Energy & Environment Industry Today
Microgrid Market size for 2016 was valued over USD 4 billion and the capacity is set to exceed 6 GW by 2024.
Growing concerns pertaining to security of supply coupled with regulatory inclination to balance load on central grid system will drive the microgrid market share. Increasing penetration of captive power plants in the manufacturing and industrial sector will further embellish the business landscape. In 2015, the RINL launched a 120 MW captive power plant to provide energy to their Vizag steel plant and to reduce dependence on state grid.
Published 22 January 2018
Growing concerns about energy security will positively drive the global microgrid market size. Depleting resources leading to a rise in electricity generation costs have fueled the need for optimum utilization of energy resources. In 2017, the U.S. republican congressmen proposed tax reforms to support energy security measures. This shift towards optimized energy management shall drive the expansion of these technological establishments.
Increasing requirements for safe and reliable electricity in climatically hazardous areas will propel the global microgrid market. The grid features quick restoration and secure on-grid and off-grid operations. In 2016, Japan initiated the strengthening of its distributed generation power systems after the Tsunami hit. Hence, this shift allows the technology to expand globally.
Lack of regulatory support pertaining to decentralized trading and ancillary services for congestion management will hamper the growth of the global microgrid market. However, utilities, such as S&C Electric U.S., are globally piloting the technology with regulatory uncertainty holding confidence for the microgrid establishments in future.
Request for sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1187
Based on technology, the global microgrid market can be segmented as distributed generators, fuel cells, energy storage devices, and power electronic interface modules. Distributed generator systems are anticipated to witness a significant growth due to increasing need for energy management, cogeneration, and grid parity. The fuel cell technology is expected to expand moderately due to growing electricity generation and transportation demand owing to its clean and efficient energy. In 2017, South Korea-based Kia Motors announced the development of a new-generation hybrid automobile fuel cell technology driving clean fleet application.
The application segment of global microgrid market comprises on-grid and off-grid establishments. On-grid establishments are estimated to grow significantly due to an increase in stable and reliable electricity demand and load on the macro-grid. It operates connected to the utility grid and when islanded due to main grid failure and blackouts. European on-grid project in Evora, Portugal provides energy forecasts, reduces CO2 levels, and reduces transmission and distribution losses. These results depict commercial and growth opportunities for on-grid applications.
Off-grid applications across the global microgrid market are anticipated to grow prominently due to the focus on energy resource deficit and off-grid remote areas. Governments across the globe are investing aggressively towards the development of their decentralized energy resources to strengthen their power infrastructure. Off grid projects in island countries, such as Maldives, have reported appreciable results depicting a positive market scope for the technology in Africa.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1187
The U.S. microgrid market is predicted to witness prominent growth due to its well-established power systems and upcoming projects in Alaska and California. In 2016, Solar City Corporation and Musk-led Tesla launched the Tau Island project for replacement of diesel generator grid by solar generation technology. The project is a positive thrust to the mini-grid establishment.
Key players operating in global microgrid market are ABB, Siemens, General Electric, Lockheed Martin, etc. Other prominent industry participants with a wide product portfolio are Duke Energy, Hitachi, Schneider Electric, Kilowatt Labs, Solar Turbines, etc.
Mergers and inclination for highly-tailored technology initiatives have been the key for market existence. For instance, GE provides solutions, such as the Grid IQ Microgrid Control System, optimizing energy assets to reduce the overall cost of energy for the grid. In 2016, Siemens and Bentley systems have collaborated to provide digitalized solutions of design, planning and operations for power utilities across the globe.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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Global Market Insights, Inc.
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Increasing requirements for safe and reliable electricity in climatically hazardous areas will propel the global microgrid market. The grid features quick restoration and secure on-grid and off-grid operations. In 2016, Japan initiated the strengthening of its distributed generation power systems after the Tsunami hit. Hence, this shift allows the technology to expand globally.
Lack of regulatory support pertaining to decentralized trading and ancillary services for congestion management will hamper the growth of the global microgrid market. However, utilities, such as S&C Electric U.S., are globally piloting the technology with regulatory uncertainty holding confidence for the microgrid establishments in future.
Request for sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1187
Based on technology, the global microgrid market can be segmented as distributed generators, fuel cells, energy storage devices, and power electronic interface modules. Distributed generator systems are anticipated to witness a significant growth due to increasing need for energy management, cogeneration, and grid parity. The fuel cell technology is expected to expand moderately due to growing electricity generation and transportation demand owing to its clean and efficient energy. In 2017, South Korea-based Kia Motors announced the development of a new-generation hybrid automobile fuel cell technology driving clean fleet application.
The application segment of global microgrid market comprises on-grid and off-grid establishments. On-grid establishments are estimated to grow significantly due to an increase in stable and reliable electricity demand and load on the macro-grid. It operates connected to the utility grid and when islanded due to main grid failure and blackouts. European on-grid project in Evora, Portugal provides energy forecasts, reduces CO2 levels, and reduces transmission and distribution losses. These results depict commercial and growth opportunities for on-grid applications.
Off-grid applications across the global microgrid market are anticipated to grow prominently due to the focus on energy resource deficit and off-grid remote areas. Governments across the globe are investing aggressively towards the development of their decentralized energy resources to strengthen their power infrastructure. Off grid projects in island countries, such as Maldives, have reported appreciable results depicting a positive market scope for the technology in Africa.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1187
The U.S. microgrid market is predicted to witness prominent growth due to its well-established power systems and upcoming projects in Alaska and California. In 2016, Solar City Corporation and Musk-led Tesla launched the Tau Island project for replacement of diesel generator grid by solar generation technology. The project is a positive thrust to the mini-grid establishment.
Key players operating in global microgrid market are ABB, Siemens, General Electric, Lockheed Martin, etc. Other prominent industry participants with a wide product portfolio are Duke Energy, Hitachi, Schneider Electric, Kilowatt Labs, Solar Turbines, etc.
Mergers and inclination for highly-tailored technology initiatives have been the key for market existence. For instance, GE provides solutions, such as the Grid IQ Microgrid Control System, optimizing energy assets to reduce the overall cost of energy for the grid. In 2016, Siemens and Bentley systems have collaborated to provide digitalized solutions of design, planning and operations for power utilities across the globe.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://gminsights.wordpress.com
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