Customer Micro Grids Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Customer Micro Grids Market: Snapshot
The drive for customer microgrids has stemmed from the constant shift toward adopting localized distributed energy generation to overcome the limitations of centralized power grids. Over the years, the boundary between traditional microgrids and the customer microgrids are dissolving, leading to customer microgrids being a part of the modern microgrids. Rise in multi-customer microgrid projects in developed nations is a key trend cementing the market prospects of customer microgrids. Several benefits underpin the increasing focus on implementing customer microgrids in other regions of the world.
The growing role of microgrids in delivering low-cost and clean energy is one key aspect. Another compelling proposition in the customer microgrid market is the gains power companies get by boosting the reliability and resilience of larger grids. Further, the growing trend of incorporating CHPs in order to decarbonize the power generation sector expanded the avenue for players in the customer microgrids market. With greater focus on making the regional grids more resilient in developing economies, the avenue will expand in the near-term.
Interesting, a number of ancillary services could be anchored to microgrids, which diversifies the risks, making customer microgrids a key part of expanding avenue in the customer microgrids market. A number of critical services can be tied with customer microgrids, notably for first responders and government organizations. A variety of renewable energy generation can be further tied to the customer microgrids, making these as a viable framework for solar and wind energy integration. Another tellingly attractive proposition is the prospect of tying EV charging infrastructure with demand response programs through customer microgrids.
Another compelling proposition is the role of customer microgrids market in making Regional Transmission Organizations (RTOs) in the power sector more competitive. However, despite the high optimism, the implementation is burdened by the arcane regulations which are at loggerheads, and lack of standard guidelines globally.
Global Customer Micro Grids Market: Overview
Globally, the demand for micro grids has increased at a large scale due to its independent operability and high demand for small-scale power grid. The demand for micro grids are seen different verticals including industrial, educational institutes, healthcare, military, telecom infrastructure, government and utilities, and data centers. Additionally, government initiatives to reduce carbon footprint is also projected to provide a fillip in the global customer micro grids market.
Rapid industrialization and significant rise in population has fueled demand for energy storage systems that has boosted demand in the global customer micro grids market. Moreover, growing interest in IoT services and convergence of IoT in improving microgrd connectivity will further expand demand in this market. Beside the market driver, various regional aspects, ongoing trends, competition analysis, and few challenges together builds the market more competitive and enhances its prospects of growth. With all these information, key market participants will be able to take better and well-informed decisions to establish themselves in a much better way.
Global Customer Micro Grids Market: Notable Developments
Some of the recent developments taking place in the global customer micro grids market include:
Some of the most prominent competitors operating in the competitive landscape of global customer micro grids market include –
Global Customer Micro Grids Market: Trends and Opportunities
Large number of electrification projects currently going on in multiple emerging economies in Asia Pacific and Africa are creating huge growth opportunities in the global customer micro grids market. Increasing investments by government in micro grids projects and it growing applicability in industries such as military, healthcare, and governmental sectors are also termed to expand growth opportunities in this market.
But few things need to be taken care that includes issues in compatibility and interoperability in large number of devices or components. Moreover, risk associated with security, operations, and technical issues might hamper growth in this market. Government regulations also play crucial role in the growth of the global customer micro grids market.
Asia Pacific Offering Lucrative Growth Opportunities in Global Customer Micro Grids Market
Geographically, the global customer micro grids market covers Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Among these regions, North America is estimated to have dominating share in the global market in the forth coming years. Large number of players present in this region has led its dominance in the global customer micro grids market.
On the other hand, Asia Pacific is also projected to lead the global customer micro grids market by rising at steady CAGR. Among the emerging countries, India, China and few other are projected to be the key regional market for the growth of customer micro grids. For example, growing number of rural electrification projects carried out in India is one of the key reasons driving demand for customer micro grids in this region. Moreover, multiple leading companies are investing heavily in emerging economies due to high growth potential, which has further increased Asia Pacific customer micro grids market.
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