North America is Expected to Surpass Asia Pacific as the Largest Microgrid Market by 2024
Despite a lack of standard definitions and practices, the microgrid market continues to grow
A recent report from Navigant Research aggregates data for seven primary microgrid segments across five regions, providing forecasts for annual and cumulative capacity, through 2024.
Microgrids are a global phenomenon. These systems of systems can contribute to community resilience contingency plans in the event of major coastal weather events or they can provide alternative solutions for premium power reliability at data centers, among other applications. Click to tweet: According to a recent report from @NavigantRSRCH, North America is expected to surpass Asia Pacific as the largest microgrid market by 2024.
“Today, Asia Pacific leads the microgrid market due in part to its strength in almost all microgrid types, including remote, community, and utility distribution,” says Peter Asmus, principal research analyst with Navigant Research. “However, by the end of the decade, North America is expected to regain its market lead as it brings more capacity online.”
One of the challenges facing today’s microgrid market is a lack of consistent and accepted business practices for investment, which creates barriers for microgrids to be considered a standard option for adding new capacity and other energy-related services. Despite this, according to the report, the number of microgrids being deployed without the help of government grants and incentives continues to grow.
The report, Market Data: Microgrids, aggregates data on seven primary microgrid segments (including two subsegments) across five regions. The study analyzes the entire microgrid market in terms of total annual and cumulative capacity and implementation revenue attached to the underlying assets. Different scenarios for cumulative implementation revenue based on assumptions of percentages of legacy versus new assets are provided, as well. The report also presents three different forecast scenarios (conservative, base, and aggressive) for the entire microgrid market. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Market Data: Microgrids, 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.