Microgrid Market Overview
The global
Microgrid market is estimated to expand at 12.10% CAGR during the forecast
period.
A microgrid is a
small-scale power supply network designed to provide power for a relatively
small group of end-users. It consists of interconnected loads and distributed
energy resources within clearly defined electrical boundaries that act as a
single controllable entity with respect to the main grid. Moreover, microgrids
can function when connected to the main grid as well as when they are not
connected to the main grid and act as an electrical island.
Increasing demand for reliable and secured power supply, government
initiatives to reduce carbon footprint, widespread industrialization and
population growth fueling demand for energy storage systems, convergence of IoT
in enhancing microgrid connectivity, and benefits of clean and reasonable
energy, drive the market. Utilities, across the globe consider microgrids a
building block for a smart grid and focus on microgrid R&D as a key focus
area.
Industry
Segmentation
The microgrid market has been segmented based on type into grid connected
and off-grid. Among these types, off-grid is both, the fastest growing and the
largest segment in the microgrid market due to the increased
use of renewable energy resources. Also, increasing small-scale energy
resources as solar arrays and batteries, utilities are planning for dramatic
transformation in a way to produce more energy while increasing the reliability
and efficiency.
Regional Outlook
Region
wise, North America held the largest market share of the global microgrid
market in 2017. It is estimated that North America would be the largest market
during the forecast period. The global planned and completed microgrid capacity
stands at capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity
is in North America.
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Leading
Players
The key players of global Microgrid
market are ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric
(France), Honeywell (US), Exelon Corporation (US), S&C Electric (US), Power
Analytics Corporation (US), Siemens (Germany), and Microgrid Energy LLC (US),
among others.
Scope
of the Report
This research report provides insights into various levels of analysis,
such as industry analysis and market share analysis for the leading industry
competitors, along with their profiles. It also helps study the target segments
by providing views on the emerging & high-growth segments. The market data
comprises the basic assessment of the competitive scenarios and strategies in
the global Microgrid market, including high-growth regions and/or countries,
and political and economic environments. The project report further provides
both – historical market values and pricing & cost analysis
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