Microgrid Market to Surpass $19 billion by 2024

Microgrid Market to Surpass $19 billion by 2024

The U.S. microgrid market size is set to reach over 2 GW by 2024, as reported in the latest study by Global Market Insights, Inc.

Favorable government norms pertaining to integration of renewable energy technology, combined with ongoing measures to electrify rural and urban areas, will foster the microgrid market share. Power reliability, economic competitiveness, relatively low power cost, and reduced T&D losses are some of the key parameters that will boost the product adoption. In addition, growing off-grid networks across the developing nations will further complement the business outlook.

The U.S. microgrid market size is set to reach over 2 GW by 2024. Growing deployment of sustainable energy sources to reduce the dependence on existing electric networks will positively encourage the industry dynamics. Increasing investments across clean energy sources in the country will further propel the business landscape. According to IEA, in 2016, the United States invested more than $250 billion toward development of various energy sources across the nation.

Deployment of captive power generation as a key alternative to the regulated electricity supply in industrial sector will positively impact the business growth. Regulatory inclination to maintain central grid stability, coupled with growing measures toward security of power supply, will fuel the microgrid market. Rapid technological advancements in line with the development of efficient energy storage systems and control distribution units will further complement the industry outlook.

Natural gas as a fuel is set to witness strong growth due to increasing exploration of unconventional sources across the United States, China, and Russia. Ongoing adoption of fuel as a low emission substitute to conventional sources will foster the microgrid market.

The utility microgrid market is set to grow due to the rapid industrialization and urbanization across the emerging economies. Escalating high-end electricity consumption backed by the presence of new HVAC and heavy load machinery systems in the industrial sector will foster business growth.

Flow battery in 2016 accounted for more than 5% of the global microgrid market share. High-end investments toward integration of clean energy technologies along with technological advancement tailored to the development of cost-effective energy storage solutions will augment the industry size. Longer life cycles along with higher efficiencies as compared to its competitive counterparts will further complement the product outlook.

Well-known players across the microgrid market include ABB, Schneider Electric, Siemens, Advanced Microgrid Solutions, Emersion, GE Alstom, Honeywell, EnSync Inc, Caterpillar, Viridity Energy, Inc., Lockheed Martin Corp., Exelon Corp., and Power Analytics Corp.

Source: https://www.gminsights.com/industry-analysis/microgrid-market

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