Microgrid Market expected to grow through 2024

Microgrid Market is expected to surpass USD 19 billion by 2024.Growing government regulations and policies concerning with integration of renewable energy technologies along with increasing demand to electrify urban and rural areas will propel the industry growth. Low power cost along with reduced transmission and distribution losses, economic competitiveness and power reliability are some of the key underlined parameters which will further positively impact the product penetration. Moreover, development of off grid network across developing countries will augment the industry landscape.

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Installation of captive power generation facilities with an aim to maintain continuous electricity supply across industrial sector will stimulate the microgrid market. Favourable government measures to maintain central grid stability along with measures toward power security concern will propel the industry growth. Advancement in technology in development of control distribution unit and energy efficient storage system will further complement the business landscape.

Increasing investment toward industrial sector along with rapid urbanization across developing nation will positively impact the Utility microgrid market. Increasing demand for electricity across commercial & industrial sectors along with increasing adoption of heavy load machinery and HVAC system in industrial sector will further fuel the industry growth.

Flow battery microgrid market will witness growth owing to its ability to offer higher efficiency and longer life cycle features. Growing spending to promote the development and deployment of renewable energy technologies coupled with ongoing innovation to improve design of energy storage solution to enhance efficiency and reduce cost will further enhance the product penetration.

The U.S. microgrid market is predicted to reach over 2 GW by 2024. Increasing adoption of sustainable energy technology to reduce reliance on existing network. Growing spending across renewable energy resource in the nation will further drive the industry growth. In 2016, as per IEA, the U.S. funded more than USD 250 billion to promote the development of renewable technologies across the countries.

Natural gas microgrid market share will grow owing to increasing investment toward drilling of unconventional resource across Russia, China and the U.S. Ability to offer less environmental impact over other conventional sources will make its adoption preferable. In August 2016, Government of China signed agreement with Capstone turbine to supply microturbine for 10 MW project.

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Japan microgrid market is set to witness strong growth on account of favourable measures to promote the adoption of renewable technology along with rising energy security concern. Increasing government funding towards several R&D projects coupled with deployment of virtual private network to reduce energy crisis will propel the industry growth. In 2017, Japanese Ministry of Economy, Trade and Industry collaborated with Panasonic to construct solar PV powered microgrid network to supply electricity to more than 100 houses in western Japan.

Global microgrid market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD Million from 2013 to 2024, for the following segments:
Global Microgrid Market, By Connectivity
• Grid connected
• Off grid
Global Microgrid Market, By Grid
• AC microgrid
• DC microgrid
• Hybrid
Global Microgrid Market, By Power Source
• Diesel generators
• Natural gas
• Solar PV
• Combined Heat & Power (CHP)
• Others
Global Microgrid Market, By Storage Device
• Lithium-ion
• Lead acid
• Flow battery
• Flywheel
• Others
Global Microgrid Market, By Application
• Healthcare
• Educational institute
• Military
• Utility
• Industrial/Commercial
• Remote
• Others
The above information is provided on a country basis for the following:
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Russia
o Spain
o Italy
o Denmark
• Asia Pacific
o China
o Japan
o South Korea
o India
o Australia
o Indonesia
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Iran
o Nigeria
• Latin America
o Brazil
o Argentina
o Chile

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