Microgrid Market: Government Emphasis on Renewable Energy Resources Driving Demand

The global microgrid market size approximately $20 billion as of 2018, and its value is estimated to grow at a healthy CAGR of 12% during the forecast period 2019-2025. The analyst of the report foresees increasing governmental efforts on harnessing and promoting renewable energy concepts, radical expansion of commercial infrastructure across urban parts of the emerging economies, and technological advancements that are now gaining confidence of end users as the three key factors augmenting the demand in the global microgrid market. Additionally, the microgrid market trend identified in the report is investment on electric vehicle charging infrastructure. The report is titled: “Microgrid Market: By Grid Type (Grid-Connected, Remote/ Island, Hybrid); By Component (Generation, Switch Gear, Controls, Cables, Software & Services); By Vertical (Government & Education, Residential & Commercial and others) & By Region - Forecast (2019-2025).”

The report also highlights the prosperity of the microgrid market in the healthcare industry, wherein consistent power supply is paramount. The industry feeds non-stop demand for lights, heating and cooling, hot water and steam for equipment sterilization, and refrigeration for temperature-sensitive medications. The IndustryARC report projects the healthcare end use segment of the global microgrid market to increment at an above-average CAGR of 14% during the aforementioned forecast period. Geographically, Americas has been noted as most profitable region, generating approximately 36% of the global demand as of 2018.

To provide a suitable climate for the future generation after decades of ill-usage of fossil fuel resources and thereby leading to the rise in global temperature has encouraged countries to come together and adopt measures to protect the environment. Encouraging carbon free electricity usage in transportation and industries will be a promising step to create pollution free and clean environment. 

Microgrid comprises of interconnected loads and distributed energy resources (DERs) within electrical boundaries. It plays a prominent role in rural electrification. Reliable microgrids are extensively used in hospitals and data centers due to their high quality power supply. Distributed generators such as diesel engines, microturbines, and fuel cells improves resilience of microgrid which empowers renewable electricity and helpful in decreasing greenhouse emissions. Microgrid integration with renewable energy resources provides uninterruptable power supply which is an effective way to meet the increasing energy demand. Microgrids comprises of photovoltaics, wind turbines, a battery energy storage system (BESS), and two diesel generators. Grid-connected and islanded modes are the two operational modes that optimize the microgrid operation in a highly digital modern world. 

Microgrid is an imperative solution for a clean energy future, which uses cheapest sources namely renewable energy sources to produce electricity. Enormous applications of microgrid for effective power generation coupled with rising demand from the healthcare sector is estimated to fuel the growth of microgrid market in the near future. 

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