Microgrid Enabling Technologies Are Expected to Exceed $26 Billion in Annual Revenue by 2023

September 29, 2014

Advanced energy storage on track to become a key emerging technology for the microgrid market, report concludes

A new report from Navigant Research analyzes the global market for significant microgrid enabling technologies, including diesel generators, natural gas generators, fuel cells, solar photovoltaic (PV), distributed wind, advanced energy storage, and others.

Dramatic change is occurring in the microgrid market, as a greater emphasis is being placed on the economic value that these systems bring to the overall power grid.  At the same time, new business models, designed to support full commercial deployment of microgrid systems, are being investigated and implemented.  Click to tweet: According to a new report from Navigant Research, worldwide vendor revenue from microgrid enabling technologies (METs) is expected to grow from $5.5 billion annually in 2014 to $26.3 billion in 2023.

“Microgrids are emerging as a global phenomenon,” says Peter Asmus, principal research analyst with Navigant Research.  “These systems offer compelling features, including the ability to isolate themselves from the utility distribution system during power outages, as well as a high capacity to integrate diverse distributed energy resources, such as wind, solar PV, and conventional generation from diesel generators.”

While distributed generation (DG) is the most prominent component of the microgrid technologies examined in this report, the value proposition for advanced energy storage has been advanced by governments and regulators in key microgrid markets.  Advanced energy storage is expected to represent the single largest investment category among MET options by 2023, according to the report, though DG investments as a whole, are on track to remain the largest segment.

The report, “Microgrid Enabling Technologies,” analyzes the global market for significant METs, including diesel generators, natural gas generators, fuel cells, solar PV, distributed wind, other renewables (micro-hydro and biomass), combined heat and power (CHP), smart islanding inverters, advanced energy storage, plug-in electric vehicle (PEV) energy storage capacity, and microgrid software.  The report provides an analysis of the market issues, including technology drivers and implementation challenges, associated with microgrid technologies.  Global market forecasts for capacity and revenue, segmented by technology and region, extend through 2023.  The report also examines the basic principles and commercial time horizons for key METs, as well as the competitive landscape.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin



* The information contained in this press release concerning the report, “Microgrid Enabling Technologies,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Global Energy Capacity for Advanced Batteries for Utility-Scale Energy Storage is Expected to Reach 42.7 GWh by 2025
Improvements in storage technologies and emerging business models are solidifying utility-scale energy storage in the grid • A recent report from Navigant Research examines the market for advanced batteries for utility-scale…
Read More »
Global Revenue from Smart Water Networks Projected to Reach $7.2 Billion in 2025
During the next decade, increasing affordability of related technologies is expected to drive market growth • A new report from Navigant Research analyzes the market for smart water network products…
Read More »
Navigant Research Launches New Internet of Things Research Service
Information service will focus on transformative market forces and technologies shaping the connected energy landscape • Navigant Research today announced the launch of a new research service as part of…
Read More »
Utilities in North America, Europe, and Asia Pacific Have Emerged as the Top Global Consumers of Energy Storage
Cost-effective advanced energy storage technologies are providing utilities and grid operators with new tools to…
Read More »
View All News

{"userID":"","pageName":"Microgrid Enabling Technologies Are Expected to Exceed $26 Billion in Annual Revenue by 2023","path":"\/newsroom\/microgrid-enabling-technologies-are-expected-to-exceed-26-billion-in-annual-revenue-by-2023","date":"10\/20\/2016"}