How will North America microgrid market go on to become a business vertical worth USD 7 billion by 2024?
Some of the pivotal factors that have propelled North America microgrid market growth over the recent years are the governmental & regulatory inclinations toward network expansion and the rising financial backing to support such projects. Increasingly becoming the most resilient and sustainable options for industries to provide continual operation during blackouts and natural disasters, microgrids are becoming the essentials of the energy and utilities sector. A substantiation validating the aforesaid is that of a report by the Federal Energy Regulatory Commission that claims the utilities across the U.S. to have invested nearly USD 35 billion in 2016 for the expansion of the energy transmission network.
U.S. Microgrid Market Size, By Storage Device, 2017 & 2024 (USD Million)
Rising adoption of renewable energy technologies to impel North America microgrid market size
Quite overtly, the spending on energy infrastructure to deliver power to businesses and households has increased remarkably in the past decade and is replacing the conventional poles, station equipment, and overhead lines and devices. With the rising penetration of renewable sources in the mainstream electricity supply, the operational dependability of the grid network has become an intricate issue for the power giants. In fact, several eminent companies are generously investing in microgrids for seamless integration and distribution of clean energy.
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Recently in 2017, Ameren Corporation unveiled the completion of one of the most highly advanced utility scale microgrids in the North America microgrid market. As a part of its commitment toward building a smart and clean energy infrastructure, Ameren has built a microgrid facility with advanced automation & battery storage. The facility will also test, monitor, and control methods for aggregating renewable & clean energy sources from natural gas, solar, and wind. Reports claim that the Ameren microgrid has a significant production potential of up to 1475 kilowatts, which is enough to power more than 190 households and will be contributing immensely to the expansion of North America microgrid industry share.
North America microgrid market to be swayed by the rise in product demand from the military
Greater reliance on fossil fuel in remote & rural regions in the world is a vulnerable point in military operations, and the results could be devastating, given the transportation challenges. A microgrid solution, in this regard, has not only enabled an installation to generate its own power for the military sector but has also provided protection against cybersecurity risks. These grids have significantly met the needs for stable electricity supply and that too without relying on a larger regional grid that is more averse to interruption and compromises.
To illustrate further, under its Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS), the U.S. military is aiming to deploy microgrids to supply power in the event of attack or loss of the utility grid. The program is also focusing to integrate solar PV and the diesel backup generators in order to provide diverse fuel sources, enabling uninterrupted power and lower carbon emission.
Recently, the U.S. Department of Defense, in this regard has issued a solicitation for multiple microgrid projects in the military sector that will assess large-scale energy storage. It is also imperative to mention here that the U.S. DOD is the largest petroleum & fossil fuel consumer and greenhouse gas emitter in the world – which is also one of the many reasons why U.S. military are looking at renewable energy microgrids.
Taking into consideration the aforementioned scenario, it wouldn’t be wrong to say that the U.S. military has become one of the significant investment ground for potential North America microgrid industry investors. Further powered by government backing and funding advances, the military microgrid projects are expected to be more secure & reliable and are poised to be a lucrative sector of the North America microgrid industry, which according to reliable reports is expected to surpass 7 billion by 2024, with a capacity expansion of 3 GW.
Author Name :Ojaswita Kutepatil
Global hybrid power solutions market size to reach 9 GW by 2024, UK to stand tall in the regional landscape
Hybrid power solutions market has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources. The increasing popularity of hybrid power solutions market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.
U.S. Hybrid Power Solutions Market Size, By End-Use, 2017 & 2024 (MW)
In this regard, recently India’s Ministry of New and Renewable Energy (MNRE) recently enforced a new National Wind-Solar Hybrid Policy. Reportedly, this newly launched regulatory framework would be promoting huge grid-connected wind-solar Photovoltaics hybrid systems, in a bid to efficiently utilize the existing transmission capacity of the country. Needless to mention, these kind of regulatory initiatives have played a pivotal role in proliferating hybrid power solutions industry trends.
Europe hybrid power solutions market: Unveiling the latest developments across UK
Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solutions market is slated to witness 5% CAGR over 2018-2024. The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics. Incidentally, this has also prompted leading market giants to commercialize innovative solutions in the regional market that could potentially maintain the grid stability.
