The report, now available on ASDReports, recognizes the following companies as the key players in the global microgrid market: ABB, GE-Alstom Energy, Lockheed Martin, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: Chevron Energy, Cummins, Echelon, Encorp, General Microgrids, Honeywell, Mera Gao Power, Microgrid Solar, Pareto Energy? Power Analytics, S&C Electric Company, SMA, Spirae, and Toshiba.
Commenting on the report, an analyst said: “Increase in research & development will be a key trend for market growth. Microgrid systems are more flexible compared with conventional distribution systems. Microgrid systems are more resilient as a result of various R&D activities taking place around the world. Several specialized organizations are working on microgrid development projects. For instance, dynamic microgrids that can accommodate various energy sources and those that are self-sustaining with self-healing capabilities are being researched in the Brookhaven National Laboratory, New York, US.”
According to the report, rise in natural calamities will be a key driver for market growth. Natural disasters are making a business case for microgrids, and are driving their adoption across the world, especially in regions that are frequently affected by natural calamities, such as the southern part of the US. As a large portion of the power can be generated on site, microgrids provide a higher degree of reliability for mission-critical facilities such as military base, hospitals, and data centers that need to function continuously under any circumstance.
Further, the report states that high implementation costs will be a challenge for the market. A microgrid is built according to the needs of a variety of dynamic load types and is capable of operating under various grid conditions. However, most microgrids are usually built upon existing infrastructure, so there is no fixed cost for a microgrid. Depending on the project needs, a microgrid can cost as low as $250,000 to about $100 million.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Aug 31, 2016