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.
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.
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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.
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.
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.
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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.
Table Of Content For This Research Report:
Chapter 6. Microgrid Market, By Power Source
6.1. Microgrid market share by power source, 2016 & 2024
6.2. Diesel generators
6.2.1. Market estimates and forecast, 2013-2024
6.2.2. Market estimates and forecast, by region, 2013-2024
6.3. Natural Gas
6.3.1. Market estimates and forecast, 2013-2024
6.3.2. Market estimates and forecast, by region, 2013-2024
6.4. Solar PV
6.4.1. Market estimates and forecast, 2013-2024
6.4.2. Market estimates and forecast, by region, 2013-2024
6.5.1. Market estimates and forecast, 2013-2024
6.5.2. Market estimates and forecast, by region, 2013-2024
6.6.1. Market estimates and forecast, 2013-2024
6.6.2. Market estimates and forecast, by region, 2013-2024
Chapter 7. Microgrid Market, By Storage Devices
7.1. Microgrid market share by storage devices, 2016 & 2024
7.2.1. Market estimates and forecast, 2013-2024
7.2.2. Market estimates and forecast, by region, 2013-2024
7.3. Lead acid
7.3.1. Market estimates and forecast, 2013-2024
7.3.2. Market estimates and forecast, by region, 2013-2024
7.4.1. Market estimates and forecast, 2013-2024
7.4.2. Market estimates and forecast, by region, 2013-2024
7.5. Flow battery
7.5.1. Market estimates and forecast, 2013-2024
7.5.2. Market estimates and forecast, by region, 2013-2024
7.6.1. Market estimates and forecast, 2013-2024
7.6.2. Market estimates and forecast, by region, 2013-2024
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