The global microgrid market is likely to gain traction in the coming years due to the uptake of renewable energy sources, resulting from the growing awareness regarding climate change. According to a report by Fortune Business Insights, titled “Microgrid Market Size, Share and Global Trend By Type (Grid-connected, Hybrid Cycle), By End User (Educational Institutes, Military & Defence, Hospitals, Remote Areas, Commercial & Industrial) and By Geography Forecast till 2026,” the market is likely to expand considerably in the coming years due to the abilities of microgrid system to harness energy and enable optimum use, thereby minimizing waste.
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The increasing use of conventional sources has had a negative impact on the environmental conditions. With the increasing use, there is a need to develop their product alternatives that would preferably work on non-conventional sources. This has led to the emergence of energy harnessing systems integrated with concepts that would suffice optimum energy use. The naturally available non-conventional sources can be harnessed and used for several purposes in the industrial sector and domestic purposes.
Among all sources, the sun provides an unlimited amount of energy, due to which, the emphasis is inclined towards harnessing solar energy to its maximum. The ability of microgrid systems to operate through renewable energy sources has led to a rising uptake of microgrid, around the world.
Incorporation of Artificial Intelligence in Microgrid will Fuel Demand
The use of artificial intelligence in microgrid has enabled maximum energy utilization. In recent years, there have been several operational trials regarding the use of AI in microgrids. After many successful trials, it is seen that predictive algorithms in AI can be successfully used to improve yield and generate enhanced system efficiencies. In July 2018, BlueWave-AI and Sustainable Power Systems came together in a bid to create an advanced microgrid system.
The device was built to optimize distributed renewable energy source, with the help of continuous data learning. An innovative product is a key to stand out in a competitive market and BlueWave-AI has laid a strong foundation for growth, with its latest device. Fortune Business Insights states that AI-centred product innovations have the potential to enable growth of the global microgrid market. The report includes innovations similar to BlueWave-AI’s latest device and gauges their impact on the global market.
Top Players Overview:
- Schneider Electric
- Schweitzer Engineering Laboratories
- S&C Electric
- Power One Solutions
- Emerson Automation Solutions
- Power Analytics and Exelon Corporation.
As Investors Eye Energy-Preserving Projects, Microgid Market Gathers Momentum
The recent climate change and adverse effects of pollution on environment have triggered a huge awareness regarding energy conservation. Governments across the world have been putting in more efforts to harness energy in an optimized manner. The contributions from government bodies include awareness programs, initiatives, and subsidies favoring projects that are inclined towards energy conservation. As microgrids play a centric role in energy-conserving projects, the demand for microgrids will increase in the coming years. Altogether, the increasing demand for microgrids will favor the growth of the global microgrid market in the forthcoming years.
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