The global microgrid market is witnessing huge growth. This is because of increasing market share of renewable energy sources. The microgrid market is likely to attain growth at around 17.35 percent CAGR by 2022. Microgrid is a power grid that works independently with the main electric grid of an area.
The pivotal factors driving the global microgrid market are escalating demand for secure and reliable power supply and rapidly growing need for green energy. Other factors, like governmental legislations and need for distribution generation technology are also boosting the microgrid market.
The huge installation costs of microgrids and technological barriers may restrain the market over the forecast period. The global microgrid market can be fragmented into various categories. These are technologies, types, consumption patterns, applications and geographies. The market, on the basis of technologies, can be divided into fuel cells and diesel gensets, combined heat & power, wind based power generation and photovoltaic cells.
The global microgrid market, on the basis of types, can be split into hybrid, off-grid and grid connected. The consumption patterns market can be sliced into rural, island, urban and metropolitan and semi-urban. The applications microgrid market includes commercial, campus or institutional and defense & military.
Geographically, the global microgrid market is segregated into the regions of Asia Pacific, North America, Europe and rest of the word (ROW). Globally, North America is leading the global microgrid market in terms of value. This is due to increasing adoption of microgrid in various hospitals and data centers. Asia Pacific is the fastest growing market on account of rising electrification in rural areas.
Posted on May 21, 2015 | Category Energy & Power