Global Microgrid Market Size to surpass $19bn by 2024

Microgrid Market size is predicted to surpass USD 19 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
 

Rising need for energy management, improvement in the existing technology and ongoing measures to electrify urban & rural areas will augment the microgrid market size. Introduction of numerous grant programs along with favorable regulations owing to reduced emissions is set to influence the industry landscape. For instance, in 2018, incentive programs worth USD 50 million were introduced in the U.S. aiming at commercialization of microgrids.


 

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Off grid market size was valued over 1 billion in 2016. Economic competitiveness, low power consumption cost along with reduction in energy loss will encourage the product adoption. Moreover, government norms and mandates owing to integration of renewable technology for combating GHG emissions will drive the microgrid market scenario. For instance, the introduction of Microgrid Bill (SB 1339) in 2018 is projected to boost the project developments in California.
 

Microgrid Market

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Russia is anticipated to grow on account of large-scale development of Distributed Energy Resources (DER) coupled with transition from the conventional power systems. Reduction in the cost of power grids, improved energy efficiency and low electricity prices are some of the crucial factors driving the adoption of these systems. Moreover, increasing investments in the power sector along with ongoing R&D activities in the manufacturing industry will further drive the microgrid market penetration.
 

Natural gas will witness growth owing to an upsurge in exploration of unconventional resources across the economies. Widespread adoption of gas as an alternate fuel on account of transportation through underground pipelines along with enhanced efficiency will foster the industry landscape. Ongoing technical enhancements in line with the advancement of efficient energy storage systems & control distribution units is further set to strengthen the industry outlook.
 

Browse key industry insights spread across 509 pages with 798 market data tables & 35 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 (U.S., Canada, Mexico, Germany, France, UK , Russia, Spain, Italy, Denmark, China, Japan, South Korea, India, Australia, Indonesia, Brazil, Argentina, Chile, Saudi Arabia, UAE, South Africa, Iran, Nigeria), Application Potential, Competitive Market Share & Forecast, 2017 – 2024 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/microgrid-market
 

Rapid urbanization and industrialization across the emerging economies along with growing high-end electricity consumption is anticipated to strengthen the utility microgrid industry share. Integration of clean energy into the grid coupled with enhanced security in extreme weather conditions will augment the product installation. In addition, ability to provide backup to the grids along with improved local energy delivery is set to foster the industry landscape.
 

China microgrid market valued over USD 800 million in 2016. Rising demand for decarbonization of the energy sector is the underline parameter driving the product penetration. Major factors including transformation in the structure of power supply and increasing renewable energy development technology comprising intelligent distribution network & microgrid is set to stimulate the business outlook.
 

Key players include Schneider Electric, ABB, Advanced Microgrid Solutions, Siemens, Emersion, EnSync Inc, GE Alstom, Caterpillar, Honeywell, Exelon Corporation, Power Analytics Corporation, Viridity Energy Inc and Lockheed Martin Corporation.
 

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The microgrid market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD Million from 2013 to 2024, for the following segments:

By Connectivity

  • Grid connected
  • Off grid

By Grid

  • AC microgrid
  • DC microgrid
  • Hybrid

By Power Source

  • Diesel generators
  • Natural gas
  • Solar PV
  • Combined Heat & Power (CHP)
  • Others

By Storage Device

  • Lithium-ion
  • Lead acid
  • Flow battery
  • Flywheel
  • Others

By Application

  • Healthcare
  • Educational institute
  • Military
  • Utility
  • Industrial/Commercial
  • Remote
  • Others

The above information is provided on a country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Russia
    • Spain
    • Italy
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Iran
    • Nigeria
  • Latin America
    • Brazil
    • Argentina
    • Chile

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