Transparency Market Research has published a new report "Microgrid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 12/08/2016 -- The global microgrid market is fairly fragmented in nature, with the top five companies accounting for 52.1% of the market in 2013. These five companies are Chevron Energy Solutions (CES), Power Analytics Corporation, GE Energy Management, Pareto Energy, and Siemens AG. Companies such as GE Energy Management, Siemens AG, and Schneider Electric have made use of their capabilities in electricity distribution and component manufacturing to provide microgrid solutions to end users. Other prominent companies include Power Analytics Corporation, Pareto Energy, Honeywell International Inc., and Viridity Energy. Chevron Energy Solutions (CES), a Chevron subsidiary for renewable energy and energy efficiency solutions, designed and built one of the largest microgrids in the U.S. – Santa Rita Jail Microgrid – which can be disconnected from the power grid.
The global market for microgrid was valued at US$13.8 bn in 2015. Rising at a robust CAGR of 20.7% during the forecast period 2014-2020, the market is estimated to reach a valuation of US$35.2 bn by 2020.
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North America Most Prominent Market Due to Frequent Weather-related Disasters
The global market for microgrids can be segmented on the basis of product, application, and geography. By product, the grid-tied segment holds more than half the total microgrid capacity and is expected to sustain the demand in the near future, reaching a valuation of US$25.3 bn by 2020. This segment is benefitted by the increasing use of grid-tied microgrids in campuses and institutes. Connectivity with a macro-grid lends better operational capabilities and reliability to the grid-tied segment. The segment of remote microgrid is expected to gain market share during the forecast period. This positive shift is because remote microgrids are specifically designed for areas lacking proper grid infrastructure.
On the basis of application, the global market for microgrid can be segmented into campus and institutions, community and utility, commercial and industrial, defense and military, and remote islands. The segment of campus and institutions accounts for nearly one third of the market and is projected to reach a valuation of US$10.6 bn by 2020.
Geographically, North America is the most prominent market for microgrids, accounting for a valuation of US$20.1 bn by 2020. Aging grid infrastructure and frequent weather-related disasters are some of the major causes of power failures in North America. This offers players in the market several opportunities for growth. Asia Pacific also contributes significantly to the microgrid market.
Rapid Industrialization Augmenting Demand
According to the report, indirect and direct economic, technical, environmental, and social benefits of microgrid are augmenting its deployment. A microgrid allows the optimization of a power system's efficiency and currently is the best solution for motivating consumers to contribute to improving the reliability, availability, and quality of power. Moreover, factors such as rapid industrialization, growing energy demands across the globe, and advancements in renewable energy technologies will further fuel the market during the forecast period. Conversely, operational challenges, development costs, and the lack of appropriate regulatory framework are seen as the factors that will hinder the growth of the market for microgrids.
According to the author of the report, "The possibility of insulation against the impact of severe weather on electric grids offers an opportunity to market players. The impact of severe weather conditions such as hurricanes, blizzards, thunderstorms, tornadoes, floods, and earthquakes necessitates support systems that can provide electricity during natural disasters."
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The information presented in this review is based on a Transparency Market Research report, titled, "Microgrid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014–2020."
Key Segments of the Microgrid Market
Global Microgrid Market: Product Segment
Grid-tied (Grid Connected)
Global Microgrid Market: Application Segment
Campus and Institutions
Community and Utility
Commercial and Industrial
Defense and Military
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