Urbanization and Industrialization to Play a Pivotal Role in the Growth of the G
Posted by arslan on February 11th, 2019
Increase in the usage of renewable energy sources in microgrid has gained momentum, owing to its cost-efficiency and low carbon emission nature. Proliferated industrialization and rising demand for electric power are likely to foster the growth of the microgrid market since microgrid reduces the distribution and transmission losses.
As compared to the instability provided by macrogrid, microgrid systems can easily operate during extreme weather conditions such as earthquakes, tornadoes, and floods. This has encouraged the government to set up microgrid plans near hospitals, grocery stores, gas stations, pharmacies, and police stations to tackle any emergency situation. Analyzing a host of these factors, the global microgrid market is expected to record a striking CAGR of over 11% through 2026. Aforementioned insights have been extracted from a report titled, “Microgrid Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”, which has been encapsulated in the broad repository of Market Research Report Search Engine (MRRSE).
Geographically, Asia Pacific is envisaged to hold the largest market share through 2026, which can be attributed to increasing demand for electric power, better grid connectivity, and low electrification rate. Growing population and their eventual shift to urban areas also play a pivotal role in the growth of the microgrid market.
The primary aim of the study on the microgrid market is to provide a concise view of the market to its stakeholders. The report focuses on lending an analysis of the market at the regional and global level. The market has been forecasted for a period 2018 to 2026, wherein 2017 is the base year and forecast has been offered for the duration 2018 to 2026. Evaluation of the market has been done in value (US$ Mn) and volume (megawatt). The market study delineates the demand drivers, opportunities, restraints, threats, and challenges affecting the market growth.
Several macroeconomic and microeconomic factors have been discussed in this market study. An incisive view on the value chain analysis has been included in the report, which provides a detailed understanding of the competition prevalent in the microgrid market. Attractiveness of the market has been evaluated depending on the connectivity, application, and region. Depending on the connectivity, the global microgrid market is divided into off-grid and grid-tied.
Key trends and recent developments driving the growth of the market are analyzed and included in this market study. The report includes a competitive dashboard which provides a broad outlook on the key companies holding a large share of the market.
In order to extract key insights of the market at a granular level, the market has been segmented on the basis of geography. The regions analyzed in the report comprise of North America, Asia Pacific, Latin America, the Middle East and Africa (MEA), and Europe. A detailed analysis of the market for each of these regions, besides their market size is included in the market study.
The leading market players constitute of General Electric, Siemens AG, S&C Electric Company, Schneider Electric SE, ABB Group, Engie Group, Echelon Corporation, Honeywell International Inc., Pareto Energy Limited, Duke Energy Corporation, Power Analytics Corporation, and Toshiba Corporation. This detailed report provides an overview of these companies, their business strategies, recent developments, and market size. These insights will help the stakeholders in making informed decisions and fuel the growth of their business.Also See: Microgrid Market, Market Study, Recent Developments, Pivotal Role, Microgrid, Market, Growth
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