United States Microgrid Market to grow at a CAGR of 9.31% until 2026.
The
increasing power outages due to natural disasters, grid failures, aging power
infrastructure, etc. to drive the United States Microgrid Market.
According to TechSci
Research report, “United
States Microgrid Market, By Type (Grid Connected, Remote/Island, Hybrid), By
Consumption Pattern (Urban & Metropolitan, Semi-Urban, Rural/Island), By
Power Source (Natural Gas, Diesel, Solar PV, Fuel Cell and Others), By End User
Industry (Educational Institutes, Military, Utilities, Industrial, Healthcare
and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F”, the United States
Microgrid Market is forecast to grow at a CAGR of 9.31% to reach USD 2774.04 million
by 2026. Growth in the market can be attributed to frequent natural disasters
in the country such as tornados, hurricanes,
and earthquakes followed by tsunamis that may destroy parts of the transmission
and distribution infrastructure. These events lead to interruption of the
connection to the utility grid that results in interruption in power supply for
weeks or even months. Since a microgrid does not depend on the power supply of
the utility grid, the immediate deployment of microgrids appears feasible in
some areas, especially those that have been repeatedly struck by natural
disasters and can be planned and assembled in a comparatively short time instead
of waiting for the reparation and
reinstallation of the common transmission and distribution infrastructure after
a natural disaster. In addition to natural
disturbances, there are certain man-made disturbances like terrorist attacks or
wars, the physical damage to power system components such as transmission
towers or transformers, that may lead to large outages. Increased activities of
cyber-attacks like intentionally wrong remote switching operations also cause
damage if sensitive communication channels do not meet cyber security
requirements. Being in a geographically limited area, the microgrid generation
and load, as well as load balance, are controlled by reliable electronic
components that can disconnect from the utility grid and run in “island” mode
if required. The probability that a microgrid will be shut down due to natural
disaster or human error is very low. All these factors are accelerating the
growth of the United States Microgrid Market.
The United States Microgrid Market is
segmented on the basis of type, consumption pattern, power source, end user
industry and region. Based on consumption patten the market can be segment into
urban & metropolitan, semi-urban, rural/island. The urban &
metropolitan will have the highest share in the forecast period due increasing
construction activities and infrastructure development that will need more
reliable power supply and will ultimately spur the growth of United States
Microgrid Market. However, the rural/island segment is the fastest growing
segment because of increasing power projects in rural areas and government’s
focus on providing uninterrupted power supply.
The United States Microgrid Market based
on end user industry can be segmented into educational institutes, military,
utilities, industrial, healthcare and others. The industrial segment is the
fastest growing segment due to the rising commercial and industrial activities
in the country. According to the United States Department of Energy the power
outages in the country costs American businesses around USD150 billion per year.
Hence microgrids are being deployed in the commercial and industrial sector to
prevent business from running out of electricity and continue their operation
with uninterrupted power supply.
Browse 47 Figures
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Schneider Electric SE, General Electric Company, Hitachi ABB Power
Grids Ltd., Bloom Energy Corporation, Tesla, Inc., Enchanted Rock, Ltd.,
S&C Electric Company, Ameresco Inc, PowerSecure Inc, Siemens AG etc. are among the leading players
operating in the United States Microgrid Market. Companies operating in the
market are using organic strategies, partnerships, and collaborations to boost
their shares in the United States Microgrid Market. Major market players are
concentrating on accomplishing ideal operational expenses, upgrading the system
efficiency, enhancing precision in responses, boosting productivity with high
funding in R&D, and merging with small players to support the competitive United
States Microgrid Market.
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“Microgrids are
being utilized to further develop resilience and reliability of electrical
networks, to deal with expansion of distributed clean energy resources like
wind and solar photovoltaic (PV) generation to reduce fossil fuel emissions,
and to supply power to remote locations that cannot be dependent on power grid,
such as an island community or community far away from the electricity grid. The
desirable characteristics provided by microgrid such as clean power, resilience
and reliability is expected to create profitable opportunities for the growth
of the United States Microgrid Market. Moreover, growing demand for uninterrupted
power, along with growing construction activities and infrastructure development
in the country and increasing power resiliency in industrial and commercial
sector are going to drive the market.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“United
States Microgrid Market, By Type (Grid Connected, Remote/Island, Hybrid), By
Consumption Pattern (Urban & Metropolitan, Semi-Urban, Rural/Island), By
Power Source (Natural Gas, Diesel, Solar PV, Fuel Cell and Others), By End User
Industry (Educational Institutes, Military, Utilities, Industrial, Healthcare
and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F”
has evaluated the future growth potential of microgrids in the United States Market and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in United States Microgrid Market.”
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