Microgrid Market to surpass $19bn by 2024

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Microgrid Market to surpass 19bn by 2024 Global
Market Insights Inc.
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Industry Overview

• Favourable government norms pertaining to
  integration of renewable energy technology
  coupled with ongoing measures to electrify rural
  and urban areas will foster the microgrid market
  share. Power reliability, economic
  competitiveness, relatively low power cost and
  reduced TD losses are some of the key parameters
  which will boost the product adoption.
• The U.S. microgrid market size is set to reach
  over 2 GW by 2024. Growing deployment of
  sustainable energy sources to reduce the
  dependence on existing electric networks will
  positively encourage the industry dynamics.
  Increasing investments across clean energy
  sources in the country will further propel the
  business landscape.
• Deployment of captive power generation as a key
  alternative to the regulated electricity supply
  in industrial sector will positively impact the
  business growth. Regulatory inclination to
  maintain central grid stability coupled with
  growing measures toward security of power supply
  will fuel the microgrid market. Rapid
  technological advancements in line with the
  development of efficient energy storage systems
  and control distribution units will further
  complement the industry outlook.

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• Natural gas as a fuel is set to witness strong
  growth on account of increasing exploration of
  unconventional sources across the U.S., China and
  Russia. Ongoing adoption of fuel as a low
  emission substitute to conventional source will
  foster the microgrid market. In August 2016,
  Capstone Turbine signed a deal with the
  government of China to supply microturbine for 10
  MW microgrid network.
• Utility microgrid market is set to grow owing to
  the rapid industrialization and urbanization
  across the emerging economies. Escalating
  high-end electricity consumption backed by the
  presence of new HVAC and heavy load machinery
  systems in the industrial sector will foster the
  business growth.
• Flow battery in 2016, accounted for over 5 of
  the global microgrid market share. High-end
  investments toward integration of clean energy
  technologies along with technological advancement
  catered to the development of cost-effective
  energy storage solutions will augment the
  industry size. Longer life cycles along with
  higher efficiencies as compared to its
  competitive counterparts will further complement
  the product outlook.

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Europe Microgrid Market Size, By Power Source,
2016 2024 (USD million)

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Industry Coverage
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• Rising concerns toward energy security coupled
  with increasing adoption of sustainable energy
  sources will stimulate the Japan microgrid
  market. Government backed extensive research and
  development projects along with implementation of
  virtual private networks (VPPs) to mitigate
  emergency crisis will further embellish the
  business outlook. In 2017, Panasonic in
  collaboration with Japanese Ministry of Economy,
  Trade and Industry planned to build Solar PV
  powered microgrid to provide electricity to 117
  homes in western Japan.
• Eminent players across the microgrid market
  include ABB, Schneider Electric, Siemens,
  Advanced Microgrid Solutions, Emersion, GE
  Alstom, Honeywell, EnSync Inc, Caterpillar,
  Viridity Energy Inc, Lockheed Martin Corporation,
  Exelon Corporation and Power Analytics
  Corporation.

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