Microgrid Capacity and Market Revenue is Estimated to Reach 9,347.6 MW and USD 35,186.0 Million by 2020 : Transparency Market Research
Albany , NY (PRWEB) February 06, 2015 -- Transparency Market Research has released a new market research report titled Microgrid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020. According to the report, the global microgrid capacity stood at 3,600.0 MW in 2013 and is projected to reach 9,347.6 MW by 2020. In terms of market revenue, the Global Microgrid Market was valued at USD 9,841.8 million in 2013 and is anticipated to reach USD 35,186.0 million by 2020, growing at a CAGR of 20.7% between 2014 and 2020.
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Rapid rise in global demand for energy, spurred by demographic and economic growth is expected to drive the Global Microgrid Market. To achieve the goal of energy security, governments across the world are investing in sustainable energy development projects. Power generation through microgrids, using renewable energy sources, is one such step towards achieving energy security without compromising on environmental norms. A microgrid enables local electricity generation, energy storage, and power consuming devices to operate independently of the macro-grid. Microgrids can be operated either in non-autonomous or autonomous mode. A microgrid offers several advantages as compared to conventional grids. Some advantages include increased power reliability owing to less number of power outages, improved quality of power on account of less transmission losses in the grid, and availability of power at lower rates to end consumers owing to integration of renewable energy resources in the microgrid.
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Grid-tied microgrid is expected to dominate the market in terms of revenue. Increasing cost of electricity and frequently occurring power outages are driving the market for the grid-tied segment. Moreover, government policies promoting the use of renewable energy sources such as solar, wind, and geothermal is anticipated to propel the demand for grid-tied microgrids. Lack of grid connectivity, especially in rural areas, is a key factor driving growth in the remote microgrid segment. Moreover, advancement in energy storage technologies and reducing cost of electricity generated through renewable energy resources is likely to fuel additional demand in the remote microgrid segment.
The campus and institutions segment is estimated to dominate the microgrid market over the forecast period. Government funding for promoting development of renewable energy sources at campuses and institutes is anticipated to be one of the major factors driving growth in this segment. The defense and military segment is expected to drive major growth in the North American region; driven by the need for improved energy security and reliability. The remote islands segment is estimated to grow at the highest rate in future. The global microgrid market was dominated by North America in 2013. The demand in this region is driven by increased rate of microgrid adoption in the military and institutes segments. North America was followed by Asia Pacific and Europe. Significant spending on microgrid research and development activities, rapidly increasing demand for power, and poor grid infrastructure in countries such as India are some of the major factors behind the rapid growth in Asia Pacific. Asia Pacific is projected to grow at the highest rate, primarily led by countries such as Japan, China, and India.
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Key players in the market include: Chevron Corporation, Power Analytics Corporation, GE Energy Management, Pareto Energy, and Siemens AG. The report also profiles market players such as ABB, Echelon Corporation, Honeywell International, Inc., Schneider Electric, S&C Electric Company, Toshiba Corporation, Viridity Energy, Inc., and ZBB Energy Corporation.
The research study analyzes and estimates the market size in terms of microgrid capacity (MW) and market revenue (USD Million). The report covers the product and application segment and provides region-wise data in terms of capacity and revenue. The report provides historical data, detailed analysis, and statistically refined forecast (2014 – 2020) for the product, application, and geographical segments. The research also provides comprehensive analysis of key market players operating in the microgrid market.
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