A new report from Guidehouse Insights provides global estimates for annual deployments of microgrid projects, focusing on power capacity and project deployment spending through 2031.
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The role of a microgrid in the contemporary power system is vast and varied. There is a significant increase in the electricity demand in the economy due to the increased inclination toward digitalization. Penetration of EVs, which is a paradigm shift in the transportation sector, again proves the claim of increasing electricity demand in an economy. According to a new report from Guidehouse Insights, the global growth in demand for decentralized power generation technologies such as microgrids is increasing despite supply chain issues.
“There has been a shift from centralized generation to more decentralized and distributed energy resource (DER)-based generation paradigm, including microgrids,” says Rohith Unni, research analyst with Guidehouse Insights. “Although the coronavirus pandemic has affected the supply chain, the microgrid market still showed overall progress globally.”
Cost reduction and performance improvement are the most significant drivers for microgrid technologies. Microgrids are not a single technology but are a cluster of many technologies and an optimization platform. When all the components work together consumers can obtain the maximum benefits from the system in terms of resiliency, economics, and sustainability, according to the report.
The report, Market Data: Microgrid Markets, provides global estimates for annual deployments of microgrid projects in terms of power capacity and project deployment spending. These projections are then segmented by region, application segments, and business models, covering a 10-year period from 2022-2031.