Over 400 Microgrid Projects Underway En Route to $40 Billion Market
Microgrids are an increasingly important factor in distributed generation, grid reliability, and the green economy. Base on Navigant Research’s two new reports, there are more than 400 individual projects are currently currently planned, proposed, under development, or fully operating and the global market is forecasted will pass $40 billion in annual revenue by 2020.
These projects represent 3.2 gigawatts (GW) total capacity, up from 2.6GW in 2Q 2012. 67 new project entries representing 571 megawatts (MW) of new capacity are noted across that time frame, a 22% jump in just six months. North America dominates the global market with a majority of overall market share and 2GW total capacity, followed by Europe at 384MW and the Asia-Pacific region with 303MW.
The new trends of new projects are Greenfields, Military and Extreme Weather. As microgrids move from pilot programs to full-scale commercialization, the market’s fortunes are starting to boom. So as the world moves toward a clean energy economy in the face of climate change, it’s likely microgrids represent the best possible solution for reliability concerns.
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