The
global microgrid market stood at US$9.8 bn in 2013 and is expected to
reach US$35.1 bn by 2020. It is expected to expand at a whopping CAGR
of 20.70 % between 2014 and 2020.
In-depth
research report on Microgrid
Market with Full
TOC at :
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As
per the report, the global microgrid market is fuelled by the
economic development and the rapid industrialization witnessed
globally. In addition, the technical, direct and indirect economic,
social, and environmental advantages related to the usage of
microgrids will further stimulate the market. The factors such as the
growing demand for energy and the development in the technologies of
renewable energy have also impacted the market positively. On the
other hand, the factors such as the absence of an adequate regulatory
framework and the increasing cost of development along with
operational challenges are amongst the chief factors that may pose a
negative impact on the growth of the market for microgrids.
On
the basis of product, the market is segmented into remote (off-grid)
and grid-tied (grid connected). Amongst these, grid-tied microgrids
are able to operate with or without a connection with the main grid,
while off-grid microgrids are autonomous systems manufactured for
utilization within areas that lack proper grid infrastructure.
On
the basis of application, the microgrid market is segmented into
community and utility, campus and institutions, defense and military,
commercial and industrial, and remote islands. Amongst these, the
segment of campus and institutions is predicted to lead the market in
the forecast horizon. This is owing to the rising government funding
to enable growth of renewable energy sources at institutions and
campuses. On the other hand, as per the report, the demand for
microgrids within remote islands will rise at a swift rate in
forthcoming years.
In
terms of geography, the microgrid market is segmented into Europe,
North America, Asia Pacific, and Rest of the World (RoW). The segment
of defense and military is poised to be the biggest user of
microgrids and is predicted to fuel growth within the region of North
America. This is due to the requirement for enhanced energy
reliability and security within the defense and military sector of
this region. On the other hand, the regions of Europe and Asia
Pacific are also likely to use microgrids extensively in the coming
years. This is due to the increasing count of investments made for
restructuring energy mixes. In addition, the backing from supportive
regulatory policies will also fuel the demand for microgrids within
these two regions.
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As
per the report, the nations that haven’t invested in microgrids as
yet will emerge as chief targets for the prime players operating in
the market in forthcoming years. Viridity Energy, Inc., Schneider
Electric, S&C Electric Company, Honeywell International, Inc., GE
Energy Management, ABB, Echelon Corporation, ZBB Energy Corporation,
Toshiba Corporation, Pareto Energy, Siemens AG, Chevron Corporation,
and Power Analytics Corporation, among others are the key players
dominant in the market for microgrids.
Global
Microgrid Market: Product Segment
- Grid-tied (Grid Connected)
- Remote (Off-grid)
Global
Microgrid Market: Application Segment
- Campus and Institutions
- Community and Utility
- Commercial and Industrial
- Defense and Military
- Remote Islands
Global
Microgrid Market: Regional Analysis
- North America
- Europe
- Asia Pacific
Rest
of the World (RoW)
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Article Of Microgrid Market :
http://www.transparencymarketresearch.com/article/microgrids-market.htm
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