Microgrid Market to Expand with Significant by 2025
A microgrid differentiates itself from traditional grid with its capability to work independently as a local energy grid during crisis times such as power outages and storms. Apart from providing a grid backup, microgrids can work to connect to unreliable or small-sized local resources, cut costs, and become more environment-friendly at times. Microgrids can operate indefinitely depending on the management of its fuel and other requirements. Renewable resources such as solar panels, batteries, and distributed generators can be employed to power microgrids.
Global Microgrid Market: Key Trends
The world microgrid market could expand at a double-digit CAGR during the forecast years as a result of a swelling demand from remote electrification projects undergoing expansions and economies concentrating on innovations. However, the world market is anticipated to experience a slowdown in growth on account of high initial cost of installation and the connection of multisite microgrids bordered by utility franchise rights. Nonetheless, market players can possibly make progress against the trials with opportunities birthed in various types of segmentation.
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Remote or island microgrids are expected to grow in significance and vitally benefit the world microgrid market due to the decrease in power generation cost when compared to centralized power grids. Besides this, less generation of heat and smog and other environmental benefits coupled with a substantial drop in the prices of wind power and solar photovoltaic (PV) sources are predicted to help the remote or island microgrids market grow remarkably.
The soaring acceptance witnessed in the global microgrid market for software across utilities, municipalities, commercial and industrial sites, and university campuses is prognosticated to decently benefit manufacturers. With the help of load and weather forecasting, software as a service (SaaS) can allow the dynamic control and management of distributed energy resources.
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Global Microgrid Market: Market Potential
Not-for-profit open standards enterprise, EMerge Alliance has received business from one of the largest solar trade shows in North America, i.e. Solar Power International (SPI), to expand its footprint. The business expansion will incorporate microgrid ecosystems and a complete smart building in its Smart Energy Microgrid Marketplace. The facility will exhibit an ultimate connection between smart energy products and solar power with a fully-functioning live microgrid and associated products such as electric vehicle charging, automation products, and energy management systems. The SPI 2017 Smart Energy Microgrid Marketplace to be held at Mandalay Bay Convention Center, Las Vegas Nevada in September is also expected to showcase solar panel manufacturers and energy storage providers.
Global Microgrid Market: Regional Outlook
Foreseen to rise at a higher CAGR, the Asia Pacific microgrid market could gain an upper hand in the industry as players as well as regional governments take several initiatives to magnify the adoption of microgrid solutions. Other geographies such as Rest of the World, Europe, and the Americas are foretold to emerge as key markets for players to capitalize on. Howbeit, it all depends on how the regional markets face the odds and leverage the opportunities made available by the driving factors taking precedence therein.
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Global Microgrid Market: Competitive Landscape
Exelon Corporation, Siemens AG, Eaton Corporation PLC, General Electric, and ABB Ltd. are some of the dominating companies making their presence known in the global microgrid market. For the purpose of enhancing their revenue base, market players are envisaged to consider strategic expansions and launch of novel products. An integrated solar diesel microgrid was commissioned to be installed in Johannesburg, South Africa by ABB at its Longmeadow facility of 96,000 m2 capacity. The solution is aimed at covering all planned and unplanned power outages by ensuring an uninterrupted power supply with the help of off-grid and fully grid-connected functionalities.
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