Microgrid Market Forecast 2014 – 2020
A surge in demand for electricity from all corners of the globe is projected to propel the global microgrid market to develop at an impressive 20.7% CAGR from 2014 to 2020, states Transparency Market Research in its latest report. The study, titled “Microgrid Market – 2014 – 2020”, forecasts that in terms of revenue, the global microgrid market will rise from US$9,841.8 million in 2013 to US$35,186.0 million by 2020. The worldwide microgrid capacity was pegged at 3,600.0 MV in 2013, which is predicted to reach 9,347.6 MV in 2020.Microgrid products are of two main types: Remote (off-grid) or grid-tied (grid-connected). Grid-tied microgrids dominated the overall market thanks to frequent power outages, spike in electricity cost, and government support for renewable energy sources such as wind, solar, and geothermal. The off-grid microgrid segment is primarily driven by the lack of grid connectivity in rural areas. In addition, advancement in energy storage technologies has boosted the remote microgrid market.
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Microgrid has numerous applications, a factor that works in favor of the growth of the global market. Some of the major application areas of microgrid are community and utility, campus and institutions, defense and military, commercial and industrial, and remote islands. Government funding for the promotion of developing renewable energy sources at campuses and institutes has made it the dominating application segment of the microgrid market. While the remote islands segment is anticipated to register the highest growth rate by 2020, the defense and military segment is likely to gain importance in North America owing to the need for improved energy reliability and security.
On the basis of region, the global microgrid market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Thanks to growing adoption of microgrid in the military as well institute segments, North America was the largest market for microgrid in 2013. Asia Pacific is not only the second-largest microgrid market but has also been identified as the most rapidly expanding regional segment. The Asia Pacific market is fueled by the rapid industrialization in emerging economies such as China, Japan, and India where escalating demand for power, rise in R&D spending, and unmet grid infrastructural needs are driving the market for microgrid. Conducive policy frameworks and regulations are likely to facilitate growth in regions that yet to or have just begun to invest in the microgrid market. Major vendors in the microgrid market include Viridity Energy, Inc., S&C Electric Company, Echelon Corporation, Honeywell International, Inc., ZBB Energy Corporation, GE Energy Management, Pareto Energy, Toshiba Corporation, Power Analytics Corporation, Siemens AG, Schneider Electric, ABB, and Chevron Corporation.
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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
- Asia Pacific
- Rest of the World (RoW)
Browse Press Release Of Microgrid Market http://www.transparencymarketresearch.com/pressrelease/microgrids-market.htm
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