Microgrid Market to grow at a CARG of more than 13% by 2020: Technavio

According to global technology research and advisory company, Technavio’s latest report the global microgrid market to grow at a CAGR of more than 13% by 2020 following the Growing Support from Governments to Implement Energy-efficient Power Solutions.

Technavio’s latest report covers the present scenario and growth prospects of the global microgrid market. The firm notes that market size has been calculated from the revenue generated from the demand created by different end-users in any region in the microgrid market. The America, EMEA, and APAC are the key regional markets.

As per the report America dominated the microgrid market with a market share of 43.35% because of rapid advances in the energy sector. The market in this region was valued at USD 5.172 billion in 2015, Technavio expects it to reach USD 10.457 billion by 2020, growing at a CAGR of 15.12%. The US is expected to be a major revenue contributor in the Americas.

According to Sayani Roy, a lead analyst at Technavio “The rise in the number of initiatives from the US government for the implementation of energy-efficient power solutions is driving the market growth in the region. For instance, the US government provides funding for technologies that help in improving the resiliency of power systems.”

Technavio energy analysts have highlighted three factors that are contributing to the growth of the global microgrid market:

• Need for better power system compared with traditional grids
• Rise in natural calamities
• Growing support from governments