Growing emission of toxic gases and extreme weather conditions is a major factor which drives the microgrid market.
Research and Markets forecasts the global microgrid market to reach $35 billion by 2022 with CAGR of 12% during 2016-2022.
Many factors such as low costs for clean energy, energy storage technologies in microgrids, the military searching another option for energy resources, and tremendous climate effects on the working processes of grids are the driving factors of the microgrid market says the research firm. Growing emission of toxic gases and extreme weather conditions is a major factor which drives the microgrid market.
Micro grids can be used to produce power from both renewable and non-renewable energy sources. In all over world, governments are taking initiatives in setting up of wind power plants for generation of wind energy, bio power farms, solar, and increasingly concentrating on renewable energy resources based micro grids. Government initiatives towards growing industrialization, green energy, and demand for safe and reliable power supply are some of the factors which driving the global microgrid market. More than 30% peoples in USA used solar based electricity. New York takes initiative and evaluated over 80 microgrid projects.
The global microgrid market is majorly segregated on the basis of application includes commercial, datacenter, industrial, military, residential and others. Further this market is segmented on the basis of attributes that is grid connected segment, off grid and hybrid segment. The continuously escalating demand for electrical power will result in rise in the number of operations of remote micro grid systems in the near future. On the basis of technology this market is divided into PV inverter, electrical switch gears, CHP technologies, smart meter and others.
Geographically, the global microgrid market is divided into North America, Europe, Asia Pacific and Rest of the World. Presently, military and remote systems are the two major market segments for the development of microgrid in the North America. The increasing number of initiatives from the US government for the execution of energy-efficient power solutions will fuel the market’s growth in the North American region. Europe is presently at a preliminary phase, but quick extension has been anticipated soon in this region also. Research and Markets notes that Asia Pacific region has been mounting a faster pace owing to increase in energy power demand with the increase in population.
There are some key market players of the global microgrid market such as General Electric, Eaton Corporation PLC, Honeywell International Inc., Exelon Corporation, Northern Power Systems Corp., ABB energy corporation, NRG Energy Inc., Pareto Energy, power Analytics Corporation, S&C electric company, Siemens Ag, Spirae Inc., Viridity energy Inc., etc. says the firm.