Community Resilience Microgrids Market To Hit $1.4 Billion By 2024
Navigant Research released a new report that tracks the global market for community resilience microgrids (CRMs) to 2024, including forecasts for the incremental capacity and implementation revenue of community microgrids and both utility and third-party CRMs. This is broken down by segment and region.
Revenue from CRMs is predicted to grow from $163 million annually this year to $1.4 billion by 2024. The growth comes on the back of concerns over grid reliability and security in light of extreme storm events and possible terrorism.
CRMs help to promote grid resilience within communities and are typically supported by specific government programs that provide funding and regulatory support, a major factor for their spread in the years to come. Continued financing of CRMs on a fully commericial basis will be challenging hence CRMs are likely to be funded from public-private partnerships in the coming years.
According to the report, CRMs face strong regulatory barriers despite widespread public support of all the microgrid segments. Their development cycle tends to be longer as they require more buy-in from “diverse and often unsophisticated stakeholders”.
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