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Comprehensive analysis on Microgrid Market| Key Players are ABB Ltd, General Electric, Eaton Corporation, Siemens, Schneider Electric, Caterpillar Inc., Honeywell International, GE Alstom, Homer Energy LLC, Power Analytics Corporation, Advanced Microgrid

06-26-2019 06:39 AM CET | Energy & Environment

Press release from: marketstudyreport.com

/ PR Agency: Microgrid Market
Comprehensive analysis on Microgrid Market| Key Players are ABB

Market Study Report adds Global Microgrid market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.Global microgrid market will exceed USD 19 billion by 2024; according to a new research report.

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The report extensively bifurcates the various contenders of global Microgrid market. Prominent contributors such as ABB Ltd, General Electric, Eaton Corporation, Siemens, Schneider Electric, Caterpillar Inc., Honeywell International, GE Alstom, Homer Energy LLC, Power Analytics Corporation, Advanced Microgrid Solutions, EnSync Inc, Viridity Energy, Inc, Lockheed Martin Corporation, Exelon Corporation, Hitachi Ltd, Emerson Electric Co have been scrutinized in terms of their financials, strengths, weaknesses, potential threats in the market, and future opportunities.

The U.S. microgrid market is set to reach over 2 GW by 2024. Growing deployment of sustainable energy sources to reduce the dependence on existing electric networks will positively encourage the industry dynamics. Increasing investments across clean energy sources in the country will further propel the business landscape. According to IEA in 2016, the U.S. invested over USD 250 billion toward development of various energy sources across 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.
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.

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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.
Growing off-grid networks across developing nations will complement the microgrid market outlook in next few years. 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. Global microgrid market will exceed USD 19 billion by 2024, according to a new research report.

Table of 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

Related Report:

Global Microgrid as a Service (MaaS) Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023

The market growth can be attributed to the reduction in operational costs and negligible upfront investments by MaaS end users, rising demand for MaaS from hospitals, universities, and remote regions and high investments by governments in microgrid infrastructure for improved resilience. The market for software as a service is expected to grow at the highest CAGR between 2016 and 2022. The global Microgrid as a Service (MaaS) market is valued at xx million in 2017 and is expected to reach xx million by the end of 2023, growing at a CAGR of xx% between 2017 and 2023. The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.

https://www.marketstudyreport.com/reports/global-microgrid-as-a-service-maas-market-2018-by-manufacturers-countries-type-and-application-forecast-to-2023?utm_source=RR-AN

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