The Global Market for Modular Microgrids Is Expected to Experience 28% Compound Annual Growth Rate from 2020-2029
Modular microgrids are particularly appealing in the remote segment, where difficult logistics and limited available expertise can create barriers to implementation
A new report from Navigant Research examines the global market for modular microgrids, providing forecasts for total market potential across all major microgrid segments, including institutional, commercial and industrial (C&I), community, remote, utility distribution, and tactical modular military systems.
Modular microgrids meet the basic definitions of a microgrid, with the distinguishing feature being the ability to island and operate autonomously. These microgrids also feature pre-configured key hardware components, the ability to customize operations through software (often in the cloud), and streamlined deployment procedures that reduce the need for onsite engineering during installation. Click to tweet: According to a new @NavigantRSRCH report, the global modular microgrid market is expected to experience a compound annual growth rate (CAGR) of 28% over the next decade.
“Although they are a minority portion of the market if measured by peak capacity, modular microgrids have the potential to make up the majority of systems deployed over the next decade,” says Peter Asmus, research director with Navigant Research. “Taking a modular approach is expected to help radically scale up microgrid deployments by commoditizing standard microgrid offerings that can be pieced together, thereby shrinking design and deployment costs.”
According to the report, modular microgrids are particularly appealing in the remote segment, where difficult logistics and limited available expertise can create barriers to implementation. Around the world, modular technology coupled with energy as a service (EaaS) business models is expected to continue propelling future growth.
The report, Modular Microgrids, provides microgrid stakeholders—including project developers, utilities, hardware and software vendors, equipment and hardware vendors, utilities, software companies, installation and service providers, and other balance of system (BOS) component manufacturers—with forecasts for the total modular market potential for all major microgrid segments, institutional, C&I, community, remote, utility distribution, and tactical modular military systems. The report includes all major global regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and examines a 10-year forecast period through 2029. An executive summary of the report is available for free download on the Navigant Research website.
Contact:
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@guidehouse.com
*The information contained in this press release concerning the report, Modular Microgrids, is a summary and reflects Navigant Research’s current expectations 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 Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.