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- In the year before last, Swedish power giant Vattenfall, commenced its construction project as a part of its first solar project in the . Located on the site of a signature Vattenfall’s windfarm in Wales that has been operational for near about 14 years, this Parc Cynog Solar Farm of 4.99MW is marked as a breakthrough project in UK hybrid power solutions industry. If reports are to be relied on, this is a part of a pilot project by the company, as it seeks to maximize the renewable energy generation potential from its existing sites in UK.
- The year 2016 has proved to be a roller coaster of sorts for UK hybrid solar power solutions industry. Just few months after Vattenfall made its way to the headlines, Ecotricity, another formidable player in hybrid power solutions market, won approval for its new hybrid renewable energy project in Britain. Reportedly, the green signal to its sun parks’ project in Devon and Dalby, gave Ecotricity a scope to expand its already existing portfolio in the lucrative business space. Sources also claimed that through this deal, the company even planned to generate 100 MW power from its solar-wind portfolio.
The large-scale integration of multiple renewable resource in a single platform requires grid operation to be extremely fast, flexible and responsive. The contemporary innovations that hybrid power solutions industry is presently characterized by is majorly influenced by this particular rationale. Another economic factor that has boosted the market trend is the declining price trends of wind turbines manufacturing over the past few years. As per the reports, in 2016, the average nominal installation cost of a small wind turbine recorded around 7000 USD/kW – 7500 USD/kW. Also it has been reported that average cost of solar PV module witnessed a decline of almost 0.5% over 2013-2016. These aforementioned factors in tandem with tremendous technological advancements in renewable energy technology is certain to push hybrid power solutions industry to attain remarkable heights over the ensuing years. Global Market Insights, Inc. forecasts the overall business space to exceed a massive valuation of USD 60 billion by 2024.
Author Name : Satarupa De
Standalone hybrid solar wind energy storage market to amass hefty returns by 2024, rising investments in renewable energy generation to augment the industry growth
Mounting government support with regards to the adoption of renewable energy has majorly propelled hybrid solar wind energy storage market. Regulatory bodies across the globe have set strict deadlines to drastically diminish the amount of greenhouse gases and to create a sustainable environment for the future of the planet. This has resulted in such initiatives like the EU 20-20-20 established in 2014, aimed at reducing greenhouse gases, increasing the renewable energy, and improving energy efficiency, each by 20% by the year 2020. Other regional governments are also catching up quickly on the trend, augmenting hybrid solar wind energy storage market. For instance, the Ministry of New and Renewable Energy of India is planning to build the world’s largest solar-wind hybrid mega project that will have a capacity of 160 MW, with the help of funding by the World Bank.
U.S. Hybrid Solar Wind Energy Storage Market Size, By End Use, 2016 & 2024 (MW)
Such large-scale projects not only validate the potential of renewable energy generation using hybrid systems but also the importance of energy storage. It thus goes without saying that the growth of hybrid renewable energy industry and hybrid solar wind energy storage market is directly proportional. The combination of two major renewable energies is slated to ensure a reliable and flexible source of energy as compared to standalone solutions. The storage system ensures resilient solution for providing energy even when faced with prolonged cloudy days with low wind speeds.
With the prominent use of renewable energy, standalone hybrid solar wind energy storage market is anticipated to witness a profitable growth in the years ahead. A number of private sector-based companies have started to offer standalone hybrid solar wind energy systems for homes and businesses. For example, Maine based Pika Energy offers its users the combination of 1700 watt producing wind turbines and 6000-watt range of solar panels. With these, they add an energy storage unit such as the Tesla Powerwall and a very viable standalone hybrid solar wind energy system is created. The idea of standalone hybrid solar wind energy system is appealing to consumers who are looking to move away from the power security and financial constraints of grid dependence. On these grounds, standalone hybrid solar wind energy storage market share has been forecast to increase at a CAGR of 5% over 2017-2024. Incidentally, its counterpart, the grid connected hybrid solar wind energy storage industry is also projected to register steady growth over 2017-2024 due to the potential of uninterrupted power supply and effective capacity utilization provided by the grid connected system.
