Asia Pacific region accounted for the largest revenue share of 39.4% in the global microgrid market– 6Wresearch
Global demand for cost effective and environment friendly power generation system is rising, owing to urbanization, industrialization and rapidly growing population leading to a consequent rise in the electricity demand. Thus, countries across the globe have integrated microgrids as a crucial part of the power sector. Further, several benefits linked to the installation of microgrids, such as a resilient and secure power infrastructure, easy and economical integration with renewable sources of energy, would drive the global microgrid market over the coming years.
According to 6Wresearch, Global Microgrid Market is expected to grow at a CAGR of 9.3% during 2019-25. Microgrids involve distributed sources of energy, especially renewable such as solar, wind and geothermal energy, providing an option for reducing the global carbon footprint. Renewable energy sources are projected to account for almost 50% of the overall generation by 2035 and global electricity consumption is expected to double by 2050. As a result, microgrids are anticipated to witness significant growth during the forecast period.
According to Rachit Gulati, Assistant Manager, Research and Consulting, 6Wresearch, “Asia Pacific microgrid market accounted for the highest revenue share globally, in 2018. China, India and South East Asian countries are expected to drive the Asia Pacific microgrid market over the coming years owing to growing electricity consumption and demand for efficient power infrastructure in remote and rural areas across these countries. Further, African continent would be a potential market for microgrids in the years to come. For instance, around 900 million people in Africa and around 620 million people in Sub-Saharan Africa currently have no access to electricity. Thus, an efficient and self-energy generating system, such as microgrid, would prove to be a feasible option for fulfilling the electricity need of the public.
According to Kanchan Negi, Senior Research Analyst, Research and Consulting, 6Wresearch, “Remote or island type microgrids are projected to experience substantial growth over the years. The demand for such microgrids would rise in areas with no grid lines and frequent power cuts. Also, in the event of natural calamities such as hurricane, tornado, and storms, island type microgrids are quite efficient. Hence, regions which are prone to such incidents are likely to adopt island microgrids as a means of electricity generation.
"Global Microgrid Market (2019-2025)" report provides an in-depth analysis with 120 above figures covered in more than 350 pages. The report estimates and forecast the overall global microgrid market by types, applications and regions that include North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.