Press Release

Microgrid Market Size, Industry Share and Total Revenue Growth Rate Till 2026 | Fortune Business Insights

Top Players in Microgrid Market are ABB, Schneider Electric, Encorp, Schweitzer Engineering Laboratories, Siemens, S&C Electric, PowerSecure, Spirae, Power One Solutions, Emerson Automation Solutions, CleanSpark, Honeywell, Power Analytics and Exelon Corporation

The global microgrid market is likely to gain traction in the coming years due to the uptake of renewable energy sources, resulting from the growing awareness regarding climate change. According to a report by Fortune Business Insights, titled “Microgrid Market Size, Share and Global Trend By Type (Grid-connected, Hybrid Cycle), By End User (Educational Institutes, Military & Defence, Hospitals, Remote Areas, Commercial & Industrial) and By Geography Forecast till 2026,” the market is likely to expand considerably in the coming years due to the abilities of microgrid system to harness energy and enable optimum use, thereby minimizing waste.

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/microgrid-market-100406

 

The increasing use of conventional sources has had a negative impact on the environmental conditions. With the increasing use, there is a need to develop their product alternatives that would preferably work on non-conventional sources. This has led to the emergence of energy harnessing systems integrated with concepts that would suffice optimum energy use. The naturally available non-conventional sources can be harnessed and used for several purposes in the industrial sector and domestic purposes.

Among all sources, the sun provides an unlimited amount of energy, due to which, the emphasis is inclined towards harnessing solar energy to its maximum. The ability of microgrid systems to operate through renewable energy sources has led to a rising uptake of microgrid, around the world.

Segmentation

1. By Type

  • Grid-connected
  • Off-grid

2. By End User

  • Educational Institutes
  • Military & Defence
  • Hospitals
  • Remote Areas
  • Commercial & Industrial

3. By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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Key Market Driver – Demand for an uninterrupted and reliable source of power

Key Market Restraint – Higher initial investment for micro-grid infrastructure

Incorporation of Artificial Intelligence in Microgrid will Fuel Demand

The use of artificial intelligence in microgrid has enabled maximum energy utilization. In recent years, athere have been several operational trials regarding the use of AI in microgrids. After many successful trials, it is seen that predictive algorithms in AI can be successfully used to improve yield and generate enhanced system efficiencies. In July 2018, BlueWave-AI and Sustainable Power Systems came together in a bid to create an advanced microgrid system.

The device was built to optimize distributed renewable energy source, with the help of continuous data learning. An innovative product is a key to stand out in a competitive market and BlueWave-AI has laid a strong foundation for growth, with its latest device. Fortune Business Insights states that AI-centred product innovations have the potential to enable growth of the global microgrid market. The report includes innovations similar to BlueWave-AI’s latest device and gauges their impact on the global market.

Key Market Driver – Demand for an uninterrupted and reliable source of power

Key Market Restraint – Higher initial investment for micro-grid infrastructure

Key Industry Developments

  • In Marche 2019, Georgia Power in collaboration with Georgia Tech will build a new 1.4 MW microgrid in Tech Square at Metro Atlanta.
  • In January 2019, ABB is planning to install microgrid with battery storage at the campus of IIT, Roorkee as a part of smart campus development. This is a part of R&D collaboration outlined in MoU between ABB and IIT Roorkee signed in July 2018.
  • In October 2018, Small island nation Palau in the western Pacific signed a 30-year power purchase agreement (PPA) with Engie EPS for world’s largest microgrid. Palau is targeting 45% increase in renewables by 2025 to reduce energy emissions.

Have any Query? Speak to Analyst at: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/microgrid-market-100406

Top Players Overview:

  • ABB
  • Schneider Electric
  • Encorp
  • Schweitzer Engineering Laboratories
  • Siemens
  • S&C Electric
  • PowerSecure
  • Spirae
  • Power One Solutions
  • Emerson Automation Solutions
  • CleanSpark
  • Honeywell
  • Power Analytics and Exelon Corporation.

As Investors Eye Energy-Preserving Projects, Microgid Market Gathers Momentum

The recent climate change and adverse effects of pollution on the environment have triggered a huge awareness regarding energy conservation. Governments across the world have been putting in more efforts to harness energy in an optimized manner. The contributions from government bodies include awareness programs, initiatives, and subsidies favoring projects that are inclined towards energy conservation. As microgrids play a centric role in energy-conserving projects, the demand for microgrids will increase in the coming years. Altogether, the increasing demand for microgrids will favor the growth of the global microgrid market in the forthcoming years.

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Key Industry Developments

  • In Marche 2019, Georgia Power in collaboration with Georgia Tech will build a new 1.4 MW microgrid in Tech Square at Metro Atlanta.
  • In January 2019, ABB is planning to install microgrid with battery storage at the campus of IIT, Roorkee as a part of smart campus development. This is a part of R&D collaboration outlined in MoU between ABB and IIT Roorkee signed in July 2018.
  • In October 2018, Small island nation Palau in the western Pacific signed a 30-year power purchase agreement (PPA) with Engie EPS for world’s largest microgrid. Palau is targeting 45% increase in renewables by 2025 to reduce energy emissions.

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