China Microgrid Market to Grow at a CAGR 22.9% from 2022 to 2027

The report "China Microgrid Industry by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating & Geography - Global Forecast to 2027", published by MarketsandMarkets, China Microgrid Market to Grow at a CAGR 22.9% from 2022 to 2027

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The Chinese microgrid industry is expanding rapidly due to rising adoption of renewable energy and government regulations that support sustainable energy

China has been one of the fastest-growing markets for microgrids in recent years, driven by a combination of factors such as a growing demand for reliable and efficient energy supply, increasing use of renewable energy sources, and government policies promoting the development of microgrids. The Government of China is dedicated to distributed energy generation from renewable sources of energy to address power supply issues in remote and rural areas of the country. This has led to an increase in the number of microgrid installations. For instance, China has announced ambitious carbon-reduction goals, having set 2030 as a target for peak emissions as a part of the Paris Agreement. The country's near-term goal is to reduce emissions intensity: energy use and carbon emissions for every unit of gross domestic product. More recently, China's decarbonization progress received an unexpected boost: an analysis by Carbon Brief, a UK-based website specializing in climate change, estimated that the coronavirus-induced shutdown from December 2019 through February 2020 had temporarily cut China's carbon emissions by 25%. China is also currently emphasizing on energy security. The country has formulated national smart grid plans to promote the use of renewable sources of energy for electricity generation. This is expected to fuel the growth of the microgrid market in China.

As of 2021, renewables accounted for 80% of electricity consumption in three west provinces -- Sichuan, Yunnan, and Qinghai -- according to the National Energy Administration (NEA)'s evaluation report. The share of renewables in the consumption mixes of most east coastal provinces, including Shandong, Jiangsu, and Zhejiang, is below 20%. In 2021, China's installed renewable generation capacity reached 1,063 GW, accounting for 44.8% of the nation's total generation capacity. The following figure shows the consumption of renewable energy in China over the expansion 2010-2021. The statistics are based on gross generation from renewable sources including wind, solar, geothermal, biomass and waste.

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In 2019, the State Grid Corporation of China announced a new initiative to develop microgrids under the rationale of a non-wire alternative, to provide reliable electricity to all customers. Government initiatives to promote the use of renewable energy in industrial parks are also increasing the development of microgrids. In China, ~240,000 sites have been identified as suitable for microgrids to carry out weak feeder upgrades. The Chinese government has also been promoting the development of microgrids through various policies and initiatives, such as the "Internet Plus" action plan and the "13th Five-Year Plan for Electric Power Development". These policies aim to encourage the integration of renewable energy sources, enhance energy efficiency, and improve the reliability and stability of the power supply.

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This release was published on openPR.