25 February 2019
Visiongain has launched a new energy report The Microgrid Market Forecast 2019-2029: Forecasts by Application Including Remote, Utility Distribution, Commercial and Industrial, Community, Institutional/Campus and Military AND National Markets with Extensive Details & Analysis of Contracts, Projects and Programmes PLUS Leading Companies in the Microgrid Market.
Microgrid is one of the most advanced concepts in the power generation. A microgrid is a cluster of loads and distributed energy resources that can operate in both on-grid and off-grid mode. The technology acts as a promising source of electricity during emergencies, bad weather conditions and power outages.
The microgrid market is mainly driven by factors including rising demand for efficient energy usage, growing adoption of renewable energy and need for efficient grid infrastructure. The rapid growth in the population has led to increased congestion and stress on the existing grid leading to an unbalanced and inefficient supply of electricity among the consumers; the bulk of them affected by lack of electricity supply.
The deployment of microgrid technology will not only reduce the burden on existing utilities but will also help reduce greenhouse gases through the adoption of renewable resources. The technology can be considered as a building block towards the development of smart energy system with its compact design and high reliability during emergency conditions.
The visiongain report analyst commented "The microgrid market is expected to see high growth rates and large expansion in networks across the world and particularly in remote regions and islands. Governments are continually trying to provide reliable and efficient power to their more rural citizens which will be the main driver for microgrid technology. Favourable policies towards microgrid deployment has enabled the large-scale adoption of the technologies across developing nations."
Leading companies featured in the report who are developing microgrid technologies include ABB Ltd, General Electric, Hitachi Ltd, Siemens AG, Eaton Corporation, NRG Energy & Honeywell International Inc. among others.
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