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Global Microgrid Market will multiply at impressive CAGR of 18.2% by 2024

Description

With gadgets becoming smarter and the world getting smaller, efficient and reliable energy delivery systems like Microgrids have seen a colossal hype in the market.
The market value of the microgrids was found to be US$ 9 billion in 2017 and is expected to reach US$ 38 billion by 2024, with a CAGR of 18.2% during the forecast period.
The difference between conventional grids and microgrids is that with a conventional power grid, blackout at utility company’s substation would cause all users to lose power, even people with local sources of power. In contrast, Microgrids use conventional centralized energy sources, but users also have localized sources of energy (say, a diesel generator or a solar panel) that areindependent of the utility source. Thus, users can independently manage and distribute their power. Home management system allows two way communication between homes and utility company. With microgrid, power cuts due to natural disturbances, such as thunderstorms, will be non-existent.
Microgrids can be useful at various levels-from individual homes to huge enterprises- any organization that is searching for an efficient arrangement to deliver energy is a potential customer.

Market Dynamics:
The reason for the anticipated boom in the microgrid market is simple. Development of firms providing highly efficient services (like IT) – with no scope for a second’s delay. Increased networking amongst real life objects- providing the user more and more information, and rapid urbanization, with cities growing smarter and more independent. One of the less frequently mentioned factors include environmental imbalance which has increased the frequency of abrupt thunderstorms, cyclones and tornados over the years.

 

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Market Segmentation:

The market comprises of Software and Hardware providers and integrators. The market is segmented on the basis of level of complexity in terms of control, source of energy harnessed (Wind, solar, Hydroelectric), which again depend on the geography. Initially mostmicrogrids relied on wind energy, but development in the field of solar panels and the consistency of solar energy in many parts of the world has made solar energy type microgrids the most powerful.
Geographical Analysis
Currently, leading consumer of microgrid systems is the Asia-Pacific region, followed by North America. However, it is expected that North America would achieve market leadership in the near future. Microgrid is not a single technology, but rather, a combination of systems that can be exploited by diverse vendors across the globe. Opportunities in the field can also be vaguely related to the quest to find better sources of sustainable energy and corresponding advances in the technology.

Key Players:
Some of the leading hardware providers in the microgrid market include ABB Ltd. (Swiss), General Electric (American), Siemens AG (German) and Schneider Electric (French). List of leading software providers include HOMER Energy LLC (American), Power Analytics Corporation (U.S.) and Siemens AG (German); while in system integrators, Eaton Corporation PLC (Irish) and HOMER Energy LLC (U.S.) take the lead.

Report Contents Regional Analysis Report Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2024
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players

North America
US and Canada

Latin America
Mexico, Brazil, Argentina and Rest of Latin America

Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe

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Eastern Europe
Russia
Poland
Rest of Eastern Europe

Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific

Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa

This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.

Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage

 

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