(MENAFN- America News Hour)
In a recently published report, Microgrid Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Microgrid Market products.
Download Sample of This Strategic Report:
It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Description
With gadgets becoming smarter and the world getting smaller, efficient and reliable energy delivery systems like Microgrids have seen a colossal hype in the market.
The market value of the microgrids was found to be US$XXBn in 2015 and is expected to reach US$ XXBn by 2022, with a CAGR of XX% during the forecast period.
The difference between conventional grids and microgrids is that with a conventional power grid, blackout at utility company's substation would cause all users to lose power, even people with local sources of power. In contrast, Microgrids use conventional centralized energy sources, but users also have localized sources of energy (say, a diesel generator or a solar panel) that areindependent of the utility source. Thus, users can independently manage and distribute their power. Home management system allows two way communication between homes and utility company. With microgrid, power cuts due to natural disturbances, such as thunderstorms, will be non-existent.
Microgrids can be useful at various levels-from individual homes to huge enterprises- any organization that is searching for an efficient arrangement to deliver energy is a potential customer.
Market Dynamics:
The reason for the anticipated boom in the microgrid market is simple. Development of firms providing highly efficient services (like IT) – with no scope for a second's delay. Increased networking amongst real life objects- providing the user more and more information, and rapid urbanization, with cities growing smarter and more independent. One of the less frequently mentioned factors include environmental imbalance which has increased the frequency of abrupt thunderstorms, cyclones and tornados over the years.
Market Segmentation:
The market comprises of Software and Hardware providers and integrators. The market is segmented on the basis of level of complexity in terms of control, source of energy harnessed (Wind, solar, Hydroelectric), which again,depend on the geography. Initiallymostmicrogridsrelied on wind energy, but development in the field of solar panels and the consistency of solar energy in many parts of the world has made solar energy type microgrids the most powerful.
Geographical Analysis
Currently, leading consumer of microgrid systems is the Asia-Pacific region, followed by North America. However, it is expected that North Americawould achieve market leadership in the near future. Microgrid is not a single technology, but rather, a combination of systems that can be exploited by diverse vendors across the globe. Opportunities in the field can also be vaguely related to the quest to find better sources of sustainable energy and corresponding advances in the technology.
Download Sample of This Strategic Report:
Key Players:
Some of the leading hardware providers in the microgrid market include ABB Ltd. (Swiss), General Electric (American), Siemens AG (German) and Schneider Electric (French). List of leading software providers include HOMER Energy LLC (American), Power Analytics Corporation (U.S.) and Siemens AG (German); while in system integrators, Eaton Corporation PLC (Irish) and HOMER Energy LLC (U.S.) take the lead.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
Download Sample of This Strategic Report:
Contact Us
Kenneth Research
Email :
Phone: +1 313 462 0609
Leonard Thomas
Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .
MENAFN13012022004545010068ID1103531243
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.