Microgrid Market with Worldwide Industry Analysis to 2020 FMI | Page 4

Report
Description
Report Description
The microgridmarket can be segmentedinto verticals, technology andtype. By
verticals,the market can be categorized into public sector, healthcare, telecom and
manufacturing. On the basis oftechnology,the market can be divided into various
categories such as by power and component technology. Bytype,microgridmarket is
segmented intooff-grid, connected grid and hybrid grid.
The microgrid market is expected to be a multi-billion-dollar market and to grow at a
significant rate during the forecast period, from 2014 to 2020. At present, the market is
led by North America owing to growing industrialization and electrification. However, it is
expected to witness ahuge potential in emerging economies of Asia-Pacific regions, such
as India, China and Australia.
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Introduction of advanced solutions, collaboration with other organizations, joint
ventures/partnerships,and acquisitions&mergers are a few strategies followed by key
players operating in microgrid market, in order to outperform their competitors. For
example, Toshiba Corporation acquired Consert Inc. in 2013, inorderto improve their
distribution services and widen their global presence and customer base.Additionally, in
November 2014, HOMER Energy LLC introduced HOMER Pro software, anupgraded
version of their HOMER software,to set a global standard for microgrid designand
analysis at initial stage.Further, its analysis tool mainly focuses on hybrid microgrids that
are combined with multiple storage and renewable energy resources.