The Report Microgrid Market
Analysis By Power Source (Natural Gas, Combined Heat & Power (CHP), Solar
PV, Diesel, Fuel Cell), By Product (Remote, Grid Connected, Hybrid), By
Application, And Segment Forecasts, 2018 - 2025
The global microgrid market is expected to reach USD
17.51 billion by 2025, growing at a CAGR of 17.0%, according to a new report by
Grand View Research, Inc. The improvement in manufacturing sectors of emerging
markets including Mexico, China and India as a result of favorable government
policies to attract investments is expected to promote market growth.
Microgrid differs from
conventional electrical distribution system as it acts a close proximity medium
between the power generation and power consumption sources which results in
increasing efficiency and reducing transmission losses. These systems perform
dynamic control over energy sources by enabling autonomous as well as automatic
self-healing operations.
Rising importance of
captive electricity generation as a key alternative to the regulated power
supply by municipal regulators in mining and mechanical engineering sectors is
expected to have a strong impact. Furthermore, rising production output of
unconventional sources including shale gas in the U.S. and Canada as a result
of high utilization of fracking technology is expected to ensure access of
natural gas as a power source over the next eight years.
Access Research Report of Microgrid
Market@ https://www.grandviewresearch.com/industry-analysis/microgrid-market
Further key findings from the report suggest:
· The global microgrid demand was stood at
1.48 GW in 2016 and is projected to reach 6.54 GW by the end of 2025, expanding
at a CAGR of 16.3% from 2017 to 2025.
· Remote microgrid market demand was 568.2 MW
in 2016. The segment is expected to foresee tremendous gains owing to the
upcoming installation of new projects in Arctic circle, Russia
· Natural gas is expected to witness revenue
growth at a CAGR of 18.1% from 2017 to 2025. The governments of Russia and
Syria signed Russia-Syria Offshore Gas Deal which is aimed for exploration and
production of natural gas in Syrian Coast. The abovementioned favorable trends
in natural gas industry of Russia is expected to open new markets.
· Utility is projected to account for 9.6% of
global volume share by the end of 2025 as a result of increasing power demand
amid the inclusion of new HVAC and heavy load machinery in manufacturing sector
· North America is expected to account for
71.4% of global revenue by the end of 2025. The increasing number of new solar
PV microgrids for utility in Northeast and West regions of the U.S. is expected
to have a positive impact.
· Key vendors include Siemens AG, Exelon, GE,
Lockheed Martin Corporation, Lockheed Martin Corporation, ABB Group, Power
Analytics, Toshiba Corporation, Honeywell International Inc, ZBB Energy
Corporation, Echelon Corporation and Schneider Electric. In November 2016,
Exelon launched five new microgrids at USD 250 million through the assistance
with Anarbic. This launch is anticipated to play a crucial role in increasing
the market share of Exelon in global industry over the next eight years.
Grand View Research has
segmented the global microgrid market on the basis of power source, product,
application, and region:
Microgrid Power Source Outlook (Volume, MW; Revenue, USD
Million; 2014 - 2025)
·
Natural Gas
·
CHP
·
Solar PV
·
Diesel
·
Fuel Cell
·
Others
Microgrid Product Outlook (Volume, MW; Revenue, USD
Million; 2014 - 2025)
·
Remote
·
Grid connected
·
Hybrid
Microgrid Application Outlook (Volume, MW; Revenue, USD
Million; 2014 - 2025)
·
Government
·
Education
·
Commercial
·
Utility
·
Defense
·
Others
Microgrid Regional Outlook (Volume, MW; Revenue, USD
Million; 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
