New York, United States , May 24, 2023 (GLOBE NEWSWIRE) — The Global Nanogrid Market Size is to grow from USD 15.1 billion in 2022 to USD 32.4 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.9% during the projected period. The global nanogrid market is a rapidly expanding sector that is projected to play a growing role in the transition to a more sustainable energy system. The adoption of nanogrids will accelerate in the coming years, driven by rising demand for energy efficiency, increased use of renewable energy sources, and the need for reliable and affordable electricity in remote or off-grid areas.
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Nanogrids are small-scale electrical grids that can power entire communities, homes, or businesses. They are typically intended for use in conjunction with renewable energy sources such as solar, wind, or hydropower, and they provide a number of advantages over traditional electrical grids. The increasing demand for energy efficiency, the increasing adoption of renewable energy sources, and the need for reliable and affordable electricity in remote or off-grid areas are all driving this growth. Over the last year, the need for renewable energy (RE) and battery energy storage systems (BESSs) for improved energy reliability, security, and affordability has increased. According to a new Spherical Insights report, concerns about resiliency in remote communities have increased the importance of nanogrids as self-sufficient systems capable of integrating local generation units, energy storage, and developed control systems. The ability of nanogrids to provide reliable and affordable energy in areas where traditional electrical grids are unavailable or unreliable is one of their primary advantages. This makes them especially appealing in developing countries where access to electricity can be difficult. Nanogrids can also help reduce energy costs for homes and businesses, especially in areas with high electricity prices.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on “Global Nanogrid Market Size, Share, and COVID-19 Impact Analysis, By Type (DC Nanogrid and AC Nanogrid), By Function (Energy Generation and Energy Storage), By Application (Residential and Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032″. Get Detailed Report Description Here:
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The DC nanogrid segment is expected to grow at the fastest pace in the global nanogrid market during the forecast period.
The global nanogrid market is divided into two types: DC nanogrid and AC nanogrid. The DC nanogrid segment is projected to expand at the highest pace in the global nanogrid market over the forecast period. DC nanogrids distribute electricity using direct current (DC), whereas AC nanogrids use alternating current (AC). Because they require less energy conversion and have lower transmission losses, DC nanogrids are typically more efficient than AC nanogrids.
The energy generation segment is expected to hold the largest share of the global nanogrid market over the forecast period.
The global nanogrid market is divided into two functions: energy generation and energy storage. Over the forecast period, the energy generation segment is projected to dominate the largest share of the global nanogrid market. Government policies and regulations encouraging the use of renewable energy, falling costs of renewable energy technologies, and growing awareness about the environmental impact of non-renewable energy sources are driving growth.
The residential segment is expected to grow at the fastest pace in the global nanogrid market during the forecast period.
The global nanogrid market is divided into two segments based on application: residential and commercial. Residential is projected to expand at the fastest rate in the global nanogrid market throughout the forecast period. Because of the growing demand for reliable and affordable energy solutions, the residential segment of the nanogrid market is rapidly expanding. Residential nanogrids are small-scale power systems designed to power individual homes or small communities.
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North America is estimated to hold the largest share of the nanogrid market over the predicted timeframe.
North America is expected to hold the largest share of the nanogrid market during the forecast period. North America is a significant market for nanogrids, owing to a strong emphasis on sustainability and renewable energy. The United States is the region’s largest market, with a large number of residential and commercial installations. Asia Pacific is expected to grow at the fastest pace in the nanogrid market during the forecast period. Asia-Pacific is a rapidly growing market for nanogrids, owing to factors such as rapid urbanization, rising energy demand, and a growing emphasis on sustainability. China is the region’s largest market, with a large number of residential and commercial installations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Nanogrid Market include Alpha Group, Power Generation Services, Bosch, Moixa Technology, Odyne Systems, Sunverge Energy Inc., Robert Bosch GmbH, Ideal Power, NRG Energy, Greensmith Energy Management Systems, Eaton Corporation, Emerson Network Power, Flexenclosure AB, and among others.
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Recent Developments
In March 2023, Sesame Solar has launched a disaster-preparedness renewable-powered nanogrid.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Nanogrid Market based on the below-mentioned segments:
Global Nanogrid Market, By Type
- DC Nanogrid
- AC Nanogrid
Global Nanogrid Market, By Function
- Energy Generation
- Energy Storage
Global Nanogrid Market, By Application
- Residential
- Commercial
Global Nanogrid Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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