Microgrid Market Analysis
The global microgrid market 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.
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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.
Global Microgrid Market 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.
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Regional Analysis
By region, the microgrid market 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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