Asia-pacific Microgrid Market 2022-2028
MARKET OUTLOOK
Triton’s report on the Asia-Pacific microgrid market insinuates that the market is assessed to advance with a compound annual growth rate of 11.04% during the forecast period 2022-2028. Australia, Japan, China, India, ASEAN countries, South Korea, and Rest of Asia-Pacific are countries studied in the APAC region.
India has installed solar microgrids that produce about 2MW of electricity. These grids have shown the potential to boost the operations of small and medium-sized businesses. For instance, the installation of solar grids in Ladakh has soared tourism earnings significantly over the past few years. Further, companies like Tata Power and Rockefeller Foundation plan to invest significantly to support the construction of microgrids. Therefore, the rising need for power distribution and investments are propelling the microgrid market on a growth path.
In South Korea, several R&D initiatives have been undertaken pertaining to microgrids. As Jeju Test Bed, numerous government-led smart grid experiments have been undertaken since 2009, with an aim to demonstrate the technology’s viability. Moreover, these experiments aim to test grid stabilization using microgrid technology, creating business models. The rising initiatives are expected to elevate the demand for microgrids, thereby opening new avenues for the microgrid market.
COMPETITIVE OUTLOOK
The leading companies in the microgrid market consist of Hitachi Ltd, Duke Energy Corporation, Fairbanks Morse, National Grid Plc, and NRG Energy Inc.
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