Microgrid Market size to exceed USD 38bn by 2026

Microgrid Market size is expected to surpass USD 38 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

The global market outlook is anticipated to witness significant growth on account of upsurge in demand for reliable and constant electricity supply along with integration of sustainable energy technologies. Improved energy efficiency, reliability, security, reduced energy consumption, voltage control, congestion relief and cost-efficient power infrastructure are some of the key features favoring the microgrid market growth. In addition, integration of distributed power generating sources coupled with ongoing government initiatives to electrify remote and rural areas will boost the industry growth. Furthermore, accelerating demand for captive power plants owing to development of industrial and manufacturing sector will positively influence the product demand.

 

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Government backed electrification programs across remote areas will propel the microgrid industry growth

Lack of effective electric networks, current lags, voltage fluctuations and grid failure have been certain primary concerns driving the remote microgrid industry outlook across developing regions. Regulators have been predominantly integrating programs and initiatives to establish a sustainable electric network across these areas. Henceforth, distributed generation technologies along with growing energy demand across isolated locations will positively influence the industry dynamics. In addition, increasing investments for development manufacturing and commercial sector along with extensive research & development activities toward off-grid power infrastructure will provide favorable opportunities for business expansion. The industry players are investing aggressively for microgrid optimization, lower emissions and fuel efficiency in order to meet government targets and provide sustainable solutions for the end consumer.
 

Solar PV as a power source is set to grow on account of favorable regulatory policies

The solar PV microgrid industry subject to the ongoing proliferation across the solar industry is set to witness an appreciable progression in the years to come. Favorable regulatory norms including subsides, FIT, tax rebates, leveraging schemes and investment tax credits have significantly soared solar deployments. The industry subject to bulk manufacturing practices adopted by leading market players along with rigorous R&D activities to enhance the product efficiency and operational flexibility has witnessed an appreciable escalation.
 

Browse key industry insights spread across 440 pages with 798 market data tables & 34 figures & charts from the report, “Microgrid Market Size By Connectivity (Grid Connected, Off-Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/microgrid-market

 

Lithium-ion batteries driving the microgrid market revenue

The lithium-ion technology owing to effective and efficient performance along with improved life cycle in comparison to its counterparts has witnessed an extensive penetration across the industry. In 2018, the U.S. invested over USD 25 Million towards the development and integration of improved and enhanced lithium ion technology across its national power grid. The nation aims at the development of reliable and efficient large-scale grid storage technology in the years to come. Henceforth, rapid technological flourishment across the storage technology will considerably drive the industry growth.
 

Growing industrial sector across the developing nations is set to drive Asia Pacific microgrid market trends

Favorable regulatory reforms and increasing investments toward rural electrification mainly across India, Philippines and Malaysia has provided opportunities for business expansion. In addition, with the growth of emerging economies, the regulatory authorities are focusing toward achieving 100% electrification rate and have laid down regulatory measures to achieve these targets. Moreover, the developed economies across the region including Japan, China and South Korea are focusing more toward energy security and renewable energy integration to provide long term benefits. The respective government across the nations are ensuring energy security by developing plans at national level and promoting renewable energy sources. In addition, the governments of several nations have been looking for viable options to ensure energy security, reduce GHG emissions, and providing electricity to remote areas.
 

Key industry participants operating across the microgrid market includes ABB, Caterpillar, Siemens, Advanced Microgrid Storage, Exelon, EnSync, Schneider, Viridity Energy, Homer Energy LLC, Honeywell and Lockheed Martin. Inorganic growth ventures and partnerships are few key strategies adopted by the in companies. Declining capital cost and economies and scale in long run will led to favorable opportunities for business expansion.
 

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