Microgrid Market Revenue to Grow at 19% CAGR to 2024: Global Market Insights, Inc.
SELBYVILLE, Delaware, Sept. 19, 2019 /PRNewswire/ -- China microgrid market is slated to reach 1 GW by 2024. Exponential rise in power consumption along with increasing investments across the commercial and industrial development will embellish the business outlook. Favourable government initiatives toward rural electrification coupled with integration of sustainable energy technologies will propel the product penetration.
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The U.S. microgrid market size is expected to reach a size of 2 gigawatts by 2024. The country is striving to reduce the dependence on existing electric networks, most of which need refurbishment and encouraging deployment of sustainable energy sources - factors that will add impetus to the growth of the industry share in the coming years.
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Lithium-ion in 2016, accounted for over 50% of the global microgrid market share. High volumetric and gravimetric densities along with improved life cycle will drive the product demand. Declining product prices and mass production by leading industry players will complement the business outlook.
Combined Heat & Power (CHP) microgrid industry is predicted to grow over 19% by 2024. Low operating cost, declining gas prices and higher efficiency are some of the key parameters that will boost the product penetration.
DC microgrid market is predicted to reach over 2 GW by 2024. Integration of several distributed generation technologies including solar PV systems with direct DC grids will positively impact the industry growth. Cost effectiveness, reliability and high efficiency are some of the key features which will encourage the product adoption.
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Eminent industry players in microgrid market includes Eaton Corporation, Siemens Ag, GE Alstom, Schneider Electric, ABB, Caterpillar Inc, Homer Energy LLC, Power Analytics Corporation, EnSync Inc, Lockheed Martin Corporation, Honeywell International Inc, Viridity Energy Inc, Exelon Corporation and Advanced Microgrid Storage.
Growing R&D investments along with strategic partnership and alliance has been a key strategic inference by leading industry players. Decreasing capital cost along with economies of scale in long run has further established strategic platform for expansion.
Browse key industry insights spread across 509 pages with 798 market data tables & 35 figures & charts from the report, "Microgrid Market By Connectivity (Grid Connected, Off-Grid), Grid Type (AC Microgrid, DC Microgrid, Hybrid), Source (Diesel Generators, Natural Gas, Solar PV, CHP, Others), Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel, Others), Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote, Others), Regional Outlook, Competitive Market Share & Forecast 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/microgrid-market
Table of Contents (ToC) of the report:
Chapter 3. Microgrid Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024 (USD Million)
3.3. Industry ecosystem analysis
3.4. Innovation landscape
3.5. Cost structure analysis
3.6. Power consumption, TWh (2000 - 2016)
3.7. Regulatory landscape
3.8. Role of microgrid stakeholders
3.9. Infrastructure and energy spending, 2015/2016
3.10. Renewable energy incentive in U.S States
3.11. Renewable energy electricity support instruments in EU 28-member states
3.12. Energy policies considered for deployment of microgrid network
3.13. Industry impact forces
3.14. Growth potential analysis
3.15. Porter's analysis
3.16. Competitive landscape
3.17. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/microgrid-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.
