Microgrid Technology Market 2018 Analysis, Opportunities and Growth, Forecast to 2023


Posted September 10, 2018 by rahulwgr123

Global Microgrid Market Information, by End-User (Industrial, Education, Healthcare, Military & Defense, Electric Utility), by Type (Off Grid, Hybrid Grid, Smart Grid) by Forecast 2022
 

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September 10, 2018 — Microgrid - Overview
A microgrid system is a type of discrete energy systems that includes appropriated energy sources, and power loads and provides power to residential, commercial, industrial & government consumers. The main purpose of microgrid is to provide affordable energy for rural and urban areas during emergency. The microgrid can be charged through batteries, distributed generator, and renewable source of energy. The microgrid systems are the compact version of traditional power grid as it provides efficient power and can be integrated with renewable sources of energy such as solar, wind, geothermal, and others. The microgrid even operates independently during the time of the primary grid failure.
The advantages of Microgrid Market system over conventional power grid system includes power quality, dependability and security for end user, improves the coordination of distributed and renewable power sources, limit carbon footprints, and generate clean energy without affecting the environment, reduces the greenhouse gas emission. This is one of the major factors that is driving the microgrid market globally. Similarly, rising awareness among the consumer about the renewable sources of energy is also fuelling the market growth. The increase in the pollution is a major challenge faced by many countries. To reduce these challenges, governments of different nations are taking initiative to generate power through renewable source of energy such as utilization of solar panels to convert solar energy into electricity and reduce the pollution caused by production through conventional technique. This will eventually reduce the pollution to a certain level caused due to traditional power grid. According to Victoria State Government, it will contribute USD 10 million to develop and implement projects utilizing microgrid models, the project will be completed by the year 2021. This will result to provide more reliable source of power. However, high cost for installation of microgrid and economic constraints is projected to hinder the growth of microgrid market.
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Microgrid Key Companies Analyzed Are:
The prominent players in the market of microgrid market is – Lockheed Martin Corporation (US), ABB, Ltd. (US), Anbaric (US), S&C Electric Company (US), Homer Energy LLC (US), Microgrid Energy LLC (US), Power Analytics Corporation (US), Siemens AG (Germany), Eaton Corporation PLC (Ireland), General Electric Company (US) and others.
Microgrid - Segmentation
Based on type, the market is segmented into off grid, smart grid, hybrid grid, others
On the basis on end users, the market is segmented into healthcare, education, industrial, military & defense, electric utility, and others
Based on Region, the market is segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World
Microgrid - Regional Analysis
The regional analysis of global microgrid market is being studied for region such as Asia–Pacific, North America, Europe and rest of the world. North America dominates the global microgrid market during the forecast period. US among other countries in North America hold the largest market share for microgrid product due expanding microgrid limit among other provincial economies. Additionally, the developing industrialization and necessity of viable jolt in the area is fuelling North America predominance in the microgrid market. In Europe, with increasing investment by government & key companies to improve energy security and reliability is one of the factor for the growth for microgrid market in the region. Similarly, Asia-pacific is the fastest growing region due to presence of economies such as China, Japan, India, South Korea and others. The Asia-Pacific region is growing due to growing government initiatives for creating awareness about renewable energy sources among the consumers and high demand of microgrid machines in military & defense sector is fuelling the market.
Industry News
In November 2016, Siemens and the US-based LO3 Energy formed a strategic alliance
The US-based LO3 Energy and Siemens formed a strategic alliance for the development of microgrid. The primary intention of this partnership is to develop microgrid that permits energy trading by block-chain technology.
In November 2016, ABB Ltd. and IIT Madras formed a strategic partnership
For enhancing the performance of microgrid and its consumption for increasing electricity supply to remote areas ABB Ltd. and IIT Madras formed a strategic alliance. This initiative is expected to play a significant role in increasing the usage of the product in isolated locations of India over the next eight years. The formation of strategic partnerships with research institutes is expected to remain a key critical success factor over the next eight years.
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Target Audience:

Raw material providers
Microgrid system manufacturers
Energy storage providers
Hardware providers
Research & consultancy
Government & utilities
End-user sectors
Technology investors

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Categories Business , Semiconductors , Technology
Tags MicroGrid Market
Last Updated September 10, 2018

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