Microgrid Market Current Competitive Dynamics by 2025

Global Microgrid Market: Overview

A microgrid differentiates itself from traditional grid with its capability to work independently as a local energy grid during crisis times such as power outages and storms. Apart from providing a grid backup, microgrids can work to connect to unreliable or small-sized local resources, cut costs, and become more environment-friendly at times. Microgrids can operate indefinitely depending on the management of its fuel and other requirements. Renewable resources such as solar panels, batteries, and distributed generators can be employed to power microgrids.

Request Sample Copy of the Report @

https://www.tmrresearch.com/sample/sample?flag=B&rep_id=2066

Global Microgrid Market: Key Trends

The world microgrid market could expand at a double-digit CAGR during the forecast years as a result of a swelling demand from remote electrification projects undergoing expansions and economies concentrating on innovations. However, the world market is anticipated to experience a slowdown in growth on account of high initial cost of installation and the connection of multisite microgrids bordered by utility franchise rights. Nonetheless, market players can possibly make progress against the trials with opportunities birthed in various types of segmentation.

Remote or island microgrids are expected to grow in significance and vitally benefit the world microgrid market due to the decrease in power generation cost when compared to centralized power grids. Besides this, less generation of heat and smog and other environmental benefits coupled with a substantial drop in the prices of wind power and solar photovoltaic (PV) sources are predicted to help the remote or island microgrids market grow remarkably.

The soaring acceptance witnessed in the global microgrid market for software across utilities, municipalities, commercial and industrial sites, and university campuses is prognosticated to decently benefit manufacturers. With the help of load and weather forecasting, software as a service (SaaS) can allow the dynamic control and management of distributed energy resources.

Request TOC of the Report @

https://www.tmrresearch.com/sample/sample?flag=T&rep_id=2066

Global Microgrid Market: Market Potential

Not-for-profit open standards enterprise, EMerge Alliance has received business from one of the largest solar trade shows in North America, i.e. Solar Power International (SPI), to expand its footprint. The business expansion will incorporate microgrid ecosystems and a complete smart building in its Smart Energy Microgrid Marketplace. The facility will exhibit an ultimate connection between smart energy products and solar power with a fully-functioning live microgrid and associated products such as electric vehicle charging, automation products, and energy management systems. The SPI 2017 Smart Energy Microgrid Marketplace to be held at Mandalay Bay Convention Center, Las Vegas Nevada in September is also expected to showcase solar panel manufacturers and energy storage providers.

Global Microgrid Market: Regional Outlook

Foreseen to rise at a higher CAGR, the Asia Pacific microgrid market could gain an upper hand in the industry as players as well as regional governments take several initiatives to magnify the adoption of microgrid solutions. Other geographies such as Rest of the World, Europe, and the Americas are foretold to emerge as key markets for players to capitalize on. Howbeit, it all depends on how the regional markets face the odds and leverage the opportunities made available by the driving factors taking precedence therein.

Read Comprehensive Overview of Report @

https://www.tmrresearch.com/microgrid-market

Global Microgrid Market: Competitive Landscape

Exelon Corporation, Siemens AG, Eaton Corporation PLC, General Electric, and ABB Ltd. are some of the dominating companies making their presence known in the global microgrid market. For the purpose of enhancing their revenue base, market players are envisaged to consider strategic expansions and launch of novel products. An integrated solar diesel microgrid was commissioned to be installed in Johannesburg, South Africa by ABB at its Longmeadow facility of 96,000 m2 capacity. The solution is aimed at covering all planned and unplanned power outages by ensuring an uninterrupted power supply with the help of off-grid and fully grid-connected functionalities.

Integration of Microgrids with Renewable Power Sources Exciting Proposition

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.

Get Sample Copy of this Report

https://www.tmrresearch.com/sample/sample?flag=B&rep_id=2066