Microgrids generate power, and in doing so reduce dependence on long distance transmission lines and cut transmission losses. The microgrid is a combination of technologies such as electricity generation, transmission and distribution and is used on a small scale as compared to the conventional macrogrid. It performs functions such as adding or removing new energy resources without modifying existing components. The microgrid market is significantly driven by the use of localized sources for power generation, fewer line losses and the increasing popularity of microgrids in commercial, military and industrial applications.
The launch of dozens of successful pilot programs globally, declining costs of photovoltaic (PV) materials and scarcity of electricity in developing countries are creating opportunities for the microgrid market. Key players in this market are Pareto Energy Ltd., Viridity Energy, Encorp Inc., and Power Analytics Corp.
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This market can be segmented on the basis of technology, characteristics, application and geography. Technology is further segmented according to components and technology trends. According to characteristics, the market is segmented into hybrid, grid connected and off-grid. On the basis of application it is divided into commercial/industrial microgrid, Military microgrid and Institutional microgrid.
Geographically, the market is segmented into North America, Europe, Asia Pacific and LAMEA. The microgrid market is expected to witness substantial growth in countries such as South Africa, Brazil, China, Russia and India.
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The market is segmented on the basis of technology, characteristics, application and geography.
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