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Asia-Pacific Microgrid Market Demand Is Likely To Continue In Future And Is Expected To Grow During

Asia-Pacific Microgrid Market Insights:

The Asia-Pacific Microgrid market is expected to expand at a compound annual growth rate (CAGR) of 12.24% between 2024 and 2030, from USD 24.76 billion in 2022 to USD 60.25 billion.

Some of the factors propelling the growth of the Asia-Pacific Microgrid market are the increasing need for improved technology for power generation and distribution, rising industrialization, government initiatives towards green energy, and a requirement for a secure and reliable power supply.

Proponents of clean energy are proposing a number of initiatives to boost Asia-Pacific Microgrid development. Around the world, several governments are taking the lead in establishing solar, wind, and biopower energy farms as well as progressively focusing on renewable energy resource-based Asia-Pacific Microgrids.

Numerous pilot projects that have been launched successfully around the world, falling PV material costs, and a lack of electricity in emerging nations are presenting the potential for the Asia-Pacific Microgrid sector. Throughout the projected period, some of the leading market participants, including Viridity Energy, Pareto Energy Ltd., Encorp Inc., and Power Analytics Corp., are actively contributing to the market’s expansion.

Advocates are hopeful that the Asia-Pacific Microgrid market will take the lead with a high valuation carved out for distributed energy resources in the anticipated period due to the proposals to support distributed energy that is emerging in both developing and developed regions, along with a fourth stimulus package in response to the coronavirus.

Key Players:

  • The key players in the Asia-Pacific Microgrid market are as follows:
  • ABB (Switzerland)
  • GE (US)
  • Eaton (Ireland)
  • Schneider Electric (France)
  • Honeywell (US)
  • Exelon Corporation (US)
  • S&C Electric (US)
  • Power Analytics Corporation (US)
  • Siemens (Germany)
  • Asia-Pacific Microgrid Energy LLC (US)

Drivers:

Asia-Pacific Microgrids are becoming more popular in the healthcare, military, and government sectors.

Government spending on Asia-Pacific Microgrid projects is rising.

Growing need for a safe and dependable power source

Benefits of storing sustainable energy

actions by the government to lessen the carbon footprint

Population increase and widespread industry are driving the need for energy efficiency

Market Segmentation:

A segmentation analysis of the worldwide Asia-Pacific Microgrid market has been done based on type, component, power source, and end-user.

The Asia-Pacific Microgrid market’s hardware subsegment may be the biggest one in terms of component segmentation. However, due to the increasing usage of software across numerous end-user categories, including university campuses, industrial & commercial locations, municipalities, and utilities, the software sub-segment will experience rapid expansion.

The market has both grid-connected and off-grid types of segments. Due to the growing usage of renewable energy sources and the growing demand for a remotely run grid, the off-grid sub-segment is anticipated to dominate the market throughout the projected period.

Natural gas has been a part of the market’s power source category, along with diesel, solar PV, fuel cells, and others.

The market has covered industrial, healthcare, educational institutions, military, and government & utilities under the end-use category.

Regional Analysis:

In terms of geographic market share, North America dominated the worldwide Asia-Pacific Microgrid market in 2017. North America is predicted to have the largest market over the projection period. There are currently 3.8 GW of planned and finished Asia-Pacific Microgrid capacity worldwide, more than 2.5 GW of which is located in North America.

Numerous factors in the regulated European market support the growth of Asia-Pacific Microgrids. Large-scale renewable technology deployment, like offshore wind, which necessitates significant investment in transmission infrastructure, has received the majority of attention in the area. The sector is intertwined, and the variability of renewable energy sources, such as solar and wind, leans heavily in favour of international energy trading. Due to continuous programmes like FITs, tax breaks, and other promotional schemes, the use of distributed energy technologies has increased the chances for business growth. Additionally, the market for Asia-Pacific Microgrids will increase as a result of stringent efforts to minimise reliance on conventional power generation systems and technological improvement in the clean energy industry.