Microgrid Market Research - Overview
The
Microgrid
Market Research is predicted to register a healthy growth at a notable
12.10% CAGR over the estimated years (2018-2023). A microgrid is a smaller grid
which can operate in conjunction with the utility’s macro-grid or autonomously.
Rather than serving the whole city, microgrids support single users, areas
which cover large universities and areas having a few houses. Microgrids
operate and also comprise of similar mechanics as that of the main power grid-
controls, distribution, and power generation. It makes heavy usage of
renewables namely wind turbines and photovoltaics for generating energy for use
in a specific development or building. Microgrids cater numerous verticals
including government and utilities, healthcare, military, industrial,
educational institutes and others (telecom infrastructure, data centers, and
electric vehicles. It is highly favored over traditional grid structures owing
to its key benefits namely improvement of reliability of supply, reduced
environmental impact, minimization of complete energy consumption, improved
energy efficiency and network operational benefits such as security of supply,
voltage control, congestion relief, loss reduction and most affordable
electricity infrastructure replacement.
Various factors are pushing
the growth of the microgrid
market. These factors in accordance to the Market Research Future (MRFR) report
include burgeoning need for secure and reliable power supply, population
growth, widespread industrialization, government initiatives to decrease carbon
footprint, advantages of clean and cheap energy storage and convergence of IoT
to enhance microgrid connectivity. On the contrary, soaring installation as
well as maintenance cost, lack of knowledge regarding methods to secure license
right to connect multisite microgrids, and land acquisition and also land registration
techniques creating complication for installation of solar PV plants in rural
areas are factors that may hamper microgrid market growth over the estimated years.
Microgrid Market Research - Segmentation
Market Research
Future report offers a wide segmental analysis of the microgrid market on the basis of
type, component, power source and end-user.
Based on type, the microgrid market is segmented into
off-grid and grid connected. Of these, the off-grid segment will have the
largest share in the market over the estimated years owing to heavy decline in
the cost of wind power sources and solar PV.
Based on component, the microgrid
market is segmented into services, software and hardware. Of these, software
will domineer the market over the estimated years owing to increasing adoption
of software in utilities, municipalities, commercial and industrial sites, and
university campuses.
Based on power source, the microgrid
market is segmented into fuel cell, diesel, solar PV and natural gas. Of these,
natural gas will lead the market over the estimated years.
Based on end-use, the microgrid
market is segmented into healthcare and industrial. Of these, industrial will
have a major share in the market over the estimated years.
Regional Analysis
By region, the microgrid market research covers
growth opportunities and latest trends across South America, Middle East and
Africa, Europe, Asia Pacific and North America. Of these, North America will
sway the market and will hold its position over the estimated years. The global
planned as well as completed microgrid capacity stands at 3.8 GW, of which over
2.5 GW is in North America. Canada as
well as the US are advance countries that witnessed early acceptance of
microgrid solutions. Also, the increasing acceptance of automation in smart
homes, military, healthcare and industries is pushing the need for more power.
The European countries on the other hand believe in efficient and clean power
generation methods. The majority of the European countries run on energy that
is renewable. Microgrids provides a potential opportunity for governments, industries
and numerous enterprises in this region to adopt such solutions for secure,
reliable and efficient power distribution.
Key Players
Leading
players profiled in the microgrid market include Microgrid
Energy LLC (US), Siemens (Germany), Power Analytics Corporation (US), S&C
Electric (US), Exelon Corporation (US), Honeywell (US), Schneider Electric
(France), Eaton (Ireland), GE (US), ABB (Switzerland), and others.
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