Global Microgrid Market is expected to reach US$ 45Bn by 2026 from US$ 20Bn in 2017 at CAGR of 10.67%.
A microgrid is a combination of technologies such as electricity generation, transmission and distribution and is used on a small scale as compared to the conventional macro grid. It performs functions, for instance, adding or removing new energy resources without modifying existing components. A microgrid is a localized group of electricity sources and sinks (loads) that usually operates connected to and synchronous with the traditional centralized grid, but can disconnect and maintain operation autonomously as physical or economic conditions dictate.
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Microgrids can be used as a composition of multiple energy generation sources, for instance, solar, wind, biomass, geothermal, and fossil fuel, to generate and supply electricity to a local community, university, and military base is anticipated to be the major driver of the microgrid market. Moreover, high installation & maintenance cost of microgrids and lack of knowledge about procedures to secure license right for connecting multisite microgrids are the restraints of the market.
Software is booming the microgrid market globally. Microgrid software as a service is a remotely-hosted microgrid control solution. Software service is designed for campuses, institutions, infrastructures, and utilities that want advanced monitoring, control, and optimization of distributed energy at an affordable cost without the hassle of managing and maintaining on-site IT infrastructure.
Grid-connected is also called grid-tied and off-grid. Grid-connectivity was the dominant segment, accounting for over 55% of the market share, in terms of value, in 2017. A grid-connected segment is projected to expand at a rapid pace during the forecast period, owing to increasing demand for power from underdeveloped and developing countries.
Region-wise, North America is currently leading the microgrid market. The Canada and U.S. are relatively advanced countries who witnessed early adoption of microgrid solutions in North America. The governments in these countries have recognised the need for a reliable and secure energy source which would take off the load from traditional power generation methods. The U.S. market is mostly focused on grid resiliency and reliability of power supply. A number of the large portion of the microgrid projects have been deployed by the military. In the future, other consumer segments are estimated to embrace microgrids, which would drive the market significantly.
Key players operating in the global microgrid market, Lockheed Martin Corporation, ZBB Energy Corporation, ABB Ltd., GE Digital Energy, Power Analytics Corporation, Consert Inc., Viridity Energy, Inc., S&C Electric Company, Chevron Energy, Toshiba Corporation,HOMER Energy LLC, Honeywell International Inc.,Microgrid Energy LLC and Siemens.
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Scope of the Global Microgrid Market
Global Microgrid Market, by Type
Global Microgrid Market, by Offering
Global Microgrid Market, by Consumption pattern
Urban & Metropolitan
Global Microgrid Market, by Region
Middle East and Africa
Key players operating in the Global Microgrid Market
Lockheed Martin Corporation
ZBB Energy Corporation
GE Digital Energy
Power Analytics Corporation
Viridity Energy, Inc.
S&C Electric Company
HOMER Energy LLC
Honeywell International Inc.
Microgrid Energy LLC
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This post was originally published on Space Market Research