A microgrid is a self-sufficient energy system that serves a discrete geographic footprint, likewise college campus, business center, hospital complex or neighbourhood. In addition, within the microgrids are one or more forms of distributed energy that generates its power. Several newer microgrids entail energy storage, typically from the batteries. Some also now have electric vehicle charging stations.
Microgrid is an autonomously functioning traditional energy grid
i.e., it is like a local energy grid but has control ability ad can disconnect
form the grid to function autonomously. According to the U.S. Department of
Energy Microgrid Exchange Group, a microgrid is a group of linked loads and
energy sources within clearly well-defined electrical boundaries and functions
like a single manageable entity with respect to the grid. A microgrid can link
and disconnect from the grid which enables it to function in both
grid-connected and island-mode. With the falling price of solar energy and its
environmental advantages, most microgrids nowadays are being structured to
supply electricity with an amalgamation of solar power and battery storage.
Grids links businesses, homes and several other buildings to a
central power source which enables the working of appliances such as
electronics, heating/cooling systems etc. Owing to this when a part of the grid
requires to be revamped, everyone is affected. Microgrids support in this
aspect. Microgrids can break off from the major grid and word on its own local
energy in times of crisis such as power outages and storms.
According to the report analysis, ‘Microgrid Market: Current Analysis and Forecast
(2021-2027)’ states that some of the foremost players functioning
in the microgrid market comprise ABB, General Electric Company, Siemens AG,
Eaton Corporation Inc, Schneider Electric SE, Honeywell International Inc.,
HOMER Energy LLC, S&C Electric Company, Power Analytics Corporation, and
Exelon Corporation for ruling around the globe, generating the high percentage
of revenue, keep maintaining the governing position, leading the highest market
growth, registering the great value of market share and obtaining the
competitive edge by establishing the several research and development programs,
increasing the applications and benefits of microgrids, implementing the
policies and strategies of enlargement and profit making, improving the
qualitative and quantitative measures of such, analysing the strategies and
policies of regulatory authorities and similar entities, spreading the
awareness connected to the features and benefits of microgrids, and delivering
the better consumer satisfaction.
Region wise, it is predicted that North America is leading the
microgrid market and is probable to continue registering the market owing to
the number of forthcoming projects. The Environmental Defense Fund proclaimed a
new initiative in Puerto Rico that focuses to foster collaboration on
low-carbon microgrid projects in the rural communities. The government
initiative is probable to attract investment from a private entity in the market.
Therefore, in the near years, it is predicted that the market of microgrid will
increase around the globe more actively over the near future.
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