Friday, April, 19, 2019 05:24:38

Microgrids Market is predicted to see lucrative gains over 2018-2024, U.S. Dominated the regional landscape

The U.S. microgrids market is predicted to reach over 2 GW by 2024. Increasing adoption of sustainable energy technology to reduce reliance on existing network. Growing spending across renewable energy resource in the nation will further drive the industry growth. In 2016, as per IEA, the U.S. funded more than USD 250 billion to promote the development of renewable technologies across the countries.

Microgrids Market growth will be fueled by increasing demand for electricity across commercial & industrial sectors along with rising adoption of heavy load machinery and HVAC system in industrial sector. Increasing investment toward industrial sector along with rapid urbanization across developing nation will positively impact the Utility microgrid market.

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In an era where distributed energy sources are continually promulgated in power networks, microgrids market stands to gain remarkable prominence, given the systems’ exceptional credibility of ensuring reliable operation in distributed grids with robustness and high flexibility. As the energy demand in conjunction with the environmental concerns have increased dramatically since the past decade, experts believe, decentralized electricity supply through LT lines might not be an optimal solution to address the requirement, especially across remote areas. In fact, with the increasing penetration of renewable energy sources in mainstream electricity supply, the operational reliability of the grid network has become an intricate issue for the power giants.

Flow battery in 2016, accounted for over 5% of the global microgrids market share. High-end investments toward integration of clean energy technologies along with technological advancement catered 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.

Rising concerns toward energy security coupled with increasing adoption of sustainable energy sources will stimulate the Japan microgrids market. Government backed extensive research and development projects along with implementation of virtual private networks (VPPs) to mitigate emergency crisis will further embellish the business outlook. In 2017, Panasonic in collaboration with Japanese Ministry of Economy, Trade and Industry planned to build Solar PV powered microgrid to provide electricity to 117 homes in western Japan.

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Natural gas microgrids market share will grow owing to increasing investment toward drilling of unconventional resource across Russia, China and the U.S. Ability to offer less environmental impact over other conventional sources will make its adoption preferable. In August 2016, Government of China signed agreement with Capstone turbine to supply microturbine for 10 MW project.

Installation of captive power generation facilities with an aim to maintain continuous electricity supply across industrial sector will stimulate the microgrids market. Favourable government measures to maintain central grid stability along with measures toward power security concern will propel the industry growth. Advancement in technology in development of control distribution unit and energy efficient storage system will further complement the business landscape.

The microgrid concept is aptly providing a platform that is proliferating distributed electricity generation and efficient power delivery with least compromise on environmental viability. Nonetheless, in the face of the severe energy crisis that has led to a subsequent penetration of renewable energy sources, microgrids market is set to amass exceeding proceeds from both industrial and commercial applications. In terms of commercialization, Global Market Insights Inc., forecasts overall microgrid industry to exceed a valuation of USD 19 billion by 2024.

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