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ABB, GE, Eaton, Siemens, Schneider Electric, Companies Profiled in Microgrid Market | Caterpillar Inc., Honeywell, Alstom Grid, Lockheed Martin, Exelon, Hitachi, Emerson, Advanced Microgrid Solutions, HOMER Energy

01-17-2019 07:40 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Microgrid Market

Microgrid Market

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. Growing concerns pertaining to security of supply coupled with regulatory inclination to balance load on central grid system will drive the microgrid market share. Increasing penetration of captive power plants in the manufacturing and industrial sector will further embellish the business landscape. In 2015, the RINL launched a 120 MW captive power plant to provide energy to their Vizag steel plant and to reduce dependence on state grid.

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Powered by the quest to deliver uninterrupted electricity to remote locations across the globe, microgrid market players seem to be on an expedition to bring forth a range of highly advanced networks endowed with supreme connectivity and storage that would help electrify rural and outlandish areas. In an era thriving on the notion of circumventing the deployment of fossil-fuel resources and promoting sustainability by and large, microgrid industry outlook is likely to witness a transformation at the paramount stratum. The declaration has been amply and impeccably testified by the extensive launch of these grids across numerous regions where power supply is still a luxury.

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

Microgrid Market size 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.

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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.

Other than Europe, 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. For the record, presently there are over 20 large-scale microgrid projects operational in China. Looking at the promising microgrid sector, big shot investors are betting big on the regional microgrid market.

For instance, recently, Capstone Turbine, the renowned California based gas turbine manufacturer has inked a deal with the Chinese Government to supply microturbine for the country’s 10 MW microgrid network. With a strong pipeline of such encouraging initiatives, China microgrid market is slated to exceed a power generation capacity of 1 GW by the end of 2024.

China microgrid market is set to exceed 1 GW by 2024. Exponential rise in power consumption along with increasing investments across the commercial and industrial development will embellish the business outlook. Favourable government initiatives toward rural electrification coupled with integration of sustainable energy technologies will propel the product penetration.

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:

www.gminsights.com/industry-analysis/microgrid-market

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.

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.

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 share. This is quite evident from the massive number of microgrid projects that are presently operational across the globe.

Top key industry 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 Related Reports: https://www.openpr.com/news/1501305/Global-Smart-Grid-Market-2018-2024-Key-Players-Honeywell-Itron-Inc-Landis-Gyr-Belden-Inc-Cisco-IBM-Oracle-Wipro-Limited-ABB-GE-Siemens-Schneider-Electric-Hubbell-Incorporated-Fujitsu-Global.html

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.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: http://industry-source.org

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