Microgrids, Update 2017 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2021
A Microgrid is a form of distributed energy that can imitate the central/main grid and produce power using various sources such as natural gas, diesel, renewable energy, or fuel cells. In order to achieve higher efficiencies, microgrids may incorporate combined heat and power (CHP environment). A microgrid can be operated either by being connected to the main grid or can operate on remote mode (i.e. while islanded).
The global microgrid market registered a market value of $12 Billion in the year 2016 and is estimated to reach $23 Billion in 2021 registering a compound annual growth rate (CAGR) of 14.0% between 2016 and 2021. The Americas were the highest growing market in 2016, with an estimated growth rate of 22% over the previous year. This market had 62.0% of the global market share in 2016. Asia-Pacific was the second-largest market, representing 23.0% of the market share followed by Europe, Middle East, and Africa (EMEA) with a 15.0% share. Some of the top global microgrid participants include ABB, S&C Electric, Schneider Electric, Siemens, GE, and Echelon.
Network downtimes, natural disasters, and possible external attacks are strengthening the reasons for grid-connected facility to become more and more independent. The negative impact of extended power outages on the economy is expected to be eased with the adoption of microgrids. According to the World Bank, “Globally, the average monetary loss as a result of power outages is approximately 4.7% of a country’s annual sales.” The DOE estimates that the cost of power-related outages to the US economy is approximately $150 Billion in damages annually.
The US microgrid market had close to 39% of the global market share during the year 2016. By the end of 2021, it is estimated to hold close to 52% of the global market share. The main reason for the dominance is attributed to market readiness, technology advancement, and multiple state funding and government aids that support project deployment. It is a known fact that microgrids require upfront capital investment which may be high depending on the type of project. In the US, both federal and state governments have come forward to support the technology.
The report Microgrids, Update 2017 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2021 offers comprehensive information and understanding of the global microgrid market. The report analysis the current trend and future potential of microgrids market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (the US, Canada, Brazil, India, China, Japan, Australia, Russia, South Africa, and the UK) level. The report analyzes the microgrid market value for the year 2011, 2016, and 2021.
In particular, this report provides the following analysis -
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