It has been observed that the deployment of renewable energy based generation technologies, such as solar PV, has been increasing at a much faster pace and accounts for significant market share, when compared with the other generation technologies. Additionally, the consumption of fossil fuels, such as diesel, and natural gas, for the energy consumption has decreased drastically. Every Asia Pacific country is witnessing the similar trend.
Rural microgrid projects have increased in the countries that are experiencing high percentage of unelectrified areas, whilst the commercial/industrial microgrid projects have increased in the countries having 100% electrification rates. Several countries are actively planning to ensure energy security and develop smart grids which is expected to drive the microgrid market in APAC.
Moreover, the number of renewable energy based hybrid microgrid projects has increased when compared with stand-alone projects due to the policy mandates across several countries which aim at reducing the consumption of fossil fuels, and promoting renewable energy technologies. This has been mainly witnessed across the commercial and industrial sectors.
The consumption of energy storage technologies, such as Lithium Ion batteries, has also increased exponentially owing to their decreasing costs, and added benefits over the conventional batteries. It has been witnessed that the microgrid projects comprising the combination of solar-lithium ion batteries are being proposed at a higher rate. Island microgrid projects, followed by rural microgrid projects, are expected to grow at a faster pace attributing to a significant percentage of population living with no access to electricity. In addition to that, rural electrification targets and policies are expected to drive the employment of island and rural microgrids, which is believed to transform the Asia Pacific market.
According to a new market intelligence report by BIS Research, titled ‘APAC Microgrid Market- Analysis an…ecast (2016-2026)’, the APAC microgrid market is expected to reach $22.6 billion by 2026, growing at a CAGR of 24.0% between 2016 and 2026. The overall growth of the APAC microgrid market can be attributed to the decreasing usage of energy generation and energy storage technologies, along with the regulatory policies.
BIS Research Report:
This market report provides a thorough analysis of the recent trends influencing the APAC microgrid market, along with a comprehensive study of the future trends and developments. The report is a compilation of various segmentations of the market, including market breakdown by energy generation and energy storage technologies across rural and commercial/industrial application. It also includes a separate segment on industry analysis, wherein, the patent landscape, regulatory bodies and regulations, among others, have been provided to compare the various regions, and the market players on the basis of market share and growth rates.
Some of the key players in the APAC micorgrid market are ABB, Schneider Electric, GE, Honeywell, Hitachi, Mitsubishi, Panasonic, Tesla Inc., and Samsung. These companies provide a broad product portfolio for specific needs and applications.
This report is a meticulous compilation of research on more than 80 players in the APAC microgrid sector and draws upon insights from in-depth interviews with key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles around 15 companies among which are ABB, Schneider Electric, GE, Honeywell, Hitachi, Mitsubishi, Panasonic, Tesla Inc., and Samsung.
The report answers the following questions about the APAC microgrid market:
- What was the size, in terms of revenue, of APAC microgrid market in 2016, and growth rate during the forecast period, 2017-2026?
- What are the different types of energy generation and energy storage technologies used in the APAC microgrid market, and their sub segments?
- What was the market value of energy generation and storage technologies for different applications of microgrids in 2016, on the basis of rural and commercial/industrial?
- What is the market size of microgrid solutions on the basis of different major countries in the region?
- What are the key trends and opportunities in the APAC microgrid market?
- What are the major driving forces that are expected to increase the demand of microgrid solutions during the forecast period?
- What are the major challenges inhibiting the growth of the APAC microgrid market?
- Who are the major investors investing in the development of microgrids across the different countries of APAC and what is the investment amount?
- What kind of new strategies are being adopted by the existing market players to make a mark in the industry?
- Which country has high growth prospects, where the investors can invest, and make significant profitable margins?
- Which regions in the countries such as India, and Indonesia, among others, are most suited for the development of microgrid projects
- Which country has formulated regulations and a comparison chart of their regulations based on different parameters?
- Who are the key market players in the market, along with company profiles, their business financials, company snapshots, key products & services, major developments, SWOT analysis, and future programs (if any)?
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