Microgrid
Market Research - Overview
The 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.
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 Forecast 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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