The microgrid market reached $39.1 billion five years later

According to the latest survey report of market research company Markets and Markets Research, the global microgrid market is growing rapidly, and is expected to grow from $22.
22 billion in 2018 to about $39.
1 billion in 2023, with a compound annual growth rate (CAGR) of 11.
97%
from 2018 to 2023.
The growth of the microgrid market can be attributed to the government's initiatives to reduce carbon footprint, increasing global demand for safe and reliable electricity, and low-cost
and clean energy storage.

The Americas is the most advanced market for microgrid technology, accounting for the largest share
of the global microgrid market in 2017.
The region is home to a large number of microgrid providers, with some major companies including General Electric, Chevron Energy, and Pareto Energy
.
There are two main types of microgrids: grid-tied microgrids and remote/island microgrids
.
Long-range/island microgrids are mainly used to provide multiple sources
of electricity to remote areas and developing countries.
The report shows that the main reasons for the growth of remote/island microgrids are the significant price drop in solar PV and wind power, the lower cost of their power generation compared to centralized grids, and other environmental benefits such as less heat and smoke generation
.
The remote/island microgrids market will grow
at a higher CAGR through 2023.