According to this market research report "Microgrid Market by Offering (Hardware- Power Generation & Energy Storage System, Software, and Service), Connectivity (Grid Connected and Remote/ Island), Grid Type (AC, DC, and Hybrid Microgrid), Vertical & Geography - Global Forecast to 2022", the microgrid market was valued at USD 16.58 Billion in 2015 and is expected to reach USD 38.99 Billion by 2022, at a CAGR of 12.45% during the forecast period. Factors such as growing demand for automated grid system and enhancement in microgrid connectivity through integration of IoT are driving the growth of the microgrid market.
The hardware segment held the largest share of the microgrid market in 2016, followed by the software segment. The hardware components are integrated to offer a complete microgrid solution. The hardware offerings include switchgears, power inverters, power generators and energy storage systems, smart meters, and reciprocating engines.
The key reasons for the high growth of remote microgrids are heavy decline in prices of solar PV and wind power sources, drop in the cost of power generation compared with centralized power grids, and other environmental benefits such as less heat generation and smog.
The increasing demand for rural electrification projects and the rapidly growing mining vertical in the Indian market, along with investments made by both national and international companies such as ABB, Siemens, GE, and Schneider Electric in this region, are some of the key factors contributing to the growth of the microgrid market in APAC.
Major players operating in the microgrid market are ABB Ltd. (Switzerland), General Electric (U.S.), Eaton Corporation PLC (Ireland), Siemens AG (Germany), Exelon Corporation (U.S.), Schneider Electric (France), Caterpillar Inc. (U.S.), Power Analytics Corporation (U.S.), HOMER Energy LLC (U.S.), and S&C Electric Company (U.S.).
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Source: ASDReports - Market Research
Date: Mar 17, 2017