Microgrid Market Expected to Witness High Growth over the Forecast Period 2018 – 2024

Selbyville, DE -- (SBWire) -- 02/18/2019 --Market Study Report, LLC's, latest study on 'Microgrid market' features a holistic view of the market size, market share, profit estimates, SWOT analysis and the regional landscape of the business. The report precisely expounds key challenges and future growth prospects of the market, while highlighting the current competitive scene and analyzes the expansion strategies adopted by leading market players.Growing off-grid networks across developing nations will complement the microgrid market outlook in next few years. 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. Global microgrid market will exceed USD 19 billion by 2024, according to a new research report.

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The U.S. microgrid market 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.

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.

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. 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.

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Global 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:

Global Microgrid Market, By Connectivity

Grid connected

Off grid

Global Microgrid Market, By Grid

AC microgrid

DC microgrid

Hybrid

Global Microgrid Market, By Power Source

Diesel generators

Natural gas

Solar PV

Combined Heat & Power (CHP)

Others

Global Microgrid Market, By Storage Device

Lithium-ion

Lead acid

Flow battery

Flywheel

Others

Global Microgrid Market, 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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Some of the Major Highlights of TOC covers:

Chapter 1: Methodology & Scope

Definition and forecast parameters

Methodology and forecast parameters

Data Sources

Chapter 2: Executive Summary

Business trends

Regional trends

Product trends

End-use trends

Chapter 3: Microgrid Industry Insights

Industry segmentation

Industry landscape

Vendor matrix

Technological and innovation landscape

Chapter 4: Microgrid Market, By Region

Chapter 5: Company Profile

Business Overview

Financial Data

Product Landscape

Strategic Outlook

SWOT Analysis

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