Market Research Report
Global Microgrid Market (Value, Volume): Analysis By Grid Type (AC, DC, Hybrid), Connectivity, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)
|Global Microgrid Market (Value, Volume): Analysis By Grid Type (AC, DC, Hybrid), Connectivity, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)|
Published: November 30, 2020
Content info: 250 Pages
Delivery time: 2-3 business days
The Global Microgrid Market was valued at USD 14,881.33 Million in the year 2019. Rising penetration of captive power generation on account of rapid industrial development across the remote areas will fuel the global power capacity. Additionally, burgeoning R&D investments toward the development of advanced electrical infrastructure for monitoring and controlling of growing power demand will also push the market industry.
Rapid urbanization along with favorable government reforms across residential & commercial establishments will drive the microgrid market statistics. Sustainable on-site generation technologies coupled with smart control networking initiatives will boost the technology adoption. In addition, growing community-based electrification demand along with increasing public and private funding toward the adoption of decentralized generation units will complement the industry outlook.
APAC region holds the major Microgrid market share of around 42.30% in 2019. Developing nations such as China and India, which have unreliable and unstable power, are seeing a better opportunity for microgrid market to expand in near future.
Escalating high-end electricity consumption backed by the presence of new HVAC and heavy load machinery systems in the industrial sector will foster the business growth. Moreover, communities seek deployment of microgrid systems due to a gamut of factors, such as improvements to reliability in the face of extreme weather events, environmental benefits of local renewable generation, new local cost-management or revenue opportunities, increased autonomy, and among others.
Covid-19 is having an especially negative impact on the renewables sector. One of the main problems relates to the delivery of equipment to power plants. China, which is among the countries most heavily affected by the coronavirus, is the main global producer of many clean energy technologies, such as solar panels, wind turbines and batteries. Since coronavirus has delayed deliveries from China, renewable energy companies are not able to comply with deadlines for equipment installation.