Microgrid Market Influenced by Growing Emphasis on Renewable Energy Sources
(2018 - 2023)”
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Major Power Outages in North America Driving the Demand for Microgrids
As per the regional outlook was forseen by IndustryARC, in the last few years, major power outages in North America due to extreme weather conditions has propelled the microgrids market demand. To combat the power cut during such calamities, microgrids are substantial investments applied at various spaces such as hospitals, schools, government offices, military base, transport terminals, and so on. Other vital points affecting the market growth in this region are industrialization, increasing urbanization creating demand for uninterrupted energy supply and storage systems, government regulations for green energy sources and investments to curtail carbon emissions, and well-established electricity distribution network organized to adapt microgrids. Asia-Pacific is forecast to generate quantity demand in the coming years attributing to the rural areas electrifying projects and rapid growth in industrialization with severe demand for clean and renewable energy in countries such as India and China.
Global Microgrid Market: Competitive Landscape
As per the analysis conducted by the IndustryARC’s business intelligence report, some of the key players in the market are HOMER Energy LLC, Toshiba Corporation, ConsertInc, ABB Ltd, and Siemens AG. Advanced solutions, collaboration, joint ventures, and acquisitions are a few strategies approached by key players functional in the microgrid market in order to stay ahead of the curve. For example, Toshiba Corporation acquired Consert Inc. in 2013 indirection to develop their distribution facilities and expand their global existence. Additionally, HOMER Energy LLC launched HOMER Pro software, and elevated version of their HOMER software to establish a worldwide standard for microgrid designate primary phase.
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The growing emphasis on renewable energy resources with the aspiration to reduce carbon footprints, demand for uninterrupted power supply, and rural areas electrification in emerging economies is major objectives to be accomplished on a global platform. Microgrids are relevant directly or indirectly to all these operations, which makes it a flourishing investment pocket. The influx of investment on power security while preserving the nature is expected to ensure healthy growth of the global microgrid market in the near future.