September 09, 2021
According to the recent research report titled ‘Asia Pacific Microgrid Market Forecast 2027 By Storage Device, By Connectivity, By Grid Type, By Source, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific microgrid market is projected to record robust CAGR through 2027.
Surging demand for uniform electrification from consumers and end-user industries is propelling Asia Pacific microgrid market growth, cites the study.
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Several industries are on the lookout for renewable energy sources to reduce their reliance on fossil fuels. Increased awareness of negative environmental consequences of burning fossil fuels has led to this transition. Various initiatives are underway to build regional and medium-scale energy infrastructure to meet the requirement for microgrid networks.
Moreover, governments through the region are enacting severe regulations in order to reduce their carbon footprint, as well as are introducing advantageous policies such as tax incentives and feed-in tariffs to encourage businesses to use green technologies to electricity demands.
Based on storage device, Asia Pacific microgrid market share from flywheels segment is predicted to witness a significant growth over the coming years. The surge can be credited to strong demand among end-users due to the product’s high reliability and efficiency in storing renewable energy. When compared to some of its contemporaries, flywheels have a longer lifespan and reduced environmental impact, which adds to its popularity.
Regionally, microgrid industry in India is anticipated to grow at a significant rate in the next six years, owing to rapid industrialization, commercialization, and urbanization, that are boosting demand for reliable electricity. Further, the government’s inclination towards introducing renewable energy sources for environmental benefits is adding to the regional market growth. Frequent power outages in the country, in tandem with demand for electricity are fostering the product adoption.
Meanwhile, the Chinese government has pledged to cut its carbon footprint per unit of GDP by about 60-65%between 2005 and 2030. This significant step will boost the deployment of sustainable microgrid technologies in China.
Major contenders influencing Asia Pacific microgrid market trends are Hitachi Ltd., Global Microgrid Technologies Ltd., Toshiba Corporation, Hitachi ABB Power Grids, Schneider Electric SE, General Electric Company (GE), Siemens AG, and Eaton Corporation.