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
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
Heavy-duty trucks market projected to amass mainstream popularity over 2019-2025, global product penetration to depict an upsurge subject to a perpetually vast application terrain
Tesla’s latest Class 8 marvel is indeed a classic phenomenon that has posed several challenges for heavy-duty trucks market players. The automotive giant has unveiled the ‘Tesla Semi’ – its all-electric semi-truck that boasts of superior charging capacity and has been designed to travel from 0 to 60 mph in merely a 5-second span. In fact, towing a load of close to 80,000 lbs alongside, this truck can travel from 0 to 60 mph in just 20 seconds, setting quite a remarkable precedence for companies partaking in heavy-duty trucks industry share.
U.S. Heavy-Duty Trucks Market, By Class, 2018 & 2025, (USD Million)
What’s precisely noteworthy though, is not the Semi’s speed range or its aesthetic appearance, but the fact that it offers a transmission which requires no gear shifting with regenerative braking – essentially, a provision that delivers infinitesimal brake life for the vehicle. Endowed with such an amazing intrinsic design such as this, the Tesla Semi is certain to cause a stir in heavy-duty trucks market.
It is prudent to state that the Tesla Semi being a Class 8 wonder is an indicator of the fact that class 8 vehicles are indeed being pursued with renewed gusto by heavy-duty trucks industry players. In fact, a report by Global Market Insights, Inc., claims class 8 vehicles to accumulate a considerable portion of the global revenue in heavy-duty trucks market over 2019-2025, pertaining to their enviable ability to sustain heavy loads. Generally deployed for high-power applications such as construction and mining, class 8 vehicles are diesel-powered and have a gross weight vehicle rating of more than 33,000 lbs. Subject to the extensive demand for these beauties, companies have been sparing no expense in R&D activities, to bring forth newer class 8 vehicles endowed with superior features, that would ultimately help augment the sales graph of the overall heavy-duty trucks industry.
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Not so long ago, Daimler, one of the most prominent players of heavy-duty trucks market, had unveiled a prototype of its much-awaited vehicle at the Tokyo Motor Show. Daimler’s truck unit, Mitsubishi FUSO, claimed that its heavy-duty truck, called the E-FUSO Vision One, weighs more than 51,000 lbs and is capable of driving up to 220 miles on a single charge. The product was viewed as a cutthroat competition to Tesla’s Semi, leading to some level of consolidation in heavy-duty trucks industry. In consequence, it is undeniable that products endowed with superior properties and high-caliber innovations would prevail in this business space, thereby increasing the sales figures and the overall revenue of heavy-duty trucks market, which is anticipated to surpass USD 160 billion by 2025.
Unquestionably, renowned biggies have not been programmed to remain the underdog in heavy-duty trucks industry. In this regard, Volvo Trucks, the Sweden-based truck manufacturer, recently launched LNG and biogas powered, Euro 6-compliant heavy duty trucks, that apparently possess the same driving ability, fuel consumption, and performance level as that of Volvo’s diesel-powered vehicles. However, the proportion of carbon emissions from the all-new Volvo FM LNG and Volvo FH LNG is 20% to 100% lower than the diesel vehicles, based on which fuel is specifically chosen. Furthermore, these trucks are also available for heavy long-haul operations, with 420 hp to 460 hp, that may make them one of most sought-after vehicles in heavy-duty trucks market.
Most companies spanning across the competitive spectrum of heavy-duty trucks industry have lately been concentrating on cost-reduction methodologies. This paradigm shift, it has been observed, is being carried out through the introduction of novel remanufacturing business models that ultimately help to reduce the production expense. One of the pivotal factors responsible for the expansion of heavy-duty trucks market is the robust growth of the automotive domain, especially across the emerging economies.
In fact, heavy-duty trucks market players such as Toyota, Daimler, Ford Motor Company, Tata Motors, Volvo, and General Motors have strongly established bases across the developing geographies, owing to the convenient availability of resources coupled with a supportive regulatory frame of reference, which has proved to be rather lucrative for the overall business sphere.
It is imperative to mention that in the last half a decade or so, the prevalence of high-grade technological advancements, say for instance, such as telematics services and self-driving has increased to a rather commendable extent. As on today, these technologies are considered to be some of the key drivers that help expand the consumer pool for heavy-duty trucks industry players.
With tech-savvy clients willing to wield the convenience and flexibility of contemporary technologies, companies have been rapidly exploiting the latest tech-oriented mechanisms in product manufacturing, leading to increased vehicle sales and by extension, an escalated revenue collection for heavy-duty trucks market. With state-of-the-art technologies in action, in conjunction with the widespread penetration of truck fleets in several end-use domains, heavy-duty trucks market size is likely to depict a massive surge by the year 2025.
Author Name : Saipriya Iyer