Global microgrid market growth to jump as Europe and Asia pile on
By: SGN Staff
While the U.S. is the acknowledged industry leader in the global microgrid market, Europe and Asia are set to do their best to imitate that success â€“ efforts that has led research and consulting company GlobalData to forecast the global market will almost quadruple by 2020.
GlobalData predicts that European and Asian microgrid initiatives will contribute to a market with a value of $18.9 billion by 2020, well above the 2012 value of $5.3 billion â€“ for a compound annual growth rate of 17.2%.
GlobalData says the European market is now in the "introductory stage," but is expected to grow quickly as old electricity infrastructure is upgraded and more renewable energy is integrated.
The driver for the Asia-Pacific microgrid industry will mostly center around the need for electrification in remote areas of China, India and Malaysia.
The U.S. was the top performer in the global microgrid market last year with a 68% share, but the growth rate is expected to be slower in the future â€“ although with a still impressive revenue forecast of $5.7 billion by 2020, compared with $3.6 billion in 2012.
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