DUBLIN, Dec. 22, 2014 /PRNewswire/ --Research and Markets
(http://www.researchandmarkets.com/research/hqd26q/microgrid_market) has announced the addition of the "Microgrid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" report to their offering.
Increasing global demand for energy spurred by rapid industrialization and economic growth is expected to be one of the major growth drivers of the global microgrid market. To achieve the goal of energy security, governments across the world are investing in sustainable energy development projects. Power generation through microgrids using renewable energy sources is one such step towards achieving energy security without compromising on environmental norms.
A microgrid can be defined as a group of localized distributed energy resources (DERs) and energy storage devices, and interconnected loads operating as a single controllable unit with respect to the conventional grid (macro-grid). A microgrid enables local electricity generation, energy storage, and power consuming devices to operate independently from the macro-grid. Increased power quality and reliability are two of the major advantages microgrids have over macro-grids. Rapid rise in energy consumption owing to the ongoing industrial development and population increase are expected to drive the microgrid market.
A microgrid provides numerous economic, technical, environmental, and social benefits to the stakeholders of the microgrid. Economic and technical benefits offered by microgrids include improved power quality and reliability, reduced emissions, and improved energy efficiency. A shift towards renewable or low-emission fuels is one of the major environmental benefits, which can be achieved through the deployment of microgrids. Several social benefits of microgrids include: electrification of remote or underdeveloped areas and creation of new research and development projects and job opportunities.
Grid-tied (grid-connected) and remote (off-grid) are the main types of microgrids. A grid-tied microgrid is capable of working with or without any connection to the main grid. On the other hand, remote microgrids are autonomous systems designed for use in areas that lack grid infrastructure. The key components that enable a microgrid to function independently of the macro-grid are: control and supervisory (central management and control), communication (IT communication, smart meters, and sensors), system (power electronics and smart controller), and field components (distributed generation, energy storage, and grid components).
The burgeoning demand for power, along with an increased need for secure, reliable, and emission-free power propels the demand for microgrids. The advantage of energy storage technology has enabled microgrids to work independently. As a result, microgrids can be installed in remote geographical locations, which are not connected to the main grid. Currently, microgrids are used by militaries, universities, and commercial and industrial users to provide primary or backup power. Increasing power outages, fluctuating cost, and supply of fossil fuels and concerns related to energy security have encouraged users to incorporate renewable energy generation into their energy portfolios.
Key players in the market include: Chevron Corporation, Power Analytics Corporation, GE Energy Management, Pareto Energy, and Siemens AG. Others market players profiled in this research report include ABB, Echelon Corporation, Honeywell International, Inc., Schneider Electric, S&C Electric Company, Toshiba Corporation, Viridity Energy, Inc., and ZBB Energy Corporation.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Global Microgrid Market - Industry Analysis
Chapter 4 Global Microgrid Market - Product Segment Analysis
Chapter 5 Global Microgrid Market - Application Segment Analysis
Chapter 6 Global Microgrid Market - Regional Analysis
Chapter 7 Company Profiles
- Chevron Corporation
- Echelon Corporation
- GE Energy Management
- Honeywell International Inc.
- Pareto Energy
- Power Analytics Corporation
- S&C Electric Company
- Schneider Electric
- Siemens AG
- Toshiba Corporation
- Viridity Energy
- ZBB Energy Corporation
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SOURCE Research and Markets