Rise in Power Outages & Undesirable Impact of Power Outages on Modern Digitalized Enterprises Pin Hopes on Microgrids to End Black Outsīad Weather Conditions Accelerate Risk of Power Outagesįocus on Decentralized Energy Generation Drives Deployment of Microgridsĭistributed Generation & Microgrids. FOCUS ON SELECT PLAYERS (Total 55 Featured) Microgrid: Definition, Scope, Importance and BenefitsĢ. How the Energy Industry is Impacted by the Pandemic & What's the New Normal?īeyond the Current Challenges, The Pandemic Will Fuel Our Energy Transition Growing Investments in Energy Infrastructure: The Cornerstone for Growth in the Market Solar microgrids are especially on the rise in developing countries where a large of portion of the population has no access to a power grid. Renewable microgrids are especially important for developing countries like India with vast geographic lands and poor electrification in rural areas. The rise in microgrids established with the purpose of ensuring grid independence and leveling out power inconsistencies will therefore drive demand for microgrids. While the phenomenon is more rampant across developing economies, developed regions are not alien to power outages, with the US experiencing more outages in comparison to other developed nations. Frequent power outages have become an unfortunate norm globally. Within Europe, Germany is forecast to grow at approximately 7.8% CAGR while Rest of European market (as defined in the study) will reach US$13.2 Billion by the end of the analysis period. China, the world's second largest economy, is forecast to reach an estimated market size of US$12.1 Billion in the year 2026 trailing a CAGR of 10.7% through the analysis period.Īmong the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 7.9% respectively over the analysis period. The country currently accounts for a 22.4% share in the global market. is estimated at US$6.6 Billion in the year 2021. Market is Estimated at $6.6 Billion in 2021, While China is Forecast to Reach $12.1 Billion by 2026 Independent microgrids are also growing in popularity because unlike grid connected systems there are no complex government permits and cooperation with utilities required. There is increased establishment of microgrids in areas rich in green sources of power such as photovoltaic (PV) and wind power. With the potential risk of power failures being IT system breakdown, loss of critical data, inability to provide customer services and business losses, among others, demand for sophisticated power distribution solutions will remain strong thus benefiting the adoption of microgrids. Growing complexity of ICT infrastructures and widespread deployment of high density computing infrastructures have reduced the tolerance of business processes and systems to power outages. With traditional utilities stretched to the breaking point due to rapid population growth, urbanization and demands of the digital age, microgrids are the future of smart and distributed energy generation and distribution. As investments in renewable energy rises, the demand for both grid connected and off-grid connected segments are expected to witness strong demand. This segment currently accounts for a 33.2% share of the global Micro Grids market. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Off-Grid Connected segment is readjusted to a revised 7.3% CAGR for the next 7-year period. Grid Connected, one of the segments analyzed in the report, is projected to grow at a 10.2% CAGR to reach US$35.5 Billion by the end of the analysis period. Global market for Micro Grids estimated at US$27 Billion in the year 2020, is projected to reach a revised size of US$46.5 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Global Micro Grids Market to Reach $46.5 Billion by 2026 DUBLIN-( BUSINESS WIRE)-The "Micro Grids - Global Market Trajectory & Analytics" report has been added to 's offering.