Microgrids, Update 2018 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2022
The global energy market is undergoing a structural transformation, influenced by growing concerns about the environment, fuel supply constraints, need for resilience, and increasing costs. The declining costs of technologies have led to widespread embrace of distributed technologies, enabling the end user to change the operating model of the power generation, from a centralized matrix to silos capable of operating independent of the grid.
The global microgrid market is estimated to reach $30bn by 2022. The market is estimated to register a compound annual growth rate (CAGR) of 15.0% during the forecast period (2018-2022). The fastest growing region is expected to be Asia-Pacific with significant deployment expected in China, India, and Southeast Asia. Deployment in Japan and Australia is also expected to drive the market modestly. Significant resources are being invested toward developing and commercializing microgrid technology. Some of the top global microgrid participants include ABB, S&C Electric, Schneider Electric, Siemens, GE, and Echelon.
The major drivers for the microgrid market include grid resiliency, reliability and support, climate change, relatively low scale of economy, topographical challenges of central grid expansion, government initiatives, and the need for asset optimization. On the other hand, challenges exists, such as complex legislative and regulatory framework, lack of end-user acceptance, access to capital, skill, and utility perception of the business case for microgrid technology.
Network downtimes, natural disasters, high costs of grid expansion, and possible external attacks are strengthening the reasons for microgrid adoption. The negative impact of extended power outages on the economy is expected to be eased with the utilization of microgrids. Government mandates, technology readiness, rate of power outages, and the eventual market acceptance are key factors that will determine the future of microgrid installations in countries.Microgrids, Update 2018 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2022, report offers comprehensive information and understanding of the global microgrids market. The report offers in-depth analysis 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 market value for the years of 2012, 2017, and 2022, across all levels.
The report covers the global and regional drivers and restraints impacting the market. An overview of the existing microgrid projects at country level, funding scenarios, governing regulations, case studies, key programs, and competitive landscape is presented. Profiles of major microgrids market players are also presented in this report.
The report analyses microgrids market. Its scope includes -
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