A report from Navigant Research says microgrids have become a growing phenomenon in the global energy sector with investment in its underlying technologies forecast to total $155 billion through 2023.
The report analyzes the global market for significant enabling technologies, including diesel generators, natural gas generators, fuel cells, solar photovoltaic, distributed wind, other renewables (microhydro and biomass), combined heat and power, smart islanding inverters, advanced energy storage, plug-in electric vehicle energy storage capacity and microgrid software.
‘Dramatic change is occurring in the microgrid market, as the economic value that these systems bring to the overall power grid becomes more and more apparent,’ says Peter Asmus, principal research analyst with Navigant Research. ‘We expect the technologies that enable these systems to play key roles in the expansion of the microgrid sector to encompass additional technologies and services related to smart buildings, demand response, distribution and substation automation, and smart meters.’
Perhaps the most noteworthy change happening in the microgrid sector, according to the report, is the investigation of new business models designed to support full commercial implementation of microgrid systems. The key to this development will be the companies that offer some level of microgrid optimization via smart grid, smart inverter and power electronics advances.
An executive summary of the report, ‘Microgrid Enabling Technologies,’ is available here.
For more information on how microgrid technologies are likely to transform energy generation and distribution, visit the Hybrid Energy Innovations event site here.