San Francisco, California, January 24, 2018: The substantial rising adoption of distributed, decentralized, and embedded energy supply and generation network in various industrial and residential sectors is a key factor driving the microgrid market. In various parts of the world, the intensifying need for modular grid in the modern grid network to ensure a reliable and cost-effective supply of energy has bolstered the demand for microgrids. A new report penned by TMR Research, titled, “Microgrid Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025”, offers in-depth insights into the key growth dynamics and challenges, notable trends and emerging prospects, major technological advances, lucrative avenues, and the competitive landscape in various regions.
The pressing need for ensuring an affordable energy security for various communities, particularly in remote rural regions, has stimulated the demand for locally generated energy independent of the main electric grid. The marked potential of microgrid for ensuring a reliable supply of energy to rural communities in numerous emerging and developed economies is stoking its popularity. Of particular significance is the adoption of microgrid for a reliable source of supply in remote areas such as islands is accentuating the growth of the market.
Several factors add to the attractiveness of microgrid as a part of smart grid in several industrialized nations. The deployment of microgrids make the main grid less prone to outages and local disasters, on account of its modular nature. In addition, at times of peak demand or a primary power grid failure, microgrid serves as a potentially useful source of temporary supply without hampering the integrity of the main network. This also facilitates a faster repair and maintenance of the electric grids.
The benefit of integrating microgrid with a range of renewable energy sources such as solar, wind power, hydro, and geothermal, is a compelling proposition catalyzing the market’s growth. In addition, the flexibility of using alternative energy generation such as waste-to-energy and combined heat and power systems is a striking factor boosting its adoption.
However, the elevated cost of installation of microgrids may hamper its adoption in a number of regions. The use of microgrid is associated with the lowering of greenhouse gas (GHG) emissions and carbon footprint of various nations. In addition, the deployment of microgrids help these nations in expediting initiatives to modernize transmission and distribution system. The adoption of clean and renewable sources of energy, thus, would provide a robust fillip to the growth of the market. The decline in the prices of wind power and the increasing cost-efficiency of solar panels in several developing and developed nations are noteworthy trends aiding in the expansion of microgrid market. The growing adoption of software as a service (SaaS) in the management of distributed energy resources is a welcome trend accentuating the growth of the market.
Regionally, Asia Pacific is projected to be an attractive market and is rising at a prominent pace. Private players and governments in various economies are increasingly undertaking serious initiatives in modernizing the exciting network with microgrid. This is a vital factor contributing to the prominence of this regional market. Various countries of Europe and the Americas are anticipated to emerge as lucrative regions for market players in the coming years. These regions are witnessing a burgeoning adoption of renewable power.
Several players opt for strategic mergers and acquisitions and are expanding their geographic reach, in order to gain a better foothold in the market. A number of prominent players are focused on launching technologically advanced products and solutions in the grid network, in a move to stay ahead of others. Top players operating in the market include ABB Ltd., General Electric, Eaton Corporation PLC, Siemens AG, and Exelon Corporation.
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