Global Microgrid Market to hit $19 Bn by 2024

Microgrid Market to grow at 19% CAGR till 2025:
Global Market Insights Inc.
The U.S. Microgrid Market 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 U.S. invested over USD 250 billion toward development of
various energy sources across the nation.
Favorable government norms pertaining to integration of renewable energy technology
coupled 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 which will boost the product adoption.
In addition, growing off-grid networks across the developing nations will further complement
the business outlook.
Microgrid Market
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
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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 on account of increasing exploration of
unconventional sources across the U.S., China and Russia. Ongoing adoption of fuel as a
low emission substitute to conventional source will foster the microgrid market. In August
2016, Capstone Turbine signed a deal with the government of China to supply microturbine
for 10 MW microgrid network.
Utility microgrid market is set to grow owing 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
the business growth.
Flow battery in 2016, accounted for over 5% of the global microgrid 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
U.S. Microgrid market, by product, 2018 & 2025 (USD Million)
Rising concerns toward energy security coupled with increasing adoption of sustainable
energy sources will stimulate the Japan microgrid market. Government backed extensive
research and development projects along with implementation of virtual private networks
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(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.
Eminent 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 Corporation, Exelon Corporation and Power Analytics
Corporation.
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Industry Coverage
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