The evolution of new business models play an integral role in market development, report concludes
A recent report from Navigant Research analyzes the global market for significant microgrid enabling technologies, including diesel generators, natural gas generators, fuel cells, solar PV, distributed wind, smart inverters, advanced energy storage, and others.
Offering the ability to isolate from the wider electricity grid during power outages, as well as a high capacity to integrate renewable, distributed energy resources, microgrids have become a growing phenomenon in the global energy sector in the last few years. Demand for the technologies that underlie these small, flexible systems is expected to grow rapidly over the next several years. Click to tweet: According to a recent report from Navigant Research, worldwide investment in microgrid enabling technologies is expected to total more than $155 billion from 2014 through 2023.
"Dramatic change is occurring in the microgrid market, as the economic value that these systems bring to the overall power grid becomes more and more apparent," says Peter Asmus, principal research analyst with Navigant Research. "We expect the technologies that enable these systems to play key roles in the expansion of the microgrid sector to encompass additional technologies and services related to smart buildings, demand response, distribution and substation automation, and smart meters."
Perhaps the most noteworthy change happening in the microgrid sector, according to the report, is the investigation of new business models designed to support full commercial implementation of microgrid systems. Key to this development will be the companies that offer some level of microgrid optimization via smart grid or smart inverter and/or power electronics advances.
