January 13, 2020
According to the research report titled ‘Microgrid Market Size By Connectivity (Grid Connected, Off-Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the global microgrid market is expected to register 13 GW of annual installations by the year 2026.
According to the report, the microgrid market is expected to register considerable growth owing to growing demand for uninterrupted power supply, reliability of power source, and escalating investments in distributed generation technologies. Shifting preferences towards natural gas-based energy generation source in tandem with favorable government initiatives to provide electricity in rural areas are aiding the expansion of the market. Furthermore, rapid industrialization and urbanization are augmenting the demand for microgrid connectivity across the globe.
Favorable government policies such as investment tax credits, tax rebates, subsidies, and FITs are promoting the adoption of solar PV as a power source. This factor along with decreasing prices of components and rising R&D activities in order to optimize product efficiency and operational flexibility are stimulating the industry outlook.
In terms of storage type, the report cites that lithium-ion batteries segment of microgrid market will grow substantially during the forecast period. Lithium-ion batteries offer longer life cycle and efficient performance of electric vehicles and electronics.
Based on the application spectrum, the report cites that scarcity of power, voltage fluctuations, and grid failures are enhancing the demand across the remote application segment of microgrid market. Increasing deployment of distributed generation technology along with surging need for sustainable grid networks are also fueling the segmental growth. Increasing investments in food & beverage and chemical industry and rising R&D activities are facilitating the business scenario.
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As per regional analysis, the report states that Asia-Pacific microgrid market is predicted to expand with a CAGR of 22% during the period of 2020-2026. Surging investments in development of urban and industrial areas in consort with rising federal initiatives which encourage electrification of rural and remote areas are contributing towards the popularity of the microgrid connectivity solutions across the region.
The prominent companies operating in microgrid market are Tesla, Viridity Energy Solutions Inc., Advanced Microgrid Solutions, Toshiba Corp., Exelon Corp., Honeywell International, Hitachi, Lockheed Martin Corp., EnSync Energy Systems, Homer Energy LLC, Caterpillar Inc., ABB, Schneider Electric SE, GE Alstom, Siemens AG, and Eaton Corp.
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