24th October 2019 – Global Microgrid
Market is anticipated to reach USD 17.51 billion by 2025. The Microgrid
is a combination of generation, distribution, transmission, and electricity and
used on a small scale as compared to the conventional Microgrid. Microgrids
produce power, and in doing so, decrease necessity of long distance
transmission lines and cut transmission damages.
The factors that propel the growth of
the microgrid industry include increasing demand for reliable and secure power
supply worldwide, government initiatives to reduce carbon footprint, and the
compensations of clean and cheap energy storage. On the other hand, there are
factors that may hamper the growth of the market including massive investment
essential for integrating existing systems with microgrid, high primary cost of
installation, solar PV installation in rural areas, and technical barriers.
Microgrid Market is anticipated to grow at a significant CAGR of 17.0% in the
upcoming period as the scope, product types, and its applications are
increasing across the globe.
Microgrid industry may be explored by
type, offering, consumption pattern, verticals, and geography. The market may
be explored by type as Remote/Island/Off-Grid, and Grid Connected. The
“Remote/Island-Grid” segment led the market in 2018 and is anticipated to
maintain its dominance by 2025 due to forthcoming installation of new schemes
in Russia, and Arctic circle.
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The Microgrid Market could be explored
based on offering as Services, Hardware, and Software. The “Software” segment
led the market in 2018 and is anticipated to maintain its dominance by 2025 due
to high acceptance of software across commercial and industrial sites,
university campuses, utilities, and municipalities. The industry may be
analyzed by consumption pattern as Semi-urban, Rural/Island, and
Urban/Metropolitan.
Microgrid industry may be categorized by
verticals as Healthcare, Educational Institutes, Military, Industrial,
Government & Utilities may be subdivided into Rural Electrification and
Urban Electrification, and Other verticals may comprise Data Centers, Telecom
Infrastructure (Cellphone Towers), and Electric Vehicles. The “Healthcare”
segment led the market in 2018 and is anticipated to maintain its dominance by
2025 owing to growing need for continuous power supply in the healthcare
domain, and Next-generation microgrids offer healthcare services the ideal
power source for sustaining operator involvement although enhancing energy
consumption.
North America accounted for the major
share of the Microgrid Market Size in 2017 and will continue to lead in the
forecast period. The factors that could be attributed to the growth includes
growing number of new solar PV microgrids for effectiveness in West and
Northeast regions of the U.S. is anticipated to have an optimistic influence.
Some of the key players that fuel the
growth of the microgrid industry comprise Exelon, GE, Lockheed Martin
Corporation, Siemens AG, Lockheed Martin Corporation, Power Analytics, ABB
Group, Schneider Electric, Honeywell International Inc, Toshiba Corporation,
Echelon Corporation, and ZBB Energy Corporation. The leading companies are
taking up partnerships, mergers and acquisitions, and joint ventures in order
to boost the inorganic growth of the industry.
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