Press release
What's Driving the Microgrid Market Trends?Honeywell, Schneider, ABB and Siemens
Considering the geographical landscape, estimates claim that the Asia-Pacific microgrid market is estimated to grow by 22% through the year 2026. Growing demand for electricity along with surging investments in urban and industrial development is driving the market growth. Moreover, the growth of Asia-Pacific market is credited to the increasing number of consumer awareness programs regarding the benefits of using renewable sources of energy.
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Key findings of the microgrid market report comprises of:
Increasing demand for reliable and uninterrupted electricity supply
Increasing investments toward urban and industrial area development across developing nations
Favorable regulatory policies toward electrification of rural and remote areas
Rising reliability on electricity coupled with growing need for uninterrupted power supply are major factors driving microgrid market growth. Of late, the proliferating industrialization trends have paved the way for escalating investments in industrial and urban establishments. This has been observed especially in emerging economies, leading to an increase in the demand for electricity. This factor in tandem with favorable government initiatives in electrification of rural areas are augmenting the demand for microgrid connectivity across the globe.
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Rapid deployment of captive power sources in tandem with rising integration of clean energy technologies is stimulating the microgrid market outlook. Growing consumer inclination towards natural gas-based power generation sources in consort with rising adoption of solar technology in industrial sector are also contributing toward the growth of the industry.
According to estimates, microgrid market will register an annual installation of 13 GW by the year 2026.
Based on storage, the microgrid market is categorized into lead acid, lithium-ion, flywheel and flow batteries segment. Of these, the lithium-ion segment is likely to depict significant growth, attributed to the fact that lithium-ion batteries have longer life cycle and offer efficient performance properties.
TOC For Microgrid Market Report:
Chapter 4 Microgrid Market, By Connectivity
4.1 Microgrid market share by connectivity, 2019 & 2026
4.2 Grid connected
4.2.1 Global market from grid connected, 2015 - 2026
4.2.2 Global market from grid connected, by region, 2015 - 2026
4.3 Off grid
4.3.1 Global market from off grid, 2015 - 2026
4.3.2 Global market from off grid, by region, 2015 - 2026
Chapter 5 Microgrid Market, By Grid Type
5.1 Microgrid market share by grid type, 2019 & 2026
5.2 AC microgrid
5.2.1 Global market from AC microgrid, 2015 - 2026
5.2.2 Global market from AC microgrid, by region, 2015 - 2026
5.3 DC microgrid
5.3.1 Global market from DC microgrid, 2015 - 2026
5.3.2 Global market from DC microgrid, by region, 2015 - 2026
5.4 Hybrid
5.4.1 Global market from Hybrid, 2015 - 2026
5.4.2 Global market from Hybrid, by region, 2015 - 2026
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