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Rise in IoT Integration to Fuel Microgrid Market Development

The Global Microgrid Market is expected to reach $46211.22 million, with a CAGR of 10.73% during the forecast period 2022-2028. Request a Free Sample Report.

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Rise in IoT Integration to Fuel Microgrid Market Development

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  1. Rise in IoT Integration to Fuel Microgrid Market Development TritonMarketResearchpresentstheGlobal Microgrid MarketreportsegmentedbyComponent(Hardware[PowerGenerators,EnergyStorage,Controllers],Software,Services),UtilizationType(Semi-Urban,Metropolitan,Rural),IndustryVertical(EducationalInstitutes,Government&Utilities,Healthcare,Commercial&Industrial,Military&Defense,OtherIndustryVerticals),Connectivity(Islandgrid,GridConnected),andRegionalOutlook(LatinAmerica,NorthAmerica,Europe,MiddleEastandAfrica,Asia-Pacific). ThereportalsodiscussestheMarketSummary,IndustryOutlook,ImpactofCOVID-19,KeyInsights,Porter’sFiveForcesAnalysis,MarketAttractivenessIndex,VendorScorecard,IndustryComponents,KeyMarketStrategies,Drivers,Challenges,Opportunities,CompetitiveLandscape,ResearchMethodology&Scope,GlobalMarketSize,Forecasts&Analysis(2022-2028). Triton’sresearchreportstatesthattheglobalmicrogridmarketisexpectedtoadvancewithaCAGRof10.73%duringtheforecastingyearsfrom2022to2028. RequestFreesamplereport: https://www.tritonmarketresearch.com/reports/microgrid-market#request-free-sample Amicrogridreferstoacompactgridthatcanfunctionindependentlyorincoordinationwithsmallpowergrids.Itcanbedescribedasadistributed,dispersed,decentralized,orembeddedenergygenerationsystem. IntegratingIoTwithmicrogridshelpsintheefficientremotemanagementofDERs,suchasphotovoltaics,windturbines,fuelcells,storagesystems,andothersystems.ThegridmanagementsystemspoweredbyIoTalsoassistinvariousvitaltasks,includingmaintaininglinevoltagetoreduceenergylossesandlinedamage.Thishasinfluencedcompaniestorevolutionizetheirenergy

  2. distributionnetworkwiththehelpoftheinternetofthings.Thus,thegrowingadoptionofIoTinmicrogridsopensnewavenuesforthemicrogridmarket.distributionnetworkwiththehelpoftheinternetofthings.Thus,thegrowingadoptionofIoTinmicrogridsopensnewavenuesforthemicrogridmarket. However,issuesarisingduetostringentregulatoryframeworksandhighmicrogridinstallationandmaintenancecostshindertheoverallmarket’sprogression. Asia-Pacificdominatesinthemicrogridmarketandisexpectedtocontinueitsstrongholdtill2028.Theregion’srobustgrowthcanbeattributedtotherisingdemandforelectricityowingtoahighpopulationbase.Severalnationslackreliableutilitygridinfrastructures,acauseofconcernduringextremeweathereventssuchastyphoons.Asaresult,governmentsareofferingincentivestoaugmentmicrogridadoption.Hence,thesefactorswidenthescopeandgrowthofthemicrogridmarket. ThenotablecompanieslistedinthemicrogridmarketareDukeEnergyCorporation,CumminsInc,BloomEnergy,HitachiLtd,EatonCorporationPlc,NationalGridPlc,FairbanksMorse,FuelCellEnergyInc,NRGEnergyInc,ExelonCorporation,SiemensAG,SchneiderElectric,PowerEngineersIncorporated,GeneralElectricCompany,andS&CElectricCompany. Microgridoperatorsaremandatedtoadheretostandardssetforthbyregulators,legislators,andgridoperators.Theserequirementstendtochangebasedonthelocationofthesegrids.Thissignificantlyreducesthethreatofnewentrantsowingtodifficultiesassociatedwithtraversingvariousruleswhileestablishingagrid.Further,thegrid’stechnologyisevolving,makingbusinessesfocusondistinctwaystocombinenewsoftwaresolutions.Inthisregard,thehighgeographicpresenceofprominentplayersintensifiescompetition.Hence,thesefactorsindicatethethreatofnewplayerstobelowwhilethecompetitionamongexistingplayerstobehigh. ContactUs:sales@tritonmarketresearch.comPhone:+447441911839

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