Global Customer Micro Grids Market: Overview
Globally, the demand for micro grids has increased at a large scale due to its independent operability and high demand for small-scale power grid. The demand for micro grids are seen different verticals including industrial, educational institutes, healthcare, military, telecom infrastructure, government and utilities, and data centers. Additionally, government initiatives to reduce carbon footprint is also projected to provide a fillip in the global customer micro grids market.
Rapid industrialization and significant rise in population has fueled demand for energy storage systems that has boosted demand in the global customer micro grids market. Moreover, growing interest in IoT services and convergence of IoT in improving microgrd connectivity will further expand demand in this market. Beside the market driver, various regional aspects, ongoing trends, competition analysis, and few challenges together builds the market more competitive and enhances its prospects of growth. With all these information, key market participants will be able to take better and well-informed decisions to establish themselves in a much better way.
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Global Customer Micro Grids Market: Notable Developments
Some of the recent developments taking place in the global customer micro grids market include:
- Collaboration of GE and ORES (Belgium) that together aim to deliver an integrated software solution for advanced operations of its distribution network. ORES has developed a strategy to safeguard the future of its distribution infrastructure, such as implementing smart metering and improving network reliability. Thus to enhance these improvements the company collaborated GE as their solution vendor of choice.
- Recently, Eaton launched a series of reclosers to aid utilities support a reliable and a smarter grid. The company’s Cooper Power series NOVA NX-T reclosers provides accuracy and reliability in distribution system that is crucial to smart grid applications. This novel solution is created in a manner that will improve reliability and performance while making equipment installations, configuration, control and operation easier.
Several other players are engaged in various organic and inorganic activities that will provide a significant boost in the global customer micro grids market. Bloom Energy, Alstom Grid, S&C Electric Company, Schneider Electric, Honeywell, Chevron Energy Solutions, Arista Power, Encorp, Boeing Smart Grid Solutions, and GE Digital Energy are few other leading players in the global customer micro grids market.
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Global Customer Micro Grids Market: Trends and Opportunities
Large number of electrification projects currently going on in multiple emerging economies in Asia Pacific and Africa are creating huge growth opportunities in the global customer micro grids market. Increasing investments by government in micro grids projects and it growing applicability in industries such as military, healthcare, and governmental sectors are also termed to expand growth opportunities in this market.
But few things need to be taken care that includes issues in compatibility and interoperability in large number of devices or components. Moreover, risk associated with security, operations, and technical issues might hamper growth in this market. Government regulations also play crucial role in the growth of the global customer micro grids market.
Asia Pacific Offering Lucrative Growth Opportunities in Global Customer Micro Grids Market
Geographically, the global customer micro grids market covers Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Among these regions, North America is estimated to have dominating share in the global market in the forth coming years. Large number of players present in this region has led its dominance in the global customer micro grids market.
On the other hand, Asia Pacific is also projected to lead the global customer micro grids market by rising at steady CAGR. Among the emerging countries, India, China and few other are projected to be the key regional market for the growth of customer micro grids. For example, growing number of rural electrification projects carried out in India is one of the key reasons driving demand for customer micro grids in this region. Moreover, multiple leading companies are investing heavily in emerging economies due to high growth potential, which has further increased Asia Pacific customer micro grids market.
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