Albany - NY, Oct. 19, 2015 (GLOBE NEWSWIRE) -- This report offers a comprehensive overview of the global microgrid market. With the help of SWOT analysis and Porter's five forces analysis, the report offers an accurate analysis of the factors impacting this market.
According to the research report, the global microgrid market was estimated at US$9.8 bn in 2013 and is expected to reach a value of US$35.1 bn by 2020, growing at an impressive CAGR of 20.7% from 2014 to 2020.
The global microgrid market is segmented on the basis of product type, application, and region. The products in the global microgrid market are grid-tried (grid connected) and remote (off-grid). The applications of microgrids are seen in commercial and industrial sectors, campuses and institutions, community and utility, defense and military, and remote islands. Geographically, the global microgrid market is segmented into Europe, North America, Asia Pacific, and Rest of the World.
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Grid-tied microgrids can be operated with or without connecting it to the main grid, while remote microgrids work independently and hence do not require any kind of a grid infrastructure. The increasing demand for power that is secure, emission-free, and reliable is leading to growth of the global microgrid market. The undeniable advantage of microgrids is their ability to function without a grid infrastructure. This advantage has allowed installation of microgrids at several locations where main grids do not exist. Some of the other noteworthy reasons driving the global microgrid market are power outages, depleting supply of fossil fuels, fluctuating costs, and the ever-growing concerns about energy security. Some of the prominent users of microgrids are universities, militaries, and commercial and industrial users.
According to analysts, the defense and military segment will be the biggest user of microgrids in North America. This is mainly due to the urgent need for better energy security and reliability in defense forces. However, analysts also predict that the remote islands segment will grow at a rapid pace in the coming few years. Asia Pacific and Europe will also tread on a positive path, as a large number of investments are being made in restructuring the energy mixes. The presence of supportive regulatory policies will also help the microgrid market grow in these regions. Countries that haven't yet invested in microgrids will become the primary targets for major players in the global microgrid market in the coming few years.
The research report on the global microgrid market profiles some of the key companies to give its readers a fair understanding of the competitive landscape. The players studied in this report are Schneider Electric, Viridity Energy, Inc., S&C Electric Company, Echelon Corporation, Honeywell International, Inc., ABB, GE Energy Management, ZBB Energy Corporation, Pareto Energy, Toshiba Corporation, Siemens AG, Power Analytics Corporation, and Chevron Corporation.
The segmentation of the global microgrid market is as follows:
· Global Microgrid Market: Product Segment
o Grid-tied (Grid Connected)
o Remote (Off-grid)
· Global Microgrid Market: Application Segment
o Campus and Institutions
o Community and Utility
o Commercial and Industrial
o Defense and Military
o Remote Islands
· Global Microgrid Market: Regional Analysis
o North America
o Asia Pacific
o Rest of the World (RoW)
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Source:Transparency Market Research