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Microgrid Market is projected to showcase significant growth from glow battery segment | Key Industry Players like Honeywell, Alstom Grid, Lockheed Martin, Exelon, Hitachi, Emerson, Advanced Microgrid Solutions, HOMER Energy

06-05-2019 07:00 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Microgrid Market

Microgrid Market

Flow battery microgrid market size will witness growth owing to its ability to offer higher efficiency and longer life cycle features. Growing spending to promote the development and deployment of renewable energy technologies coupled with ongoing innovation to improve design of energy storage solution to enhance efficiency and reduce cost will further enhance the product penetration.

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Other than Europe, China is also claimed to hold a strong ground in the global microgrid market 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 microgrids 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 market is slated to exceed a power generation capacity of 1 GW by the end of 2024.

Natural gas microgrid market share will grow owing to increasing investment toward drilling of unconventional resource across Russia, China and the U.S. Ability to offer less environmental impact over other conventional sources will make its adoption preferable. In August 2016, Government of China signed agreement with Capstone turbine to supply microturbine for 10 MW project.

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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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. As the energy demand in conjunction with the environmental concerns have increased dramatically since the past decade, experts believe, decentralized electricity supply through LT lines might not be an optimal solution to address the requirement, especially across remote areas. In fact, with the increasing penetration of renewable energy sources in mainstream electricity supply, the operational reliability of the grid network has become an intricate issue for the power giants. In a bid to address this critical aspect, eminent companies are highly banking on microgrids for a seamless integration of distributed generation systems into the network, ensuring highly efficient and reliable power delivery. Therefore, it goes without saying that the changing trend along with the dire necessity of reducing reliance on fossil fuels has provided a significant impetus to microgrids market.

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. For instance, Robben Island, the World Heritage Site in Cape Town, has recently witnessed the launch of an R25-million solar energy, lithium-ion battery storage microgrid. The region had been dependent on diesel since long for power generation, however, now, with the launch of this microgrid, it is expected that Robben Island would prove to be a viable exemplar to stimulate microgrids market demand.

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:

https://www.gminsights.com/pressrelease/microgrid-market

Microgrid Market size will be driven by rising concerns toward energy security coupled with increasing adoption of sustainable energy sources in Japan . 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.

Installation of captive power generation facilities with an aim to maintain continuous electricity supply across industrial sector will stimulate the microgrid market size. Favourable government measures to maintain central grid stability along with measures toward power security concern will propel the industry growth. Advancement in technology in development of control distribution unit and energy efficient storage system will further complement the business landscape.

Increasing investment toward industrial sector along with rapid urbanization across developing nation will positively impact the Utility microgrid market. Increasing demand for electricity across commercial & industrial sectors along with increasing adoption of heavy load machinery and HVAC system in industrial sector will further fuel the industry growth.

The microgrid concept is aptly providing a platform that is proliferating distributed electricity generation and efficient power delivery with least compromise on environmental viability. However, in this regard, it is imperative to mention that microgrid market giants have been lately facing a wide array of daunting challenges such as establishing standards for microgrid design and extensive R&D requirement. Nonetheless, in the face of the severe energy crisis that has led to a subsequent penetration of renewable energy sources, microgrids market is set to amass exceeding proceeds from both industrial and commercial applications. In terms of commercialization, Global Market Insights Inc., forecasts overall microgrid industry to exceed a valuation of USD 19 billion by 2024.

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 Related Report: https://www.openpr.com/news/1763322/Municipal-Solid-Waste-Management-Market-in-U-S-region-Will-Hit-Big-Revenues-In-Future-Top-Key-Players-like-Wheelabrator-Group-Recology-Hitachi-Zosen-Corporation-Xcel-Energy-Covanta-Veolia.html

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: www.industry-source.org

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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