A Micro Grid is a localized assemblage of electricity sources and loads that normally connected to and synchronous with the traditional wide area synchronous grid, but can also disengage to and function autonomously as physical or economic conditions prescription. By this, it generates a way to effectively assimilate the numerous sources of distributed generation, especially the renewable energy sources. High investments by government in Micro Grid infrastructure, growing demand for mass from hospitals, defence and remote areas, existence of flex-pay options boots the adoption of mass and several others are the major key factors which drive the market growth more actively in the coming years. Whereas, the market is having some restraints which hinder the market growth likewise the stringent regulations, policies and quality and standards, dominance of customer-owned Micro Grid and several others. Furthermore, the players of this market is playing an effective role by facing challenges such as complexities in planning and design of large-size Micro Grid, lack of awareness and several others by which the market will grow in the near future more actively.
According to the report analysis, ‘Global Micro Grid As a Service market- Technologies, Market share and Industry Forecast to 2024’ states that there are some major key players which are recently functioning in this market more actively for acquiring the huge market share by doing significant development and spreading awareness across the globe regarding this likewise Abb Ltd (Switzerland), Anbaric Transmission (U.S), Caterpillar Inc. (U.S.), Duke Energy Corporation(US), Eaton Corporation Plc (Ireland), Exelon Corporation (U.S), General Electric (U.S), Green Energy Corporation (U.S), Northern Power Systems Corp (U.S), Nrg Energy , Inc (U.S), Pareto Energy (U.S), Schneider Electric Se(France), Siemens Ag (Germany), Solarcity Corporation(U.S), Spirae, Inc (U.S.) and several others. In addition, the major opportunities for the global micros grid as a service market are rural electrification in APAC and Africa and growing usage of behind the meter micros grid virtual batteries for energy storage.
The market of Micro Grid is segmented differently across the various sector of market and across the globe such as based on the service type, grid type and verticals. While, based on the grid the market is classified into islanded type/remote and grid-connected type of which remote/island types is anticipated to rise at the huge rate in the coming years as it enables services to better maintain distributed energy sources and achieve higher control in meeting energy requirements. For instance, based on the service type sector it is split into design and engineering service, monitoring and control service, operation and maintenance service and software as a service.
Based on the geographic phase, with the availability of opportunities and key drivers the market of Micro Grid is spread across the globe which majorly includes North America, Europe, Asia Pacific region, Latin America, Middle East and Africa and rest of the world. However, in 2016 Caterpillar Inc. introduced its Cat Micro Grid technology, and develop suite of power systems that adds environmentally friendly solar panels. Therefore, in the coming years it is expected that the market of Micro Grid will grow across the globe over the recent decades.
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Ankur Gupta, Head Marketing & Communications