Microgrid Market to witness over 19% growth from 2017 to 2024
SELBYVILLE, Del., Jan. 11, 2018 /PRNewswire-iReach/ — Microgrid Market share is set to reach USD 19 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Favorable government norms pertaining to integration of renewable energy technology coupled with ongoing measures to electrify rural and urban areas will foster the microgrid market share. Power reliability, economic competitiveness, relatively low power cost and reduced T&D losses are some of the key parameters which will boost the product adoption. In addition, growing off-grid networks across the developing nations will further complement the business outlook.
The U.S. microgrid market size is set to reach over 2 GW by 2024. Growing deployment of sustainable energy sources to reduce the dependence on existing electric networks will positively encourage the industry dynamics. Increasing investments across clean energy sources in the country will further propel the business landscape. According to IEA in 2016, the U.S. invested over USD 250 billion toward development of various energy sources across the nation.
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Deployment of captive power generation as a key alternative to the regulated electricity supply in industrial sector will positively impact the business growth. Regulatory inclination to maintain central grid stability coupled with growing measures toward security of power supply will fuel the microgrid market. Rapid technological advancements in line with the development of efficient energy storage systems and control distribution units will further complement the industry outlook.
Natural gas as a fuel is set to witness strong growth on account of increasing exploration of unconventional sources across the U.S., China and Russia. Ongoing adoption of fuel as a low emission substitute to conventional source will foster the microgrid market. In August 2016, Capstone Turbine signed a deal with the government of China to supply microturbine for 10 MW microgrid network.
Utility microgrid market is set to grow owing to the rapid industrialization and urbanization across the emerging economies. Escalating high-end electricity consumption backed by the presence of new HVAC and heavy load machinery systems in the industrial sector will foster the business growth.
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Flow battery in 2016, accounted for over 5% of the global microgrid market share. High-end investments toward integration of clean energy technologies along with technological advancement catered to the development of cost-effective energy storage solutions will augment the industry size. Longer life cycles along with higher efficiencies as compared to its competitive counterparts will further complement the product outlook.
Rising concerns toward energy security coupled with increasing adoption of sustainable energy sources will stimulate the Japan microgrid market. Government backed extensive research and development projects along with implementation of virtual private networks (VPPs) to mitigate emergency crisis will further embellish the business outlook. In 2017, Panasonic in collaboration with Japanese Ministry of Economy, Trade and Industry planned to build Solar PV powered microgrid to provide electricity to 117 homes in western Japan.
Eminent players across the microgrid market include ABB, Schneider Electric, Siemens, Advanced Microgrid Solutions, Emersion, GE Alstom, Honeywell, EnSync Inc, Caterpillar, Viridity Energy Inc, Lockheed Martin Corporation, Exelon Corporation and Power Analytics Corporation.
Browse key industry insights spread across 300 pages with 798 market data tables & 12 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:
Chapter 6. Microgrid Market, By Power Source
6.1. Microgrid market share by power source, 2016 & 2024
6.2. Diesel generators
6.2.1. Market estimates and forecast, 2013-2024
6.2.2. Market estimates and forecast, by region, 2013-2024
6.3. Natural Gas
6.3.1. Market estimates and forecast, 2013-2024
6.3.2. Market estimates and forecast, by region, 2013-2024
6.4. Solar PV
6.4.1. Market estimates and forecast, 2013-2024
6.4.2. Market estimates and forecast, by region, 2013-2024
6.5.1. Market estimates and forecast, 2013-2024
6.5.2. Market estimates and forecast, by region, 2013-2024
6.6.1. Market estimates and forecast, 2013-2024
6.6.2. Market estimates and forecast, by region, 2013-2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/microgrid-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, email@example.com
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SOURCE Global Market Insights, Inc.