The microgrid market was estimated to grow from USD 24.5 billion in 2021 to USD 82.79 billion in 2028 at a CAGR of 19% during the forecast period.
The industry landscape will be bolstered by the rising need for a stable and reliable power supply, as well as rising electrification rates, primarily in developing economies. The business scenario will be fueled by the increasing penetration of distributed energy resources (DERs) as a result of rapid commercial and industrial expansion.
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