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.
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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.
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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