The global microgrid market has significant growth potential over the forecast period due to growing demand for uninterrupted and high quality power. An electric grid serves the purpose of distributing electricity or power from the producer to the consumer. Increased need for green and clean energy and emphasis on distributed power generation are some of the major factors expected to impel market growth. Consistency and quality of power supply continues to remain substandard in several countries. Microgrids provide high quality and reliable power supply with negligible power shortages. Microgrids ensure improved quality power supply by allowing connections to macrogrids, thereby minimizing irregularities and discontinuities in the grid and power supply. Public purpose microgrids have the ability to offer collective benefits at times when the macrogrid is down or crashes. Microgrids enable an innovative and economic integration of generation, distribution, and energy storage systems throughout routine operations. During imbalances or power failures in the central grid systems, microgrids continue to provide an uninterrupted energy supply.
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Microgrids can function independently by segregating or isolating the power generation loads. Aging infrastructure, rising need for secure and reliable electric power and regulatory incentives are expected to drive the market over the next seven years. When a macrogrid crashes or ceases to meet the power demand, microgrid facilitates by providing access to power, thereby considerably reducing the load on macrogrids.
Prominent vendors in the microgrid market have increased their focus on research & development activities which is expected to encourage the rollout of efficient solutions. Transmission of electric power produced from fossil fuels, nuclear power plants and hydro power plants over long distances can adversely impact the environment. Use of microgrids helps in minimizing the negative environmental impacts by avoiding wastage. Microgrids are vital components in distributed power generation and industrial sectors as they provide greater accuracy in detecting faults and identifying & amplifying weak electric signals.
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