Microgrid Market Projected to reach 39.10 billion USD by 2023
Added: (Fri Dec 07 2018)
Pressbox (Press Release) -
According to the new research report "Microgrid Market by Type (Grid Connected, and Remote/Island), Offering (Hardware, Software, and Services), Consumption Pattern (Urban & Metropolitan, Semi-urban, and Rural/Island), Vertical, and Region - Global Forecast to 2023", The microgrid market is expected to grow from USD 22.22 billion in 2018 to USD 39.10 billion by 2023, at a CAGR of 11.97% between 2018 and 2023. The growth of the microgrid market can be attributed to the government initiatives to reduce carbon footprint, increasing demand for reliable and secure power supply worldwide, and the advantages of cheap and clean energy storage.
Microgrid market for remote/island to grow at higher CAGR between 2018 and 2023
Microgrids are mainly of 2 types: grid connected and remote/island. Remote/island microgrids are mainly used to provide diverse power sources for geographically remote communities and developing countries. Along with the expansion of electricity infrastructure in developing countries, many remote microgrids are being designed to be self-sufficient to cater to complex setups such as remote islands or distant villages where transmission via traditional electric utility players is not viable. The key reasons for the growth of remote/island microgrids are heavy decline in the prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits, such as less heat generation and smog.
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Microgrid market for software to grow at highest CAGR between 2018 and 2023
The highest growth rate of the market for software can be attributed to the high adoption of software across university campuses, industrial and commercial sites, municipalities, and utilities. Software-as-a-service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting. With software management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, reliable, and cost-efficient microgrid system.
Microgrid market for healthcare to grow at highest CAGR between 2018 and 2023
The market for the healthcare vertical is expected to grow at the highest CAGR between 2018 and 2023. Increasing need for uninterrupted power supply in the healthcare vertical is the key factor contributing to the growth of this market. Healthcare requires reliable power that is generated in a sustainable manner. Next-generation microgrids offer healthcare facilities the ideal power source for maintaining user experience while optimizing energy consumption.
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Americas held largest share of microgrid market in 2017
The Americas is considered one of the most technologically advanced markets for microgrids. It has the presence of a large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions. Moreover, in September 2014, Con Edison (US), GE (US), and Pareto Energy (US) entered into a partnership to improve the resiliency of microgrids in New York, US. The team was funded substantial amount by the New York State Energy Research and Development Authority (NYSERDA) for the development of microgrids in this region. Some of the major companies in this region include General Electric (US), Chevron Energy (US), and Pareto Energy (US). The healthcare sector is rapidly adopting microgrid technology for various hospitals and other healthcare units. Educational institutes is another sector adopting microgrids for university campuses and research laboratories in this region.