Microgrid Market Market Set to Witness an Uptick ~10% CAGR from 2016 to 2022.


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Global Microgrid Market Information, by End-User (Industrial, Education, Healthcare, Military & Defense, Electric Utility), by Type - Forecast 2022


            A microgrid system is a form of discrete energy system comprises of distributed energy sources, and power loads and provides power to commercial, industrial, and federal government consumers. The purpose of microgrid is to ensure local, reliable and affordable energy security for urban & rural civilizations. It can be charged by distributed generators, batteries, and renewable sources. Microgrid can be considered as a compact version of traditional power grid, however it differs from traditional power grids as it provides efficient power and is able to integrate with renewable energy sources such as solar, wind, geothermal, and combined heat & power systems. Furthermore, microgrid can operate independently and isolate its power generation nodes & tools from large grid at the time of the primary power grid failure.

 

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The benefits of microgrid system over traditional power grid system include power quality, reliability and security for end users, enhances the integration of distributed & renewable energy sources, enables smart grid implementation, and minimize carbon footprint & greenhouse gas emissions by maximizing clean local energy generation among others.

The major growth driver of microgrid market is the increasing need for secured & reliable power supply, growing awareness about renewable energy or green energy. Also, environmental benefits namely less heat generation, less smog, and slowing down of consumption of non-renewable resources after implementing renewable energy sources to produce power with the help of microgrid system, is also expected to fuel the microgrid market in upcoming future. However, high installation cost and economic constraints is projected to hinder the growth of Microgrid market.


Globally the market for Microgrid Market is expected to grow at the rate of more than ~10% from 2016 to 2022.

Key Players for Microgrid Market:-

 

Study Objective of Microgrid Market:

 


Segments for Microgrid Market:
Global Microgrid Market can be segmented as follows:
Segmentation by Types: off-grid, smart grid, hybrid grid, and others.
Segmentation by End-Users: Healthcare, education, industrial, military & defense, electric utility and others.

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Regional Analysis of Microgrid Market:
North America is expected to dominate the Microgrid market during the forecast period 2016-2022. U.S. among all other countries in North America holds the largest market share for microgrid products due to its increasing microgrid capacity among other regional economies. Also, the growing industrialization & requirement of effective electrification in the region is fuelling North America dominance in the microgrid market. In Europe, with growing investment by government & key players to improve energy security and reliability is increasing the growth for microgrid market in the region. Furthermore, Asia-Pacific is expected to be the fastest growing Microgrid market during the forecast period 2016-2022 due to rising government initiatives for creating awareness about renewable energy sources and high demand of microgrid machines in military & defense sector.

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Market Research Future

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Email: akash.anand@marketresearchfuture.com




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