Market Research Future projects a detailed report on the recent trends, various challenges faced, and the segments of the market on which Microgrid is based. It is reported there will be a striking upsurge at 12.10% of CAGR between 2018 and 2023.
Market Key Trends & Challenges
As a microgrid is considered as a local energy grid, it is known for controlling ability better than the traditional grid and thus, operates autonomously, without any support of a centralized network. Moreover, the function of a microgrid is mainly connected to the main. The significant benefits of microgrid, such as the reduction in harmful emissions, result in optimal use of renewable resources and energy efficiency programs, and improved efficiency, and long-term, predictable energy cost have also been significant factors have considered vital for the market’s development and growth over time.
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At the same time, the mounting demand for reliable and secure power supply globally, widespread industrialization, and population growth along with some essential government initiatives to reduce carbon footprint are powerfully motivating the growth of the microgrid market. Even the demand for the convergence of IoT in enhancing microgrid connectivity, energy storage systems, and benefits of clean and reasonable energy is also contributing to the market’s progress for the forecast period.
The utilities, across the globe, consider microgrids as a building block for a smart grid and focus on microgrid R&D as a critical focus area. In a case of point, according to SmartGrid Consortium (NYS), the New York government has been taking initiatives towards microgrid growth, resulting in introducing 20 microgrid projects that were selected from an extensive candidate list of New York located microgrid projects. By this, it is mentioned that the global microgrid is projected to grow at a high rate during the forecast period, strategically owing to mounting power generation that drives through renewable energy resources. These need a proper grid to help the supply of electricity in the smallest area. These factors have also been contributed to the growth process of the microgrid market.
Microgrid Market Segmental Analysis:
The global Microgrid Market, as per the study conducted, has been segmented by type, component, power source, and end-user.
In terms of component, the hardware sub-segment is might be the largest sub-segment within the microgrid market, whereas the software can also witness a high growth rate. The growth is mainly attributed to the increasing adoption of software across various end-user segments including university campuses, municipalities, industrial & commercial sites, and utilities.
In terms of type: The grid-connected and off-grid are the segments. Wherein, off-grid sub-segment is estimated to lead the market in the forecast period. It is due to the escalating use of renewable energy resources, the need for a remotely operated grid is rising at the same level. Also, the rising small-scale energy resources as solar arrays and batteries, the utilities are planning for dramatic transformation mainly to produce more energy while growing the reliability and efficiency of the same.
In terms of power source: Diesel, Solar PV, Fuel cell, and others are the segments.
By terms of end-user: Industrial, Educational Institutes, Government & Utilities, Healthcare, Military, are the segments.
The region-wise study by MRFR for the global microgrid market has included the main regions of Europe, Asia Pacific, North America, Middle East & Africa, and the Rest of the World.
Among these, North America occupied the largest market share of the global microgrid market in 2017. Now, it is estimated that North America would be the largest market in the assessment period. The growth of the market is accredited to the global planned and completed microgrid capacity that stands at a capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity is in North America.
Also, the Asia Pacific region led the global microgrid market in 2017, where the growth is primarily ascribed to low electrification rate and grid connectivity along with a high demand for power in the region. The market in the Asia Pacific is framed to expand at a significant pace during the forecast period, primarily owing to rapid industrialization and urbanization in the region. The country of China and India are the primary ones contributing to the market’s growth. Also, the government of countries in the Asia Pacific is actively planning to promote distributed energy generation and microgrids to supply electricity to people in these countries, which has also driven the market to a great extent.
Market Key Players
The well-known players of global Microgrid market are listed as GE (US), Eaton (Ireland), ABB (Switzerland), Exelon Corporation (US), Honeywell (US), Siemens (Germany), S&C Electric (US), Schneider Electric (France), Power Analytics Corporation (US), and Microgrid Energy LLC (US).
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