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Legislative bodies around the world have been making tremendous efforts to increase the adoption of renewable energy. The Department of Energy of U.S. has proactively deployed the utilization of renewable energy across the country. This has resulted to 18% of power usage in U.S. from renewable sources, in 2017. With a shift toward solar and wind power, the total electricity generation was an improvement over the 15% produced in 2016. The use of renewable energies also potentially ended the droughts in the West and a dip in gas emission through power generation and decline in consumer spending on power. Driven by the anticipated growth in the overall renewable energy space in the U.S., it has been projected that U.S. hybrid solar wind energy storage market will depict quite a commendable growth in spite of the Trump administration’s desire to cut renewable energy funding.
The trend of encouraging renewable energy deployment has taken a massive upsurge across numerous other geographies. Say for instance, the Clean Energy Regulator of Australia set a Renewable Energy Target for 2020, which the country was confident at surpassing as investments in clean energy soared 150% between 2016 and 2017. The total investment in renewable energy in Australia rose to $9 billion and broke the previous record of $6.2 billion in 2011.
As initiatives for renewables adoption increase across myriad geographies, hybrid solar wind energy storage industry is expected to witness a tremendous surge in terms of volume and sales. As per estimates, hybrid solar wind energy storage market size is expected to cross a capacity of 1GW by 2024.
Author Name : Paroma Bhattacharya
Rising reliability on electricity coupled with growing need for uninterrupted power supply are major factors driving microgrid market growth. Of late, the proliferating industrialization trends have paved the way for escalating investments in industrial and urban establishments. This has been observed especially in emerging economies, leading to an increase in the demand for electricity. This factor in tandem with favorable government initiatives in electrification of rural areas are augmenting the demand for microgrid connectivity across the globe.
Rapid deployment of captive power sources in tandem with rising integration of clean energy technologies is stimulating the microgrid market outlook. Growing consumer inclination towards natural gas-based power generation sources in consort with rising adoption of solar technology in industrial sector are also contributing toward the growth of the industry.
The expansion of solar energy sector worldwide is a major parameter driving the demand for microgrids. The global microgrid market will register considerable growth owing to favorable federal reforms including FITs, tax rebates and investment tax credits, which are being introduced to increase the deployment of solar PV as a power source. Also, the rapid decline in component prices along with robust R&D activities to improve operational flexibility and product quality of solar PVs will drive microgrid industry growth.
According to estimates, microgrid market will register an annual installation of 13 GW by the year 2026.
Based on storage, the microgrid market is categorized into lead acid, lithium-ion, flywheel and flow batteries segment. Of these, the lithium-ion segment is likely to depict significant growth, attributed to the fact that lithium-ion batteries have longer life cycle and offer efficient performance properties.
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Elaborating on the application spectrum, rising adoption of microgrid technology in remote areas owing to scarcity of electricity and fluctuating power supply will boost the growth of the remote application segment. Government officials are primarily focusing on introducing various programs in order to provide sustainable grid network solutions in off-grid areas. Escalating demand for electricity in isolated areas is thus compelling governments to focus on distributed power generation, increasing the demand for microgrids across remote locations.
Rising R&D activities along with surging investments by food & beverage, manufacturing and chemical companies is also contributing to the growth of the remote applications segment in microgrid market.
Considering the geographical landscape, estimates claim that the Asia-Pacific microgrid market is estimated to grow by 22% through the year 2026. Growing demand for electricity along with surging investments in urban and industrial development is driving the market growth. Moreover, the growth of Asia-Pacific market is credited to the increasing number of consumer awareness programs regarding the benefits of using renewable sources of energy.
For instance, South Korea and Japan are primarily focusing on integrating and supplying sustainable energy solutions in order to provide positive benefits to their respective citizens.
The governments of the emerging economies across APAC are also known to undertake efforts for bringing forth uninterrupted power supply in the region, which is further likely to drive the growth of this market in the years to come.
The prominent companies operating in microgrid market are Honeywell, Schneider, ABB and Siemens among others.
Author Name : Omkar Patwardhan