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Microgrid Market by Type, Offering, Consumption Pattern, Vertical And Region - Global Forecast to 2023

Microgrid Market: Global Forecast until 2023

  • June 2018
  • 178 pages
  • ID: 3703379
In this report:
According to Lazard's Levelized Cost of Energy Analysis, the price of solar power dropped ##% per watt between 2010 and 2016, while that of wind power fell ##%.
The global microgrid market reported a capacity of ##,##.## MW in 2017, which is expected to reach ##,##.## MW by 2023, at a CAGR of ##.##% between 2018 and 2023.

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Microgrid market forecasted to grow at a Compound annual growth rate of ~12.0 percent during forecast period

The microgrid market is forecasted to grow from ~$22.2B in 2018 to ~$39.1B by 2023, at a compound annual growth rate (CAGR) of ~12.0 percent between 2018 and 2023. Growing demand for reliable and secure power supply global; widespread industrialization and population increase fueling demand for energy storage systems; and government actions to minimize carbon footprint are driving the microgrid market. Top factors restraining the rise of the microgrid market are the high installation and maintenance costs of microgrids, lack of knowledge about procedures to secure license rights for connecting multisite microgrids, and land acquisition and registration procedures creating complications for solar PV plant installations in rural areas.

Government & utilities to hold biggest share of microgrid market by 2023

Utility microgrids are usually owned by private or government bodies.Aggressive decline in the prices of renewable resources is one of the main reasons for the increase of microgrids in urban and rural areas.

Various main developments have been made in this vertical; for example, in February 2015, Exelon Corp partnered with Anbaric Transmission to build microgrids in New York City, US.Anbaric has experience in competitive markets including New York and New Jersey in particular, where it has helped develop independent transmission.

Also, rising government initiatives worldwide to maximize the electrification rate is anticipated to growth the market share of the government & utilities vertical by 2023.

Microgrid market in Asia-Pac to grow at topmost cagr between 2018 and 2023

The more important rise of the market in Asia-Pacific can be accredited to the growing demand for rural electrification projects and the quickly increasing manufacturing vertical in countries including India, Taiwan, South Korea (KR), and China (CN). Furthermore, market investments made by both national and international firms, including ABB, Siemens, GE, and Schneider Electric, in this area, contribute to the increase of the microgrid market in Asia-Pac.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with main experts.

The breakup of the profiles of primary members taking part is like:

• By Company category: Tier 1-23 %, Tier 2-32.0 percent, and Tier 3-45.0 percent

• By Description: C-Level Executives-43%, Directors-27%, and Others-30%

• By Area: Americas-22%, Europe-25%, APAC-43%, and RoW-10%

Firms that provide a range of customized solutions to customers are anticipated to emerge as game changers.

Segment Research

This business report includes the microgrid market established on grid type, offering, vertical, and area. An in-depth study of the main industry actors has been done to furnish business insights into their business, products and services, and top strategies, including product launches and advancements, related to the microgrid market.

Key Benefits of Buying This Report

1. This document breaks down the global market comprehensively and offers the closest approximations of the overall microgrid market size and that of sub-segments across verticals and localities.

2. The market research benefits partners comprehend the pulse of the sector and offers them information on key market drivers, market restraints, opportunities, and alternatives pertaining to the microgrid market.

3. This industry report would benefit partners better comprehend their players and obtain additional insights to improve their rank in the sector. The competitive outlook section includes competitor landscape, and new industry product developments in the microgrid market.

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