The global microgrid market will reach around $23 billion in 2021, as per the predcitions of GlobalData. The growth will be an impressive one from the current levels of around $12 billion, due to inherent resilience, reliability, and environmental credentials of microgrids. Subha Krishnan, Power analyst for GlobalData explains, “The deployment of microgrids facilitates dynamic energy management and the ability to protect critical loads. Microgrids combined with distributed generation are acting as a game-changer in the electricity distribution system, as network downtimes, natural disasters, and possible external attacks are increasing the need for grid-connected facilities to become more independent. Indeed, the negative impact of extended power outages on the economy is expected to be eased with the adoption of microgrids. In order to make a conversion from traditional grid to a modern grid, transformation of business models and adoption of innovative technology are necessary. The market trends reflect that the technological advancement has been ahead of policies and regulations required for the uptake of microgrids. It is important that there is a balance between policymakers, regulators, entrepreneurs, and industry participants to facilitate the smooth transition of the existing electricity system into a modern grid. Indeed, the future growth of the industry will rely upon the quick development of public policies and regulations that will nurture project development, and efforts to standardize microgrids to integrate with the power delivery system.”
Clean Technica
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