifespan, and reduced cases of parts replacement. Flywheel has a wide range of applications, across transportation, UPS, and other areas. There are stringent restrictions on load-sharing from the central power grid, and demand for technology that use greener energy sources is increasing, fostering the deployment of flywheel storage systems.
 

Major contenders influencing Europe microgrid market trends are Tesla Inc., Toshiba Corporation, Honeywell International Inc., Hitachi Ltd., Caterpillar Inc., ABB Group, Schneider Electric SE, General Electric Company (GE), Siemens AG, and Eaton Corporation plc.