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APAC Microgrid Market revenue to see noticeable growth through 2027
Published Date: 2021-07-06
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APAC Microgrid Market size is anticipated to witness substantial demand between 2021 and 2027, according to a latest forecast report by Graphical Research.
Asia Pacific industry growth is on account of declining cost of sustainable energy and storage technologies. Increased government efforts toward universal electrification and policy implementation have further nourished the technological growth. Microgrid energy service companies have integrated a value proposition for investors and consumers through lower costs and reduced pollution when compared to other alternatives. In addition, improved investment returns and lower tariff rates through the reduction in finance, equipment, and operational costs have positively accelerated the industry growth.
Growing quick fault clearance facility demand coupled with increasing demand for HVDC networks will boost the for DC microgrids market. The availability of support for AC circuits interconnection will further complement the industry scenario. Favorable regulatory reforms and rising consumer inclination toward expansion of HVDC lines will boost the demand for stable and effective microgrid systems for entailed end consumer.
Ongoing investments toward refurbishment and expansion of existing electrical network across the regional peripherals to establish a sustainable commercial and industrial electric network have witnessed a sheer growth in the demand for off-grid networks. The rapid expansion of smart electric networks coupled with advancing distributed generation technologies will further proliferate the industry outlook. The ongoing inclination toward energy storage coupled with advancing sustainable technologies will appreciably drive the business potential.
Browse detailed statistical insights from the report, “Asia Pacific Microgrid Market Forecast 2027 By Storage Device (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), By Connectivity (Grid Connected, Off Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Flywheels on account of their efficient, clean, and reliable energy storage, when compared to their counterparts, have gained an appreciable industry penetration. Longer service life reduced maintenance costs and nominal replacement requirements are a few indispensable parameters evaluated to justify the product penetration. In addition, diversified applications across microgrid networks, transportation, UPS, and similar deployments coupled with lower life-cycle costs further boost the industry landscape.
Effective fuel utilization coupled with higher plant efficiency when compared to auxiliary generation sources will foster the CHP-based microgrid market. The stringent government norms in line with the reduction of GHG emissions along with ongoing reforms relating to the energy security will augment the source adoption. In addition, the limited availability of land for landfills and incinerators coupled with the increasing consumer awareness toward waste management will also stimulate the combined heat and power microgrid industry size.
APAC microgrid market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2016 to 2027, for the following segments:
Asia Pacific Market, By Connectivity
Asia Pacific Market, By Grid type
- AC microgrid
- DC microgrid
Asia Pacific Market, By Source
- Diesel generators
- Natural gas
- Solar PV
Asia Pacific Market, By Storage Device
- Lead acid
- Flow battery
Asia Pacific Market, By Application
- Educational institutes
The above information has been provided for the following countries:
- Asia Pacific
- South Korea