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.
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.
Browse Complete
Report @ https://www.marketresearchfuture.com/reports/microgrid-market-2215
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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