The global microgrid market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a newly published report. Such an intensive competition is mainly present due to innumerable players existing in the market. Most players are fiercely focusing on research and development to expand their product portfolio. This is further expected to make them maintain a concrete stronghold in the global microgrid market from a geographical perspective too.
The competitive intensity is projected to rapidly increase in the next few years owing to numerous new players making their foray in the global microgrid market on a regular basis. ABB, Schneider Electric, Chevron Corporation, Power Analytics Corporation, GE Energy Management, and Pareto Energy, Honeywell International Inc., Echelon Corporation, Siemens AG, Toshiba Corporation, S&C Electric Company, Viridity Energy Inc., and ZBB Energy Corporation, are key players operating in the global microgrid market.
Statistically speaking, the market had gained a revenue worth US$9.8 bn in 2013, which is further anticipated to increase up to US$35.1 bn in 2020. This growth is expected to occur through stellar a CAGR of 20.70% during the forecast period ranging from 2014 to 2020.
Need for Efficient Energy Managements Bolster’s Market’s Growth
Rapid industrialization and improving economic development are two major factors that are primarily driving the global microgrid market. This is mainly due to an increasing use of microgrids in various technologies facilitated by enhanced industrial and economic developments. Use of microgrids has also increased substantially owing to immense benefits provided by these devices when it comes to a need for a judicious utilization and management of power. A rising demand for better energy management, especially in the context of renewable energy management, also is significantly pushing the global microgrid market to achieve notable growth.
High Costs of Mircrogrid Devices Hampers Market’s Expansion
However, high cost of microgrids could make it difficult for small-scale businesses to flourish in the global microgrids market, thus acting as a key restraining factor. Lack of skilled workforce needed to operate high-tech microgrid instrumentation in remote and underdeveloped regions is also known substantially restrict this market. An absence of regulatory framework in many regions coupled with operational challenges are couple of other growth hindrances. Nevertheless, many companies are projected to introduce cost effective microgrid solutions during next few years, thus obliterating most of the restraints affecting the global microgrid market.
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From a regional perspective, this market is mainly spread across North America, Asia Pacific, Europe, and Rest of the World (RoW). Of these geographical extents, the market has gained extensive revenue in North America, owing to a strong technological infrastructure as well as presence of state-of-the-art energy management systems. However, Asia Pacific is expected to depict splendid growth in the global microgrid market during the next few years owing to several well-known companies getting established in the region.
This review of the market is based on a recent report by Transparency Market Research, titled, “Microgrid Market (Product Type – Grid-tied (Grid Connected), Remote (Off-grid); Application – Campus and Institutions, Community and Utility, Commercial and Industrial, Defense and Military, Remote Islands) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020.
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