China Microgrid Market size is expected to witness a gradual growth in the next seven years. China is also claimed to hold a strong ground in the global microgrid industry share. The exponential increase in power consumption in tandem with the growing investment by the regional government in rural electrification development can be primarily credited for the regional market demand.
Natural gas as a fuel is set to witness strong growth on account of increasing exploration of unconventional sources across the U.S., China and Russia. Ongoing adoption of fuel as a low emission substitute to conventional source will foster the microgrid market. In August 2016, Capstone Turbine signed a deal with the government of China to supply microturbine for 10 MW microgrid network.
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Microgrid Market in utility segment is set to grow owing to the rapid industrialization and urbanization across the emerging economies. Escalating high-end electricity consumption backed by the presence of new HVAC and heavy load machinery systems in the industrial sector will foster the business growth.
Having recognized the stupendous potential of microgrid network in the renewable energy cosmos, various government entities of major economies are making rigorous efforts to exploit its maximum utilization, which, quite overtly is leaving a positive influence on the overall microgrid market size. This is quite evident from the massive number of microgrid projects that are presently operational across the globe.
In an era where distributed energy sources are continually promulgated in power networks, microgrid market stands to gain remarkable prominence, given the systems’ exceptional credibility of ensuring reliable operation in distributed grids with robustness and high flexibility. As the energy demand in conjunction with the environmental concerns have increased dramatically since the past decade, experts believe, decentralized electricity supply through LT lines might not be an optimal solution to address the requirement, especially across remote areas.
The microgrid concept is aptly providing a platform that is proliferating distributed electricity generation and efficient power delivery with least compromise on environmental viability. However, in this regard, it is imperative to mention that microgrid market giants have been lately facing a wide array of daunting challenges such as establishing standards for microgrid design and extensive R&D requirement. Nonetheless, in the face of the severe energy crisis that has led to a subsequent penetration of renewable energy sources, microgrid industry is set to amass exceeding proceeds from both industrial and commercial applications. In terms of commercialization, Global Market Insights Inc., forecasts overall microgrid market to exceed a valuation of USD 19 billion by 2024.
Eminent players across the microgrid market include ABB, Schneider Electric, Siemens, Advanced Microgrid Solutions, Emersion, GE Alstom, Honeywell, EnSync Inc, Caterpillar, Viridity Energy Inc, Lockheed Martin Corporation, Exelon Corporation and Power Analytics Corporation.
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Glimpse of Table of Content (ToC)
Chapter 3. Microgrid Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Million)
3.3. Industry ecosystem analysis
3.3.1. Vendor Matrix
3.4. Innovation landscape
3.5. Cost structure analysis
3.5.1. Equipment cost
3.5.2. Generation cost
3.6. Power consumption, TWh (2000 – 2016)
3.6.1. North America
3.6.4. Asia Pacific
3.6.5. Middle East & Africa
3.6.6. Latin America
3.7. Regulatory landscape
3.8. Role of microgrid stakeholders
3.8.1. Energy service companies
3.8.3. Government regulators
3.8.4. Electricity regulators
3.9. Infrastructure and energy spending, 2015/2016
3.10. Renewable energy incentive in U.S States
3.11. Renewable energy electricity support instruments in EU 28-member states
3.12. Energy policies considered for deployment of microgrid network
3.13. Industry impact forces
3.13.1. Growth drivers
220.127.116.11. North America
18.104.22.168.1. Renewable energy integration
22.214.171.124.1. Integration of renewable energy technologies
126.96.36.199. Asia Pacific and Middle East & Africa
188.8.131.52.1. Growing demand for off grid electricity
184.108.40.206.2. Government program toward electrification
220.127.116.11.3. Increasing electricity demand
3.13.2. Industry pitfalls & challenges
18.104.22.168. High capital cost
3.14. Growth potential analysis
3.15. Porter’s analysis
3.16. Competitive landscape
3.16.1. Strategy dashboard
3.17. PESTEL analysis
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