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. A
detailed analysis report of COVID-19
impact on Microgrid Market Research is provided with the report.
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.
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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