Report Finds Global Growth in Demand for Decentralized Power Generation Technologies Such as Microgrids Despite Supply Chain Issues
Decreased technology costs and improved control functionality are spurring growth in most regions
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.
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. An executive summary of the report is available for free download on the Guidehouse Insights website.
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Jennifer Peacock
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*The information contained in this press release concerning the report, Market Data: Microgrid Markets, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.