Microgrid Market to Rise in Response to Increasing Demand for Energy Security, says TMR
The vendor landscape of the global microgrid market is reigned by business giants such as Chevron Corporation, GE Energy Management, Power Analytics Corporation, Siemens AG, and Pareto Energy and emerging corporations such ZBB Energy Corporation, Viridity Energy, Inc., Schneider Electric, Echelon Corporation, S&C Electric Company, Honeywell International, Inc., Toshiba Corporation, and ABB. With the increasing global demand for energy leading to microgrid market growth, each of the company is trying to buckle up and achieve sustainable growth.
“Microgrid technology has been successful in curbing the frequent power outages, energy insecurity, fluctuating costs, and depleting fossil fuels. Also, it will prove to be instrumental in the area where main grid cannot be planted,” says a TMR analyst.
Renewable Energy Sourced Microgrid Becomes New Area of Research
Microgrids utilizing renewable energy sources for power generation have higher efficiency, improved quality of power, and reduced costs, thus making it a popular choice. Moreover, there is almost zero carbon emission in the case of renewable energy systems. The rising demand for power that is emission-free, reliable, and secure is a driving factor behind the growth of the global microgrid market.
Some of the major companies have already started investing and making development in renewable energy driven microgrids. For example, In July 2014, Schneider Electric opened a solar inverter test and grid support labs – MicroGrid Lab in Burnabay, British Columbia, one of the largest of its kind in the world. It was furnished to support designing and testing of Schneider Electric’s revolutionary SE1 1500V platform.
Scientists and Engineers Work on Operational Instability
One of the major challenges for the deployment of a microgrid is operational stability. The instability accounts for the proper regulation of voltage and frequency values through both active and reactive power control. The remote mode faces greater instability than the connected mode. In general, the instability arises due to oversupply or undersupply of electricity.
Download the Microgrid Industry Fact Sheet by 2020 @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=236
Introducing relays and monitoring systems can help in resolving instability issues, but in turn can create a new impediment, which is the increase in installation cost. Moreover, it will also make the set – up bulkier, which is not suitable.
Grid Tied Leads with Substantial Margin
Growing at a remarkable CAGR of 20.7% from 2014 to 2020, the global microgrid market is expected to rise to a value of US$35.1 bn by 2020 from the estimated US$9.8 bn in 2013. Based on the product type, due to the aforementioned advantage, the tied microgrid, which was leading in 2013 with a total share of 72%, is expected to lead till 2020.
The global microgrid market has been segmented in the following manner:
Global Microgrid Market: Product Segment
Grid-tied (Grid Connected)
Remote (Off-grid)
Global Microgrid Market: Application Segment
Campus and Institutions
Community and Utility
Commercial and Industrial
Defense and Military
Remote Islands
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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“Microgrid technology has been successful in curbing the frequent power outages, energy insecurity, fluctuating costs, and depleting fossil fuels. Also, it will prove to be instrumental in the area where main grid cannot be planted,” says a TMR analyst.
Renewable Energy Sourced Microgrid Becomes New Area of Research
Microgrids utilizing renewable energy sources for power generation have higher efficiency, improved quality of power, and reduced costs, thus making it a popular choice. Moreover, there is almost zero carbon emission in the case of renewable energy systems. The rising demand for power that is emission-free, reliable, and secure is a driving factor behind the growth of the global microgrid market.
Some of the major companies have already started investing and making development in renewable energy driven microgrids. For example, In July 2014, Schneider Electric opened a solar inverter test and grid support labs – MicroGrid Lab in Burnabay, British Columbia, one of the largest of its kind in the world. It was furnished to support designing and testing of Schneider Electric’s revolutionary SE1 1500V platform.
Scientists and Engineers Work on Operational Instability
One of the major challenges for the deployment of a microgrid is operational stability. The instability accounts for the proper regulation of voltage and frequency values through both active and reactive power control. The remote mode faces greater instability than the connected mode. In general, the instability arises due to oversupply or undersupply of electricity.
Download the Microgrid Industry Fact Sheet by 2020 @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=236
Introducing relays and monitoring systems can help in resolving instability issues, but in turn can create a new impediment, which is the increase in installation cost. Moreover, it will also make the set – up bulkier, which is not suitable.
Grid Tied Leads with Substantial Margin
Growing at a remarkable CAGR of 20.7% from 2014 to 2020, the global microgrid market is expected to rise to a value of US$35.1 bn by 2020 from the estimated US$9.8 bn in 2013. Based on the product type, due to the aforementioned advantage, the tied microgrid, which was leading in 2013 with a total share of 72%, is expected to lead till 2020.
The global microgrid market has been segmented in the following manner:
Global Microgrid Market: Product Segment
Grid-tied (Grid Connected)
Remote (Off-grid)
Global Microgrid Market: Application Segment
Campus and Institutions
Community and Utility
Commercial and Industrial
Defense and Military
Remote Islands
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Transparency Market Research
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com