Microgrid Energy Storage Market Research Report 2033
As global energy policies increasingly encourage decarbonization and the reduction of greenhouse gas emissions, governments and utilities are investing heavily in microgrid
The microgrid market was valued at USD 11.4 billion in 2021 and grew at a CAGR of approximately 26% through 2024, driven by growing advancements in smart grid technology, energy management software and energy storage systems aimed at improving microgrid scalability and efficiency.
The Inflation Reduction Act incentivizes large-scale battery storage projects. And California regulations now require energy storage for newly constructed commercial buildings. The same microgrid-based BESS can serve either or both of these use cases.
The global energy transition and environmental governance landscape are shifting towards a more sustainable and low-carbon solution paradigm, with microgrids emerging as one of the most cutting-edge proposals for the green development of power systems .
To reduce energy costs, a facility with a microgrid can leverage a BESS to store power from variable renewable energy (VRE) sources, such as solar or wind, and then substitute the stored energy for utility power when utility rates are highest in an attempt to arbitrage.
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