Market Research Report
Microgrid Market Size By Connectivity, By Grid Type, By Source, By Storage, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||920799|
|Published||Content info||440 Pages
Delivery time: 2-3 business days
|Microgrid Market Size By Connectivity, By Grid Type, By Source, By Storage, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026|
|Published: December 18, 2019||Content info: 440 Pages||
Microgrid Market Size By Connectivity (Grid Connected, Off-Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026.
Microgrid Market will witness an annual installation of over 13 GW by 2026. Ongoing integration of sustainable energy technologies coupled with accelerating deployment of captive power generation sources will positively influence the technology adoption.
Growing investments toward distributed generation technologies on account of increasing demand for reliable power supply will boost the industry growth. Shifting trends toward natural gas based power generation sources coupled with ongoing government backed electrification programs will foster the microgrid market growth. In addition, rapid development of industrial and urban areas primarily across the emerging economies will boost the product demand. Furthermore, the leading industry players are extensively focusing toward Asia Pacific and other developing regions as there are large opportunities for microgrid installation.
Favorable regulatory policies including tax rebates, FITs, subsidies and investment tax credits have significantly enhanced the deployment of solar PV as a generation source. In addition, the rapid decline in component prices along with rapid research & development activities to enhance the operational flexibility and product efficiency will propel the industry growth. Furthermore, ongoing installation of solar technology across industrial and off-grid areas will augment the industry growth.
The Asia Pacific microgrid market is anticipated to grow over by 22% by 2026. Exponential increase in investments toward development industrial and urban areas along with extensive government plans to provide electricity to all citizens will stimulate the industry growth. In addition, the developed economies including Japan and South Korea are also focusing on security of supply and integration of clean energy technologies to provide long term benefits to its citizens. Furthermore, the government have also laid down extensive plans to provide reliable and uninterrupted electricity along with creating awareness toward the benefits associated with renewable technologies.
Grid failure, voltage fluctuations, lack of effective power network and current lags are some of the key features which have promoted the adoption of microgrids across the remote applications. The regulators are focusing toward integrating various initiatives and program to provide a sustainable grid network across the off-grid areas. Henceforth, growing energy demand from isolated areas and upsurge in deployment of distributed generation technology will positively influence the product demand. In addition, accelerating investments toward development of manufacturing sector including chemical and food & beverage industry along with extensive R&D activities by both private and public players will provide favorable opportunities for business expansion.