London, 14 April 2015 – Increased demand for better power quality has resulted in the gradual growth of the Global Microgrid Market, which is expected to post a CAGR of 18.72 percent from 2015-2019, says research firm Technavio.
The quality and consistency of power supply is poor in many countries in the Americas, Asia and Europe. Microgrids help improve the power quality by providing reliable power supply with minimal shortages. They ensure better power quality by enabling connection to macrogrids that helps reduce grid imbalances and power supply intermittence.
“Power discrepancy because of low generator performance leads to an unexpected increase in power demand. In this situation, microgrids provide access to power when the macrogrid breaks down or fails to meet the power demand,” says Faisal Ghaus, Vice President of Technavio.
The new Technavio report emphasizes increased investment in R&D by several organizations and vendors in recent years. Several specialized and niche organizations are working on microgrid development projects, which is expected to boost market growth over the projected period.
“The European Union is working toward developing microgrid solutions to increase penetration levels of renewable energy,” says Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
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