In a Microgrid Knowledge article, Navigant Research discusses the top microgrid markets and what is influencing their growth
Currently, the microgrid market is worth an estimated $8.1 billion; however, it is expected to grow into a $39.4 billion market by 2028. As natural disasters become more frequent and investors look at different strategies, new opportunities are emerging for microgrids around the world.
In a Microgrid Knowledge article, Navigant Research’s Peter Asmus discussed which global regions are seeing advancements in microgrids and the factors playing into their growth.
According to Asmus, Asia Pacific is arguably the fastest growing market for microgrids, driven largely by the lack of robust grid infrastructure.
“While the Asia Pacific region may be the overall market leader (India and Australia remain other hotspots for near-term growth), Latin America represents the fastest growing market,” Asmus said. “The market for microgrids in this part of the world is led by the Caribbean, which has borne the brunt of a series of hurricanes over the past several years, stimulating interest in remote microgrids."
Business models are also generating interest in microgrids. The space has shifted its emphasis from technology validation to creative financing.
“Microgrid business models have achieved increased attention as the technology gains traction and as potential investors determine what role they might play in these markets,” Asmus said.