Microgrid Market Research Study for Forecast Period (2014-2020)
Around the world, governmentsare taking initiatives in setting up solar, biopower and wind energy farms, and increasingly concentrating on renewable energy resource based microgrids.Increased requirement ofenhanced technology for power generation and distribution, growing industrialization, government initiatives towards green energy, and a demand for secure andconsistent power supply are some of the factors driving the growth of microgrid market.
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However,monetaryobstructions, complication in land acquisition and registration of land for solar PV installation in rural areas, high primary cost of installation, huge investment required for integrating existing systems with microgrid, technological barriersetc. are some of the aspectsholding backthe microgridmarket in some regions.
The microgridmarket can be segmentedinto verticals, technology andtype. By verticals,the market can be categorized into public sector, healthcare, telecom and manufacturing. On the basis oftechnology,the market can be divided into various categories such as by power and component technology. Bytype,microgridmarket is segmented intooff-grid, connected grid and hybrid grid.
The microgrid market is expected to be a multi-billion-dollar market and to grow at a significant rate during the forecast period, from 2014 to 2020. At present, the market is led by North America owing to growing industrialization and electrification. However, it is expected to witness ahuge potential in emerging economies of Asia-Pacific regions, such as India, China and Australia.
Introduction of advanced solutions, collaboration with other organizations, joint ventures/partnerships,and acquisitions&mergers are a few strategies followed by key players operating in microgrid market, in order to outperform their competitors. For example, Toshiba Corporation acquired Consert Inc. in 2013, inorderto improve their distribution services and widen their global presence and customer base.Additionally, in November 2014, HOMER Energy LLC introduced HOMER Pro software, anupgraded version of their HOMER software,to set a global standard for microgrid designand analysis at initial stage.Further, its analysis tool mainly focuses on hybrid microgrids that are combined with multiple storage and renewable energy resources.
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Some of the key players in this market include Lockheed Martin Corporation, ZBB Energy Corporation, ABB Ltd., GE Digital Energy, Power Analytics Corporation, Consert Inc., Viridity Energy, Inc., S&C Electric Company, Chevron Energy, Toshiba Corporation,HOMER Energy LLC, Honeywell International Inc.,Microgrid Energy LLC and Siemens among others.
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