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Global microgrid market is expected to witness a high growth rate during the forecast period owing to increasing deployment of a microgrid in the emerging economies which prove to be the potential market for microgrids. Microgrid Market is expected to grow at 12.10% CAGR during the forecast period, Global Microgrid Market Type, Component, Power Source, End-Use and Region.
Microgrid Market Overview
The global microgrid is projected to grow at a high rate during the forecast period, mainly due to increasing power generation through renewable energy resources for which proper grid is required which could help the supply of electricity in the smallest of area. According to T&D World, microgrid deployment continue to increase globally with 1,568 projects till 2016, representing more than 15 GW of capacity. All these factors are likely to drive the microgrid market.
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A microgrid refers to a grid that can manage distributed energy resources and loads, which can be operated in a controlled and coordinated way. The microgrid can be operated while connected with a main grid and can also operate in off-grid mode. These grids are generally located near the power consumption site. These grids are also being equipped with energy storage systems, as batteries become more cost competitive. The entire system of microgrid is being controlled by microgrid controller incorporating demand response so that the demand can be matched to available supply in the safest and most optimized manner.
Competitive Dashboard
The key players of global Microgrid market are ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Exelon Corporation (US), S&C Electric (US), Power Analytics Corporation (US), Siemens (Germany), and Microgrid Energy LLC (US), among others.
Microgrid Market Segmentation
Global microgrid market has been segmented based on type, component, power source, and end-user. On the basis of component, hardware sub-segment is expected to be the largest sub-segment within the microgrid market. Whereas, software sub-segment is expected to witness high growth rate. This growth can be attributed to the increasing adoption of software across various end-user segments including industrial & commercial sites, university campuses, municipalities, and utilities. Software as a part of microgrid component, allows operators microgrid operators to manage and control distributed energy resources with integrated weather and load forecasting.
Regional Analysis
Region wise, North America held the largest market share of the global microgrid market in 2017. It is estimated that North America would be the largest market during the forecast period. The global planned and completed microgrid capacity stands at capacity of 3.8 GW, of which more than 2.5 GW of microgrid capacity is in North America.
Table Of Contents
1. Executive Summary
2. Market Introduction
2.1. Market Definition
2.2. Scope Of The Study
2.3. Market Structure
3. Research Methodology
3.1. Primary Research
3.2. Secondary Research
3.3. Market Size Estimation
3.4. Forecast Model
3.5. List Of Assumptions
4. Market Dynamics
4.1. Drivers
4.1.1. Increasing Demand For Secure And Reliable Power Supply
4.1.2. Advantages Of Clean Energy Storage
4.1.3. Government Initiatives To Reduce Carbon Footprint
4.1.4. Widespread Industrialization And Population Growth Fueling Demand For Energy Efficiency
4.2. Restraints
4.2.1. High Installation And Maintenance Cost
4.3. Opportunities
4.3.1. Growing Demand For Microgrids In Healthcare, Military, And Government Sectors
4.3.2. Increasing Government Investment In Microgrid Projects
4.4. Porter’s Five Forces Analysis
4.4.1. Threat Of New Entrants
4.4.2. Bargaining Power Of Buyers
4.4.3. Bargaining Power Of Suppliers
4.4.4. Threat Of Substitutes
4.4.5. Intensity Of Rivalry
4.5. Value Chain/Supply Chain Analysis
Continue…
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