Microgrid Market : Research Highlights Strategies to Implement to Gain the Wide Presence
New control technologies have been invented that can lower the costs and improves the penetration of renewables. Clean and distributed resources are coming into the picture of utility grids and the microgrids have been utilized for ensuring power stability. At the Santa Rita Jail in Alameda County, California, smart microgrid has been used for partly serving the electric load of nearly 3 MW. The microgrid system utilizes wind, solar, battery storage, and fuel cells for supplying power. Usually, expensive control components are used in microgrid in addition to site-specific commissioning. This is time-consuming and expensive. However, a huge plug-and-play setup is used in this system. The microgrid that can operate with the help of decentralized and autonomous control algorithms will be developed and deployed.
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The research provides a detailed analysis of drivers, restraints, and opportunities of the global microgrid market. A rise in demand for secure and reliable power supply, increase in industrialization opting for energy storage systems, and supportive government initiatives for lowering carbon footprint drive the growth in the market. However, the high cost of installation and maintenance hinder the market growth. On the other hand, a surge in electrification projects and an increase in demand in end-user industries such as military, healthcare, and government create new opportunities in the market. These insights would help in capitalizing on driving factors and derive strategies based on opportunities.
• In-depth analysis of the microgrid market which would help stakeholders to better understand market behavior
• Based on the current market scenario and expected market trends, estimations through 2014-2020 are made to showcase the future prospects of the microgrid market
• The report provides information regarding key drivers, restraints and opportunities with impact analysis
• Analysis of the key strategies adopted by major players operating in the market is provided
• Porter’s Five Forces model and SWOT analysis would provide insights regarding current market conditions and important factors and thereby help stakeholders in making strategic decisions
• Market segmentation by product design and geography would enable a deeper understanding of the current market scenario
The detailed segmentation of the global microgrid market is mentioned in the report. The report segments the market on the basis of technology, characteristics, application, and geography. The report further segments the technology segment into components trend and technology trend. Based on characteristics, the market is further classified into grid-connected, off-grid, and hybrid. On the basis of application, the market is sub-segmented into a commercial/industrial microgrid, institutional microgrid, and military microgrid. Geographically, the market is further segmented into North America, Asia-Pacific, Europe, and LAMEA. In addition, Porter’s Five Forces model and SWOT analysis are offered to outline the current status and help in making strategic decisions.
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Leading market players in the global microgrid industry include Pareto Energy Ltd., Encorp Inc., Viridity Energy, and Power Analytics Corp. Expansions, collaborations, partnerships, joint ventures, mergers & acquisitions, and others are some of the strategies adopted by them to gain a strong position in the industry.
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