A new Transparency Market Research report states that the global microgrid market stood
 at US$9.8 bn in 2013 and is expected to reach US$35.1 bn by 2020. It is
 expected to expand at a whopping CAGR of 20.70 % between 2014 and 2020.
 The title of the report is “Microgrid Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”.

As per the report, the global microgrid
market is fuelled by the economic development and the rapid
industrialization witnessed globally. In addition, the technical, direct
 and indirect economic, social, and environmental advantages related to
the usage of microgrids will further stimulate the market. The factors
such as the growing demand for energy and the development in the
technologies of renewable energy have also impacted the market
positively. On the other hand, the factors such as the absence of an
adequate regulatory framework and the increasing cost of development
along with operational challenges are amongst the chief factors that may
 pose a negative impact on the growth of the market for microgrids.

On the basis of product,
 the market is segmented into remote (off-grid) and grid-tied (grid
connected). Amongst these, grid-tied microgrids are able to operate with
 or without a connection with the main grid, while off-grid microgrids
are autonomous systems manufactured for utilization within areas that
lack proper grid infrastructure.

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On the basis of application,
 the microgrid market is segmented into community and utility, campus
and institutions, defense and military, commercial and industrial, and
remote islands. Amongst these, the segment of campus and institutions is
 predicted to lead the market in the forecast horizon. This is owing to
the rising government funding to enable growth of renewable energy
sources at institutions and campuses. On the other hand, as per the
report, the demand for microgrids within remote islands will rise at a
swift rate in forthcoming years.

In terms of geography,
the microgrid market is segmented into Europe, North America, Asia
Pacific, and Rest of the World (RoW). The segment of defense and
military is poised to be the biggest user of microgrids and is predicted
 to fuel growth within the region of North America. This is due to the
requirement for enhanced energy reliability and security within the
defense and military sector of this region. On the other hand, the
regions of Europe and Asia Pacific are also likely to use microgrids
extensively in the coming years. This is due to the increasing count of
investments made for restructuring energy mixes. In addition, the
backing from supportive regulatory policies will also fuel the demand
for microgrids within these two regions.

As per the report, the nations that
haven’t invested in microgrids as yet will emerge as chief targets for
the prime players operating in the market in forthcoming years. Viridity
 Energy, Inc., Schneider Electric, S&C Electric Company, Honeywell
International, Inc., GE Energy Management, ABB, Echelon Corporation, ZBB
 Energy Corporation, Toshiba Corporation, Pareto Energy, Siemens AG,
Chevron Corporation, and Power Analytics Corporation, among others are
the key players dominant in the market for microgrids.