Swift industrialization together with increased demand for power is expected to boost growth avenues in the global microgrids market in the forthcoming years, states a new research report by TMR. The study highlights that the market is estimated to expand at a solid CAGR of 11% throughout the forecast period 2018–2026. Thus, the market is all set to garner the valuation of around US$ 118.8 bn by the end of 2026.
Microgrid refers to a localized grid with an ability to connect and disconnect with conventional utility grids in order to offer superior level of grid resilience and reliability. Thus, microgrid works as an interconnection between loads within well-defined electric boundaries and distributed energy sources. Owing to the ability of microgrids being operated autonomously, they are increasingly utilized throughout major grid failures. Thus, the device assists in mitigating risks occurring due to grid failures and disturbances. Based on connectivity, there are two products, namely, grid-tied (grid-connected) and off-grid, available in the global microgrids market.
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Diverse Advantages of Microgrids Help in Fueling Market Demand
Microgrids are gaining traction owing to a wide range of advantages they offer. Integration of distributed energy generation sources including renewables, integration of several smart grid technologies, and grid modernization are some of the key advantages of microgrids. Apart from this, the device assists in providing local loads with the help of local power sources. This allows for minimizing distribution and transmission losses, and thereby achieving increased overall efficiency of system.
Microgrids work as a helpful tool to macrogrids as they can handle the power inconsistencies from regional renewable sources and provide ancillary services to bulk power systems and sensitive loads. Owing to all these advantages, there is extensive growth in the product utilization across varied applications such as community and utility, campus and institution, defense and military, remote island, and commercial and industrial sectors. This scenario is expected to generate promising sales avenues in the global microgrids market in the forthcoming years.
Increased Microgrids Use during Critical Weather Conditions Fuels Demand Avenues in Market
Many times, macrogrids have to deal with the issue of grid instability during the critical weather conditions as well as in natural disaster situations. In this scenario, microgrid work as a helpful tool. On-site microgrid systems are gaining traction owing to their capability to be used during floods, earthquakes, and tornadoes. Apart from this, these systems are increasingly utilized as substitutes for traditional grids during power outage. The government bodies of many countries from all across the globe are growing focus toward the strategic use of microgrids near hospitals, pharmacies, gas stations, grocery stores, and police stations so as to deal with various emergency situations.
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Asia Pacific: Prominent Growth Region for Microgrids Market
On the basis of regional aspects, the global microgrids market is spread across many regions including Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Among all regions, Asia Pacific is one of the key regions offering prodigious expansion avenues for vendors in the microgrids market. This regional growth is attributed to many factors such as low electrification rate, low grid connectivity, and increased demand for power in Asia Pacific. The market is estimated to gather lucrative avenues in the upcoming years on the back of rapid urbanization and industrialization across many countries including India and China.
The nature of the global microgrids market seems to be fairly fragmented with presence of many well-entrenched enterprises in it. This also highlights that the competitive landscape is highly intense. General Electric, Siemens AG, ABB Group, S&C Electric Company, Engie Group, Schneider Electric SE, Echelon Corporation, Honeywell International Inc., Toshiba Corporation, Pareto Energy Limited, Power Analytics Corporation, and Duke Energy Corporation are some of the key participants of the global microgrids market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Microgrids market (Connectivity - Grid tied (Grid connected), Off grid; Application - Campus and Institution, Community and Utility, Commercial and Industrial, Defense and Military, Remote Island) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
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