$36+ Billion Microgrid Market, 2024 - Global Analysis by Energy Source, Application and Region, with Profiles of Leading Players - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 28, 2019--The “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global microgrid market was worth US$ 19.3 Billion in 2018. The market is further projected to reach a value of US$ 36.3 Billion by 2024, growing at a CAGR of 10.9% during 2019-2024.
In order to ensure uninterrupted power supply through microgrid, various technological advancements have been made to enhance the performance of battery inverters. Other than this, improved battery technologies have also been developed with higher power inputs and outputs for a longer period of time. Such features and technologies are driving the growth of the microgrid market.
The demand for microgrids is on a rise as they allow consumers and developers to meet the environmental objectives by using renewable energy in the form of power generation source. In line with this, governments of several nations are taking initiatives to establish bio power, solar and wind energy farms. Other than this, countries like the United States have implemented regulations like the Clean Power Plan (CPP) rule which are aimed towards reducing carbon dioxide emissions.
Nowadays, dependence on modern communication technologies, such as wireless cloud computing, is increasing which makes power systems susceptible to cyber-attacks and hackers. Therefore, some of the sectors like military and research labs require a secure network with round-the-clock power supply which is provided by microgrids as they are capable of functioning under Island mode’ and independent of all external power, and data transmissions. This has contributed towards their augmenting demand across the globe.
Another force that has been proactive in maintaining the growth of the global microgrid market is low transmission losses. Microgrids generate power locally and reduce dependence on long distance transmission lines and thus cut transmission losses.
Breakup by Energy Source
The microgrid market has been segmented on the basis of energy sources which mainly include natural gas, combined heat and power, solar photovoltaic (PV), diesel, fuel cell and others. Amongst these, natural gas is the most popular source of energy generation used by microgrids as it produces less carbon emissions as compared to oil or coal-fired generation.
Breakup by Application
Microgrids find several applications which include remote systems, institution and campus, utility/community, defence and others. Currently, microgrids are being majorly used in remote systems which offer localised power to islands, industrial mines and military installations.
On a geographical front, North America enjoys the leading position, holding the majority of the market share. The growth in the region is due to the increasing use of microgrids in the defence sector and remote systems for improving security against cyberattacks. North America is followed by Asia Pacific, Europe, Middle East and Africa, and Latin America.
The global microgrid market is fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Lockheed Martin
- ABB Ltd.
- General Electric
- Eaton Corporation
Key Questions Answered
- How has the global microgrid market performed so far and how will it perform in the coming years?
- What are the major regions in the global microgrid market?
- Which are the popular energy sources in the global microgrid market?
- What are the key applications in the global microgrid market?
- What are the various stages in the value chain of the global microgrid market?
- What are the key driving factors and challenges in the global microgrid market?
- What is the structure of the global microgrid market and who are the key players?
- What is the degree of competition in the global microgrid market?
- How are microgrids manufactured?
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Microgrid Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Application
5.4 Market Breakup by Energy Source
5.5 Market Breakup by Region
5.6 Market Forecast
5.7 SWOT Analysis
5.8 Value Chain Analysis
5.9 Porters Five Forces Analysis
6 Market Breakup by Energy Source
6.1 Natural Gas
6.2 Combined Heat and Power
6.3 Solar Photovoltaic (PV)
6.5 Fuel Cell
7 Market Breakup by Application
7.1 Remote Systems
7.2 Institution and Campus
8 Market Breakup by Region
8.1 North America
8.2 Asia Pacific
8.4 Middle East and Africa
8.5 Latin America
9 Microgrid Manufacturing Process
9.1 Product Overview
9.2 Raw Material Requirements
9.3 Manufacturing Process
9.4 Key Success and Risk Factors
10 Competitive Landscape
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 Lockheed Martin
10.3.2 ABB Ltd.
10.3.3 General Electric
10.3.4 Eaton Corporation
For more information about this report visit https://www.researchandmarkets.com/research/2v65zl/36_billion?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190228005403/en/
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KEYWORD: ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA
INDUSTRY KEYWORD: ENERGY UTILITIES OTHER ENERGY
SOURCE: Research and Markets
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PUB: 02/28/2019 05:55 AM/DISC: 02/28/2019 05:55 AM