Global Smart Microgrid Market Strong Application,Emerging Trends And Future Scope
Global Smart Microgrid Market: Overview
The global market for smart microgrids, miniature versions of the existing large and messy centralized electricity system, is fragmented with the presence of diversified international and regional players. This is because microgrids need not be owned or run by a utility company and can be built, owned, and operated by a community, neighborhood, university, corporation, hospital, individual or any other entity that has legal authority over their power infrastructure, including power lines, generation source, and meters. While the well-established names in the market supply specialized and sophisticated microgrids whose technologies can be customized, the local or regional microgrid companies are also doing brisk business due to the increased emphasis on energy security. Going forward, the competition in the market will heat up on account of the pressing need for energy security.
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Depending upon its different applications, the global smart microgrid market has been divided into community, commercial, industrial, military, institutional, and remote systems. The global market for smart microgrid will reach a value of US$35.1 bn by 2020.
Global Smart Microgrid Market: Trends and Opportunities
At the forefront of driving demand in the global smart microgrid market is the rising clamor for reliable power sans harmful emissions. Other factors propelling the growth of the global smart microgrid market are cyber threats to electricity infrastructure and emphasis on minimizing the electricity transmission and distribution losses. Smart microgrid solution enables on-site energy generation and storage, thus bringing down the risk of a major power loss on account of an accident and also helps lower related costs.
Going forward, improved energy efficiency of microgrid installations, integrated renewable power generation, higher demand, and greater security requirement for critical power infrastructure protection are predicted to boost demand further. Countering the growth in the market are IT challenges facing grid operators, such as dearth of common operational support infrastructure, heterogeneous devices, and protocol landscape. Other factors negatively impacting the market are steep investment in microgrid technologies and inadequate regulatory norms to underpin deployment of microgrid deployment.
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Global Smart Microgrid Market: Region-wise Outlook
North America, powered by the U.S., holds a dominant share in the global market for smart microgrids due to the favorable initiatives undertaken by different universities, hospitals, data centers, and other institutions at a local level. In the next couple of years, the market in Europe is slated to see solid growth on account of rising demand for smart microgrids. This uptick in demand would be fuelled by the initiatives to upgrade a messy, aging infrastructure and integrating renewable energy sources of power generation. Growth in the Asia Pacific market would be stimulated by past pace of electrification in rural pockets in China, India, and Malaysia.
Companies Mentioned in the Research Report:
Prominent players operating within the global smart microgrid market include ABB Group, Echelon Corporation, AEG Power Solutions, Honeywell Inc., General Electric, Phono Solar Technology Co. Ltd., and Siemens AG.