Microgrid Market Analysis, Recent Trends and Regional Growth Forecast by 2024

NEW YORK - Dec. 2, 2019 - PRLog -- According to the latest report by IMARC Group, titled "Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global microgrid market reached a value of US$ 19 Billion in 2018. A microgrid refers to a modern electric system which can operate autonomously or in parallel with the main power grid. It can be powered by distributed generators, batteries, or renewable resources such as solar power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. A microgrid provides backup for the grid in case of emergencies such as main grid failure or a natural calamity.

Market Trends:

Microgrids offer several economic and technological benefits such as providing substantial savings, reducing carbon emissions and ensuring the availability of reliable, stable and affordable power supply to regions and communities that are located at distant places or in rural areas. Apart from this, as microgrids can work under 'island mode,' their network becomes secure and free from all external power and data transmissions. Owing to this, the demand for microgrids is rapidly increasing in the defense and military sectors. Moreover, the governments of the US, UK, Italy, Poland, Sweden, Belgium and Chile have incorporated 'Renewable Portfolio Standards' as a regulatory mandate for generating a minimum percentage of the total electricity from renewable sources. As microgrids help in harnessing renewable energy, their deployment is expected to increase in these countries. Looking forward, the market value is projected to cross US$ 36 Billion by 2024, at a CAGR of nearly 11% during 2019-2024.

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Insights on Market Segmentation:

Breakup by Energy Source

1. Natural Gas

2. Combined Heat and Power

3. Solar Photovoltaic (PV)

4. Diesel

5. Fuel Cell

6. Others

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Breakup by Application

1. Remote Systems

2. Institution and Campus

3. Utility/Community

4. Defence

5. Others

Breakup by Region

1. North America

2. Asia Pacific

3. Europe

4. Middle East and Africa

5. Latin America

Competitive Landscape

The competitive landscape of the market has also been examined with the detailed profiles of the key players operating in the microgrid industry. These players include Lockheed Martin Corporation, Eaton Corporation PLC, ABB Ltd, Siemens AG and General Electric.

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