Published on : Dec 17, 2018
ALBANY, New York, Dec 17, 2018: The demand within the global market for microgrid technology has been rising on account of the need to maintain a regular supply of electricity for the residential sector. Microgrids largely rely on the synergies of the larger macrogrid, but in times of economic or climatic disruptions, microgrids can function autonomously as well. The need to provide seamless electricity supply across smart homes and residential buildings has necessitated the development of reliable, efficient, and errorless microgrids. It is expected that the advent of smart technologies would given an impetus to the growth of the global market for microgrid technology in the years to come, Furthermore, the depletion of fossil fuels and non-renewable sources of electricity has compelled global leaders to think of alternate ways of power generation. Since micogrids are connected to macrogrids that can fetch electricity from renewable sources such as wind and solar power, the popularity of the former has taken a leap in recent times. A report on the global market for microgrid technologies added by Research Moz (Rmoz) is a deft representation of the forces that could propel market demand in the years to come. The title of the report is “Global Microgrid Technology Market Insights, Forecast to 2025”.
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Although microgrid systems are used most extensively to supply electricity to the residential sector, the demand for these grids is also increasing across the commercial sector. Hence, the massive size and versatile nature of the commercial sector is projected to bring in voluminous revenues into the global market for microgrid technology. Furthermore, the advent of independent microgrid systems that can function without being connected to the superfluous macrogrids is also a key consideration from the perspective of market growth. The industrial sector also uses the capacities of microgrid systems in some capacity, thus, aiding the growth of the global market for microgrid technology. Military and remote microgrids are advanced forms of microgrid technology that are being adopted across the developed economies. This factor, coupled with the growing popularity of utility microgrid and institutional microgrid, is expected to propel demand within this market.
On the basis of geography, the demand for microgrid technology in Europe has been rising on account of the stellar growth of smart technologies across several EU nations. Furthermore, the market for microgrid technology in Asia Pacific is projected to expand alongside advancements in the smart energy sector of India and China. North America’s market for microgrid technology has expanded on account of the resilience shown by US government towards ensuring regular power supply to the residential sector.
Some of the key players in the global market for microgrid technology are EnStorage, S&C Electric Co, Sunverge Energy, Aquion Energy, Green Energy Corp, and Growing Energy Labs Inc.
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