Microgrid Market Growth Potential-Industry Size Outlook Report 2024 by Leading Players like Eaton Corporation, Siemens Ag, GE Alstom, Schneider Electric, ABB, Caterpillar

Microgrid Market size for 2016 was valued over USD 4 billion and the capacity is set to exceed 6 GW by 2024.

Government measures to electrify rural and urban areas coupled with integration of renewable energy technologies will foster the microgrid market size. Increasing demand for reliable and uninterrupted supply of electricity from off-grid areas will further augment the business growth. Ongoing deployment of distributed power generating plants will further stimulate the industry outlook. The World Bank in 2014, approved a loan of USD 4.70 million to enhance the power services for rural areas and community halls in Vanuatu.

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.

Competitive Market Share:
Eminent industry players in microgrid market includes Eaton Corporation, Siemens Ag, GE Alstom, Schneider Electric, ABB, Caterpillar Inc, Homer Energy LLC, Power Analytics Corporation, EnSync Inc, Lockheed Martin Corporation, Honeywell International Inc, Viridity Energy Inc, Exelon Corporation and Advanced Microgrid Storage.

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Microgrid Market, By Connectivity

Grid-connected microgrid market is set to grow pertaining to increasing demand for reliable and continuous power supply along with integration of sustainable energy technologies. The Government of Portugal has established Evora microgrid project in order to provide energy forecast, by simultaneously reducing T&D losses, and curbing CO2 emissions.

Off-grid connectivity has witnessed a significant penetration over the years owing to growing government initiatives to provide power to all citizens along with ongoing development of decentralized energy sources to strengthen the power infrastructure. In October 2016, the French technology company Electro Power Systems installed a microgrid of 4.1 MW in Maldives.

Microgrid Market, By Grid Type

DC microgrid market is predicted to reach over 2 GW by 2024. Integration of several distributed generation technologies including solar PV systems with direct DC grids will positively impact the industry growth. Cost effectiveness, reliability and high efficiency are some of the key features which will encourage the product adoption. The Burlington DC microgrid project is installed at headquarters of Etratech Corporation in the U.S. The project includes rooftop solar panels, 5-hour duration flow battery and natural gas DC generator.

Hybrid microgrid market share is set to witness strong growth on account of ease of compatibility with AC, DC grid and sustainable energy technologies. Growing adoption of the technology across remote areas will further propel the business landscape. In May 2017, Enel started operating "Plug & Play" microgrid comprising of solar PV facility of 125 kWp and two energy storage system based on hydrogen and lithium storage of total capacity of 580 kWh.

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Microgrid Market, By Application

Microgrid networks across educational institute is set to grow owing to ongoing investments toward private substations coupled with growing demand of power from institutes in remote areas. In 2016, Schneider Electric signed an agreement with REC Solar to build a 400-Kilowatt microgrid system at its Boston One Campus.

Industrial/commercial microgrid market was valued over USD 450 million in 2016. Extensive power requirement for lighting, manufacturing operations, hospitals, offices and retail outlets will complement the industry growth. According to EIA, the commercial sector accounts for 4% and industrial sector accounts for 22% of the primary energy consumption in the U.S.

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Table of Contents:

Report Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Microgrid Market Industry Insights
Chapter 4. Microgrid Market, By Connectivity
Chapter 5. Microgrid Market, By Grid Type
Chapter 6. Microgrid Market, By Power Source
Chapter 7. Microgrid Market, By Storage Devices
Chapter 8. Microgrid Market, By Application
Chapter 9. Microgrid Market, By Region
Chapter 10. Company Profiles

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This release was published on openPR.