Microgrid market set to grow by almost 20 per cent
The microgrid market is undergoing a transformation from a niche application to a grid modernisation tool for utilities and cities
The global microgrid market is predicted to grow by almost 20 per cent by 2022, according to a new report by BCC Research. The Asia-Pacific region is forecasted to be the global leader in terms of growth through 2022.
Microgrids: Technologies and Global Markets predicts that the market will have reached $12.7 billion in 2017 and will grow by 19.6 per cent to $31.2 billion in 2022. As emerging technology becomes cheaper, along with more flexible and reliable, microgrids are poised to become an integral part of the global energy industry transformation, especially in developing countries where access to electricity is limited.
BCC reports that microgrids are quickly emerging as the least costly innovative technology to supplement or replace a central power grid, and have spurred many industrial suppliers, utility companies and energy manufacturers to strategise their potential.
Because solar panel prices have fallen, the distributed products have become cheaper than running diesel generators alone for back-up power. The microgrid market is therefore undergoing a transformation from a niche application that is intended for military bases, telecommunication base stations and remote communities to a grid modernisation tool for utilities, cities, communities and public institutions.