The Global Microgrid Market 2015-2019 research report forecasts the microgrid industry to grow at 18.72% CAGR in terms of revenue and 17.29% CAGR in terms of installed capacity over the period of 2014-2019.
The global microgrid market is divided into the following segments based on application: Institutions/Campuses, Remote Systems, Community/Utility, Military, Commercial/Industrial Sectors, and Others. Complete research on microgrid market for 2015-2019 of 96 pages offering 21 Exhibits is available at http://www.rnrmarketresearch.com/global-microgrid-market-2015-2019-market-report.html.
According to this report, increased demand for better power quality has resulted in the gradual growth of the global microgrid market. The quality and consistency of power supply is poor in many countries in the Americas, Asia and Europe. Microgrids help improve the power quality by providing reliable power supply with minimal shortages. They ensure better power quality by enabling connection to macrogrids that helps reduce grid imbalances and power supply intermittence. Power discrepancy because of low generator performance leads to an unexpected increase in power demand. In this situation, microgrids provide access to power when the macrogrid breaks down or fails to meet the power demand.
This new microgrid industry report emphasizes increased investment in R&D by several organizations and vendors in recent years. Several specialized and niche organizations are working on microgrid development projects, which are expected to boost market growth over the projected period.
A microgrid is a type of power grid, which is much smaller than the conventional centralized electrical grid. It is localized and functions autonomously or in a hybrid mode with the conventional grid. Microgrids produce, distribute, and control the flow of energy to consumers; however, all these activities are implemented locally or in integration with the traditional grid. Microgrids are used during power failures in the central grid system as they can operate independently by isolating their generation loads. Moreover, developers and owners of microgrids sell the excess power to utility companies.