According to the report titled ‘Global Microgrid Market (Value, Volume): Analysis By Grid Type (AC, DC, Hybrid), Connectivity, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global microgrid market was valued at USD 14,881.33 million in the year 2019 an is expected to rise exponentially during the period 2020-2025.
 

An increase in captive power generation due to rapid industrialization, massive investments in the research & development of advanced electrical infrastructure, and accelerated urbanization are factors propelling the growth of global microgrid market.
 

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Moreover, rising government initiatives for residential and commercial establishments, coupled with increased public and private funding towards the adoption of decentralized energy generation units are further augmenting the industry outlook.
 

Besides this, advanced technologies based on environmental sustainability, combined with smart control networking programs are creating lucrative opportunities for businesses in this line of work.
 

During the COVID-19 pandemic, the renewables sector was severely impacted due to the delayed delivery of equipment to power plants from China, which is the clean energy hub for solar panels, batteries, and wind turbines. This hampered the production process which led to a derailed growth of the industry.
 

Based on grid type, worldwide microgrid market is categorized into hybrid, AC grid, and DC grid. In terms of application spectrum, the industry is segregated into remote, military, institutional/campus, industrial/commercial, utility, and others. On the basis of connectivity, the industry is divided into grid-connected, and off-grid.
 

From a regional standpoint, Asia Pacific region held a market share of nearly 42.3% in 2019 and is poised to expand significantly during the forecast period, due to better opportunities arising as a result of unstable & unreliable power supply, particularly in countries like India and China.
 

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