Rise in IoT Integration to Fuel Microgrid Market Development

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Rise in IoT Integration to Fuel Microgrid Market
Development Triton Market Research presents the
Global Microgrid Market report segmented by
Component (Hardware Power Generators, Energy
Storage, Controllers, Software, Services),
Utilization Type (Semi-Urban, Metropolitan,
Rural), Industry Vertical (Educational
Institutes, Government Utilities, Healthcare,
Commercial Industrial, Military Defense,
Other Industry Verticals), Connectivity (Island
grid, Grid Connected), and Regional Outlook
(Latin America, North America, Europe, Middle
East and Africa, Asia-Pacific). The report also
discusses the Market Summary, Industry Outlook,
Impact of COVID-19, Key Insights, Porters Five
Forces Analysis, Market Attractiveness Index,
Vendor Scorecard, Industry Components, Key Market
Strategies, Drivers, Challenges, Opportunities,
Competitive Landscape, Research Methodology
Scope, Global Market Size, Forecasts Analysis
(2022-2028). Tritons research report states that
the global microgrid market is expected to
advance with a CAGR of 10.73 during the
forecasting years from 2022 to 2028.
Request Free sample report https//www.tritonmark
etresearch.com/reports/microgrid-marketrequest-fr
ee-sample A microgrid refers to a compact grid
that can function independently or in
coordination with small power grids. It can be
described as a distributed, dispersed,
decentralized, or embedded energy generation
system. Integrating IoT with microgrids helps in
the efficient remote management of DERs, such as
photovoltaics, wind turbines, fuel cells, storage
systems, and other systems. The grid management
systems powered by IoT also assist in various
vital tasks, including maintaining line voltage
to reduce energy losses and line damage. This has
influenced companies to revolutionize their energy
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distribution network with the help of the
internet of things. Thus, the growing adoption of
IoT in microgrids opens new avenues for the
microgrid market. However, issues arising due to
stringent regulatory frameworks and high
microgrid installation and maintenance costs
hinder the overall markets progression. Asia-Paci
fic dominates in the microgrid market and is
expected to continue its stronghold till 2028.
The regions robust growth can be attributed to
the rising demand for electricity owing to a high
population base. Several nations lack reliable
utility grid infrastructures, a cause of concern
during extreme weather events such as typhoons.
As a result, governments are offering incentives
to augment microgrid adoption. Hence, these
factors widen the scope and growth of the
microgrid market. The notable companies listed in
the microgrid market are Duke Energy Corporation,
Cummins Inc, Bloom Energy, Hitachi Ltd, Eaton
Corporation Plc, National Grid Plc, Fairbanks
Morse, FuelCell Energy Inc, NRG Energy Inc,
Exelon Corporation, Siemens AG, Schneider
Electric, Power Engineers Incorporated, General
Electric Company, and SC Electric
Company. Microgrid operators are mandated to
adhere to standards set forth by regulators,
legislators, and grid operators. These
requirements tend to change based on the location
of these grids. This significantly reduces the
threat of new entrants owing to difficulties
associated with traversing various rules while
establishing a grid. Further, the grids
technology is evolving, making businesses focus
on distinct ways to combine new software
solutions. In this regard, the high geographic
presence of prominent players intensifies
competition. Hence, these factors indicate the
threat of new players to be low while the
competition among existing players to be
high. Contact Us sales_at_tritonmarketresearch.com
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