The Microgrid Market is expected to grow from USD 26.80 Billion in 2022 to USD 66.46 Billion by 2030, at a CAGR of 18.50% during the forecast period.
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A microgrid is a localized power system that allows for the generation and distribution of electricity within a specific area or community, independent or tied to the main grid. The microgrid market is segmented based on type (grid-tied, independent), application (commercial or industrial microgrid, community or utility microgrid, campus or institutional microgrid, military microgrid, remote microgrid), and region (North America, Asia Pacific, Middle East, Africa, Australia, and Europe). Key market players include ABB, NEC, GE, Aquion Energy, Echelon, Raytheon, SandC Electric Co, Eaton Corporation, Sunverge Energy, Siemens, Toshiba, General Microgrids, and Lockheed Martin. Regulatory and legal factors specific to market conditions include government policies and incentives, grid interconnection rules, and utility regulations. These factors play a vital role in shaping the microgrid market by creating opportunities for investment and innovation while also setting technical and operational standards for microgrid deployment.
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