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Microgrid Market is Expected to be Worth US$118.8 bn by 2026

Microgrid Market is Expected to be Worth US$118.8 bn by 2026

A microgrid can be defined as a localized grid that can connect to and disconnect from traditional utility grids to provide better reliability and grid resilience. A microgrid is an interconnection between distributed energy sources and loads within well-defined electric boundaries. It acts a single controllable entity.

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Microgrids can operate autonomously, due to which they are highly useful during main grid failures and they can help in mitigating risks arising out of grid disturbances and failures. Since a microgrid can easily connect to and disconnect from the main grid, it can operate in both grid-tied and island modes. Usage of microgrids offers several benefits such as grid modernization, integration of distributed energy generation sources including renewables, and integration of several smart grid technologies as well.

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It also helps in serving local loads from local power sources, resulting in the reduction of transmission and distribution losses and rise in overall efficiency of the system. Microgrids act as a support to macrogrids by handling the variability of power from local renewable sources and supplying ancillary services to sensitive loads and bulk power systems.

Rising global population and increasing power demand have increased the dependence of end-users on utility grids to meet their power needs. According to the U.S. Energy Information Administration (EIA), the global energy consumption is expected to increase by around 56% by 2040. Moreover, the demand for energy is rising at a rapid pace, due to increasing industrialization and urbanization, which is not being fully met from main grids.

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As per the EIA, India and China have witnessed rapid industrial development and they are likely to account for 50% of the world’s total increase in energy usage by 2040. Industrial development in these countries as well as that in the U.S. is driving the global energy sector.

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