Key Findings of the Global Microgrid Market| Technavio

LONDON–(BUSINESS WIRE)–#Energy–The latest market research report by Technavio
on the global
microgrid market predicts a CAGR of close to 10% during
the period 2018-2022.

The report segments the global microgrid market by application (remote,
institutions and campus, and military) and by geography (the Americas,
EMEA, and APAC). It provides a detailed illustration of the major
factors influencing the market, including drivers, opportunities,
trends, and industry-specific challenges.

Here are some key findings of the global microgrid market, according
to Technavio energy
researchers:

• Increasing government support: a major market driver
• In 2017, the remote segment dominated the market by occupying almost
  45% share
• The Americas dominated the global microgrid market with 38% share in
  2017
• ABB, Emerson Electric, General Electric, Schneider Electric, and
  Siemens are the leading players in the market

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Increasing government support: a major market driver

The introduction of policies along with government support for
encouraging the development of microgrids is due to the recognition of
the resilience of microgrids demonstrated during the natural calamities.
For instance, in the US, microgrid projects are supported by funding
benefits in the form of grants from federal and state governments. In
2012, when the US was hit by Hurricane Sandy, millions of people, as
well as several medical centers and other critical setups, were left
without power. However, in Princeton University's 15 MW combined heat
and power (CHP) generator and 5.3 MW solar microgrid powered the
university campus for three days. South Oaks Hospital located in Long
Island was powered with the help of 1.2 MW CHP generators and 47 kW
solar power, which remained disconnected from the grid for 15 days after
Hurricane Sandy.

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Americas: largest microgrid market

The Americas dominated the global
microgrid market with a market share of 38.46% in 2017. Energy
efficient power requirements and the need for moving toward
decentralized power systems to offer improved resilience and
independence will drive the market in the Americas during the forecast
period.

APAC and EMEA followed the Americas with market shares of 35.99% and
25.55% respectively in 2017. The adoption of microgrids in the Americas
will be majorly driven by the growing energy-efficient power
requirements and the rising need for adopting decentralized power
systems.

According to a senior analyst at Technavio for research on power,
“The Americas is expected to continue its dominance during the forecast
period. However, the market share of the Americas is expected to
decrease by 0.83% in 2022. EMEA is expected to gain market share by a
margin of 1.05% by 2022.”

Competitive vendor landscape

The leading players in the global
microgrid market are focusing on upgrading their technological
expertise to have a competitive edge over other players. The market is
moderately fragmented with many new players entering the market, thus
the competition for expansion increases. As a result, the key players
are increasing their number of partnerships and acquisitions to
integrate various technologies and increase their foothold in the market.

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