Should the global economy continue on its current rate of growth, the expansion in microgrid capacity will result in more than $10 billion in revenue for the industry by 2017, Pike’s research concludes. But even if the world economy fails to shrug off its current slump, Pike predicts the market would still be a $4.5 billion market in 2017.
Senior analyst Peter Asmus notes, “The global remote microgrid segment is the most attractive of all microgrid segments from a revenue perspective. Recent research—also reflected in Pike Research’s recently updated Microgrid Deployment Tracker—indicates that this sector is far more robust than previously reported, and with solar PV prices continuing to decline, is poised for substantial growth, even without government incentives.”
Developing countries account for around 80 percent of the world’s population but consume less than a third of global commercially traded energy supplies. So these emerging markets represent the top prospects for remote microgrids. Pike reports: “As energy consumption rises with increases in population and living standards, awareness is growing about the environmental costs of energy and the need to expand access to energy—especially cleaner electricity—in new ways. Remote microgrids can serve as the anchors of new, appropriate scale infrastructure, helping to accelerate a shift to smarter ways to deliver both electricity and humanitarian services to the poor.”
The United Nations, the United States Agency for International Development (USAID), and entities such as the Clinton Climate Initiative and the Bill Gates Foundation are providing significant financial support for the development and implementation of remote microgrids.
An Executive Summary of the Remote Microgrids report is available for free download on the firm’s website: www.pikeresearch.com.