CHANGCHUN, China, December. 27, 2019 /PVTIME/ — According to the latest report “by Connectivity (Grid Connected, Off-Grid), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Source (Diesel Generators, Natural Gas, Solar PV, CHP), Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of microgrids will reach $38 billion by 2026. Ongoing integration of sustainable energy technologies coupled with accelerating deployment of captive power generation sources will positively influence the technology adoption.
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Key findings of the microgrid market report comprises of:
- Increasing demand for reliable and uninterrupted electricity supply.
- Increasing investments toward urban and industrial area development across developing nations.
- Favorable regulatory policies toward electrification of rural and remote areas.
- Key industry players operating in the industry includes Siemens, ABB, Schneider, and Honeywell.
- Lithium-ion batteries are gaining significant growth on account of there efficient and effective performance and longer life cycle.
Growing investments toward distributed generation technologies on account of increasing demand for reliable power supply will boost the industry growth. Shifting trends toward natural gas based power generation sources coupled with ongoing government backed electrification programs will foster the microgrid market growth. In addition, rapid development of industrial and urban areas primarily across the emerging economies will boost the product demand. Furthermore, the leading industry players are extensively focusing toward Asia Pacific and other developing regions as there are large opportunities for microgrid installation.
Favorable regulatory policies including tax rebates, FITs, subsidies and investment tax credits have significantly enhanced the deployment of solar PV as a generation source. In addition, the rapid decline in component prices along with rapid research & development activities to enhance the operational flexibility and product efficiency will propel the industry growth. Furthermore, ongoing installation of solar technology across industrial and off-grid areas will augment the industry growth.
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The Asia Pacific microgrid market is anticipated to grow over by 22% by 2026. Exponential increase in investments toward development industrial and urban areas along with extensive government plans to provide electricity to all citizens will stimulate the industry growth. In addition, the developed economies including Japan and South Korea are also focusing on security of supply and integration of clean energy technologies to provide long term benefits to its citizens. Furthermore, the government have also laid down extensive plans to provide reliable and uninterrupted electricity along with creating awareness toward the benefits associated with renewable technologies.
Grid failure, voltage fluctuations, lack of effective power network and current lags are some of the key features which have promoted the adoption of microgrids across the remote applications. The regulators are focusing toward integrating various initiatives and program to provide a sustainable grid network across the off-grid areas. Henceforth, growing energy demand from isolated areas and upsurge in deployment of distributed generation technology will positively influence the product demand. In addition, accelerating investments toward development of manufacturing sector including chemical and food & beverage industry along with extensive R&D activities by both private and public players will provide favorable opportunities for business expansion.
Browse key industry insights spread across 440 pages with 798 market data tables & 34 figures & charts from the report, “Microgrid Market Size 2020 2026” in detail along with the table of content: https://www.gminsights.com/industry-analysis/microgrid-market
Table of Contents (ToC) of the report:
Chapter 6 Microgrid Market, By Power Source
6.1 Global market share by power source, 2019 & 2026
6.2 Diesel generators
6.2.1 Global market from diesel generators, 2015 – 2026
6.2.2 Global market from diesel generators, by region, 2015 – 2026
6.3 Natural gas
6.3.1 Global market from natural gas, 2015 – 2026
6.3.2 Global market from natural gas, by region, 2015 – 2026
6.4 Solar PV
6.4.1 Global market from Solar PV, 2015 – 2026
6.4.2 Global market from Solar PV, by region, 2015 – 2026
6.5.1 Global market from CHP, 2015 – 2026
6.5.2 Global market from CHP, by region, 2015 – 2026
6.6.1 Global market from Others, 2015 – 2026
6.6.2 Global market from Others, by region, 2015 – 2026
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/microgrid-market
SOURCE: Global Market Insights, Inc.