Global Microgrid Market Growth Opportunity 2024 by Top Key Players: ABB, GE, Eaton, Siemens, Schneider Electric, Caterpillar Inc., Honeywell, Alstom Grid, Lockheed Martin, Exelon, Hitachi, Emerson, Advanced Microgrid Solutions, HOMER Energy

Microgrid Market in U.S. is predicted to grow pertaining to ongoing adoption of self-power generation plants along with enhancing distributed power generation technologies. Increasing investments across infrastructure and energy sector in the country will further propel the business outlook. In 2016, USD 712.5 billion were spent to boost infrastructure sector in the nation.

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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Deployment of captive power generation as a key alternative to the regulated electricity supply in industrial sector will positively impact the business growth. Regulatory inclination to maintain central grid stability coupled with growing measures toward security of power supply will fuel the microgrid market. Rapid technological advancements in line with the development of efficient energy storage systems and control distribution units will further complement the industry outlook.

Microgrid Market size for 2016 was valued over USD 4 billion and will exceed USD 19 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Favorable government norms pertaining to integration of renewable energy technology coupled with ongoing measures to electrify rural and urban areas will foster the microgrid market share. Power reliability, economic competitiveness, relatively low power cost and reduced T&D losses are some of the key parameters which will boost the product adoption. In addition, growing off-grid networks across the developing nations will further complement the business outlook.

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.

Utility microgrid market 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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. ABB
2. GE
3. Eaton
4. Siemens
5. Schneider Electric
6. Caterpillar Inc.
7. Honeywell
8. Alstom Grid
9. Lockheed Martin
10. Exelon
11. Hitachi
12. Emerson
13. Advanced Microgrid Solutions
14. HOMER Energy

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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

Flow battery in 2016, accounted for over 5% of the global microgrid market share. High-end investments toward integration of clean energy technologies along with technological advancement catered to the development of cost-effective energy storage solutions will augment the industry size. Longer life cycles along with higher efficiencies as compared to its competitive counterparts will further complement the product outlook.

Rising concerns toward energy security coupled with increasing adoption of sustainable energy sources will stimulate the Japan microgrid market. Government backed extensive research and development projects along with implementation of virtual private networks (VPPs) to mitigate emergency crisis will further embellish the business outlook. In 2017, Panasonic in collaboration with Japanese Ministry of Economy, Trade and Industry planned to build Solar PV powered microgrid to provide electricity to 117 homes in western Japan.

Eminent players across the microgrid market include ABB, GE, Eaton, Siemens, Schneider Electric, Caterpillar Inc., Honeywell, Alstom Grid, HOMER Energy, Power Analytics Corporation, Advanced Microgrid Solutions, EnSync Energy Systems, Viridity Energy Solutions, Inc., Lockheed Martin, Exelon, Hitachi, and Emerson.

Browse key industry insights spread across 300 pages with 798 market data tables & 12 figures & charts from the report, Microgrid Market in detail along with the table of contents:

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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