Microgrid Market
Overview
The global Microgrid market is estimated to expand at
12.10% CAGR during the forecast period.
A microgrid refers to a grid that can manage
distributed energy resources and loads, which can be operated in a controlled
and coordinated way. The microgrid can be operated while connected with a main
grid and can also operate in off-grid mode. These grids are generally located
near the power consumption site. These grids are also being equipped with
energy storage systems, as batteries become more cost competitive. The entire
system of microgrid is being controlled by microgrid controller incorporating
demand response so that the demand can be matched to available supply in the
safest and most optimized manner.
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.
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.
Industry Segmentation
The microgrid market has
been segmented based on type into grid connected and off-grid.
On the basis of type, the
market is segmented as grid-connected and off-grid. Off-grid sub-segment is
estimated to dominate the market during the forecast period. Due to the increasing
use of renewable energy resources, the need for a remotely operated grid is
increasing. Rising 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 of the same.
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
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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