The new microgrid market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201104005189/en/
Technavio has announced its latest market research report titled Global Microgrid Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the microgrid market. Download free report sample
“One of the primary growth drivers for this market is the increasing government support,” says a senior analyst for Industrials at Technavio.
Governments across the world are supporting the adoption of microgrids due to its strong endurance capability during natural calamities. Microgrid projects are backed by funding benefits in the form of grants from federal and state governments in the US. Increasing government support is a major factor that will fuel the growth of the microgrid market during the forecast period. The New York state R&D authority awarded funds for microgrid projects to be deployed in 83 communities with the help of prize money worth USD 8 million. The Japanese government also estimated a budget of USD 0.5 million per month for developing advanced microgrids to contribute to the development and implementation of microgrids. Such factors will drive microgrid market growth by 2024.
As the markets recover Technavio expects the microgrid market size to grow by USD 18.89 billion during the period 2020-2024.
Microgrid Market Segment Highlights for 2020
- The microgrid market is expected to post a year-over-year growth rate of 12.34%.
- Remote microgrids have found applications mostly in villages where grid-connected power is not accessible or is available only for a limited period.
- The average-sized microgrids used in villages have a capacity of 10 kW. India, Indonesia, Bangladesh, and several countries in Africa and Southeast Asia are the prospective markets for remote microgrids.
- Market growth in this segment will be slower than the growth of the market in the institutions and campus and military segment.
Regional Analysis
- 28% of the growth will originate from the North America region.
- The growing energy-efficient power requirements and the rising need for adopting decentralized power systems will significantly drive microgrid market growth in this region over the forecast period.
- The US and Canada are the key markets for microgrids in North America. Market growth in this region will be slower than the growth of the market in other regions.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Notes:
- The microgrid market size is expected to accelerate at a CAGR of almost 13% during the forecast period.
- The microgrid market is segmented by Application (Remote, Institutions and campus, Military, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Exelon Corp., General Electric Co., Honeywell International Inc., Powerhive Inc., S&C Electric Co., Schneider Electric SE, and Siemens AG
Register for a free trial today to access 17,000+ market research reports using Technavio’s SUBSCRIPTION platform
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201104005189/en/