MicroGrids are commonly used for grouping of electricity generation and are connected to the regular electrical grids. Localization of electricity generation also helps in energy storage, with efficient and reliable services. Employment of numerous types of distributed energy technologies is driving the global MicroGrid market at great heights. Global energy industry is charged up with the concept of MicroGrid, which is good news for the enterprises dealing in these services. The industry is still in its budding stage, which is witnessing increase in adoption and innovation in terms of new technologies in the industry. All these aspects need careful consideration while drawing wholesome results about the current and future trends in the power generation market.
Segmentation and Business Opportunities in MicroGrids
In order to form detailed insights about the MicroGrid market, one needs to examine the segmentation in the industry. as far as MicroGrid industry is concerned, the global market is segmented based on the types of technologies, characteristics and applications. Geographical demand and supply patterns are also considered by the researchers to understand the worldwide position of these services.
- Technologies: Based on technology, the industry is segmented into different technological trends and components. Different components of MicroGrids include PV inverters, flywheels, batteries, smart meter, and super capacitors in storage systems, electrical switchgears, etc. Technologies include reciprocating engines and micro-turbine engines.
- Applications: Applications of the MicroGrid systems are spread across various industrial verticals. The most common fields using these systems include military and defense, campus, institutes, academia and commercial industries.
- Characteristics: Based on their characteristics, the global MicroGrid market is divided into three basic segments, namely, hybrid, off-grid and grid connected. These three types are based on the consumption pattern in rural, urban and semi-urban areas.
Current Trends and Forecasting Reports from 2012 to 2022
According to the market research reports, the MicroGrid technology market is expected to attain remarkable growth over the next decade. Reports state the global industry is anticipated to grow at an estimated CAGR of 17.53%. At this rate, the global market will reach past $27 billion by the end of 2022. Based on the installation capacity, the industry is expected to attain over 15GW by 2022. This is a great business prospect for the investors in this budding industry. In terms of applications and segments, the campus and institutional segment is expected to record the maximum growth, which will be followed by military and defense. Off-grid MicroGrid technologies will record highest growth rate over the next four to five years and then will be taken over by hybrid market.