- Published: 11 January 2017 11 January 2017
The global microgrid market is estimated to reach US$ 35 billion by 2022 with a CAGR of 12% during 2016-2022. Many factors such as low costs for clean energy, energy storage technologies in microgrids, the military searching another options for energy resources, and tremendous climate effects on the working processes of grids are the driving factors of the microgrid market.
Microgrids can be used to produce power from both renewable and non-renewable energy sources. All over the world, governments are taking initiatives in setting up wind power plants for generation of wind energy, as well as bio power farms, and solar, and are increasingly concentrating on renewable energy resource-based microgrids. Government initiatives towards growing industrialisation, green energy, and demand for safe and reliable power supply are some of the factors which drive the global microgrid market. Presently, military and remote systems are the two major market segments for the development of microgrids in North America. The increasing number of initiatives from the US government for the execution of energy-efficient power solutions will fuel the market's growth in the North American region. Europe is presently at a preliminary phase, but quick extension has been anticipated soon in this region also. Asia Pacific region has been mounting a faster pace owing to increase in energy power demand with the increase in population. Key vendors are ABB, Duke Energy and Eaton.