Global Microgrid Market 2018 Top Players are ABB, GE, Eaton, Siemens, Schneider Electric, Caterpillar Inc., S&C Electric Company, HOMER Energy, Power Analytics Corporation, Advanced Microgrid Solutions

Global Microgrid Market Research Report Will Help To Take Informed Decisions, Understand Opportunities, Plan Effective Business Strategies, Plan New Projects, Analyze Drivers And Restraints And Give Vision On The Forecast. Report Is A Specialist And Broad Research Report On The Major Regional Market Conditions, Concentrating On The United States, China, Europe, Japan, Southeast Asia, And India Regions.

The Global Microgrid Market accounted for USD 18.2 billion in 2016 growing at a CAGR of 14.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Global Microgrid Market By Geography, Offering (Hardware, Software, Services), Connectivity (Grid Connected, Remote/Island), Grid Type (AC, DC, Hybrid), Vertical (Healthcare, Institutions, Industrial, Military, Electric Utility) – Industry Trends and Forecasts 2024

Major Market Competitors:
ABB Ltd.,
General Electric Company,
Eaton,
Siemens AG,
Schneider Electric,
Caterpillar Inc.,
S&C Electric Company,
HOMER Energy LLC,
Power Analytics Corporation,
Advanced Microgrid Solution,
Pareto Energy Inc.,
Green Energy Corporation,
NREL,
Sustainable Power System,
among others.

Market Drivers and Restraints:

Increased demand for automated grid systems
Growing government initiatives
Increasing concerns about carbon footprint
High installation cost
Land acquisition and registration complications

Drivers: 

The increased demand of automated grid systems, reduction in carbon footprint, advancement in microgrid connectivity by integration of IOT, and benefits of low cost and clean energy storage is the prominent factors driving the growth of this market.

INCREASED DEMAND OF AUTOMATED GRID SYSTEMS

The rapid industrialization has come up with the need of stable power supply with automated reliable system.

The automated grids provide demand-sensitive pricing strategies with focus on efficient electric power supply. The microgrid is the part of automated grid systems.  As the demand of automated grid systems has increased, this in turn has boosted the demand for microgrid.   

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Many of the industries had grasped automated grid systems for fulfilling their energy requirements. These grids enable two-way communication between the utility and its consumers.  It is mostly used in healthcare and military verticals where the need for power is much more as compared to other sectors. The automated grid systems provide exceptional opportunity for energy industries for creating reliable, stable, and efficient power source. Today, an electricity disruption such as a blackout can have a most dangerous effect on various verticals such as healthcare, military, and industrial. These automated grid systems also provide the software applications that helps to manage and control the grid usage as well as track your monthly statement of electric power. The automated grid systems are smart grid that permits user to have a view on their consumption rate of each day, month, or year. It also provides information about power quality and rate of power consumption within a certain period.

REDUCTION IN CARBON FOOTPRINT

The most important aspect of microgrid is to reduce the gas-based carbon emissions. Most of the private sector is adopting decarbonized microgrids to reach and supply more customers. This has led to the advancement of microgrid using natural gas for serving increased demand. Natural gas plays vital role in microgrid market as it creates less carbon emissions and prevents the environment issues. 

The governments are taking major steps to make the companies and industries to adopt the ecofriendly solutions. The company has developed advance technologies for building and managing microgrids. They are accepting renewable sources such as natural gas, combined heat and power, and solar for the power generation. While balancing with driving factors, private sectors are scaling up for using renewable sources for microgrid.

ADVANCEMENT IN MICROGRID CONNECTIVITY BY INTEGRATION OF IOT

In this rapid developing era, the microgrid are also updating with the new technologies. The Internet of Things (IoT) is a software platform that helps in monitoring and managing distributed resources. In microgrid the IoT can be used for providing the information regarding the solar panels, fuel cells, smart meter, combined heat and power (CHP), and micro turbines. It also helps to remotely test and calibrate equipment and also monitor energy usage and production in real-time. The verticals such as transportation, refining, oil and gas, military, and healthcare need superior monitoring and process control for their microgrid.

BENEFITS OF LOW COST AND CLEAN ENERGY STORAGE

The microgrids are becoming increasingly important and are seen as the replacement for the power generators.

The consumer is interested in low cost and smart solutions that can help in managing microgrids as well as better power distribution with stable flow of electricity. The integration of renewable energy sources such as solar, combined heat & power, and natural gas with microgrid are being used majorly for the production of electricity.

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