Albany, New York, May 10, 2019 (GLOBE NEWSWIRE) -- The global microgrid market has a large number of players operating in its vendor landscape. The market is competitive and fragmented where these prominent players compete with each other to introduce best products at a very competitive price, says Transparency Market Research (TMR). The key players in the global micro grid market include Siemens AG, ABB Group, S&C Electric Company, Toshiba Corporation, and Schneider Electric SE.
Micro grid is a smaller power grid that can operate either in connection with a macro grid that is the main electrical grid of any area or it can even operate independently. Rapid industrialization acts as one of the major drivers in the global microgrid market. The market is likely to expand at a CAGR of 11% during the forecast period 2018 to 2026.
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Regionally, Asia Pacific is expected to lead the global microgrid market during the forecast period. The growth is attributed to increasing industrialization and rising standards of living in regions like China and India. The global micro grid market is segmented into campus & institution, community & utility, commercial and industrialization, defense and military, and remote island in terms of application. Among these, community and utility segment is projected to be dominant in the global micro grid market during the forecast period.
Rising Demand for Renewable Energy & Technology to Upsurge Microgrid Market
Increasing demand for renewable source of energy in micro grid and benefit that it offers in terms of cost efficiency and zero carbon emission drives the global microgrid market to expand significant rate. Utilization of diesel generators and other renewable sources of energy for distributing power and technological advancements such as convergence of IoT facilitates the global micro grid to grow substantially in upcoming years.
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Moreover, current availability of macro grids are unable to meet huge demand coming in from developing countries due to increasing urban population. This pushes the global microgrid market towards sizeable expansion. Additionally, micro grids can operate in any conditions and they can be substituted for macro grids at any given point and place. These factors acts as a catalyst in widening the reach of the global micro grid market.
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High Cost & Functional Difficulties to Hinder Growth of Microgrid Market
One of the major factors that can act as a constraint in the global microgrid market is high cost involved in installations and maintenance of such micro grids. Several procedures related to land acquisition and installation of these plants in rural areas may also hinder the growth of the microgrid market. Furthermore, while performing its function, micro grid needs to maintain the stability. In doing so, distributed energy sources help a micro grid with power supply. Excess or even under supply of power causes difficulties in smooth functioning of a micro grid. Low supply may result in dysfunctional micro grid and over supply could result in power cuts. Such factors pose as a key challenge for the global microgrid market’s growth.
Despite these challenges, the global microgrid market is likely to grow at a stellar rate due to rising electrification projects taking place across the globe, governments taking initiatives to install micro grids, and rising demand from sectors such as defense, healthcare, and government across the globe.
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The above review is based on a TMR report, titled,” (Microgrid Market (Connectivity - Grid tied (Grid connected), off-grid; Application - Campus and Institution, Community and Utility, Commercial and Industrial, Defense and Military, Remote Island) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
The global microgrid market is segmented into:
Connectivity
• Grid tied (Grid Connected)
• Off Grid
Application
• Campus and Institution
• Community and Utility
• Commercial and Industrial
• Defense and Military
• Remote Island
Region
• Latin America
• North America
• Europe
• Asia Pacific
• Middle East & Africa
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