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The global microgrid market reached a value of $5billion during 2012 and is expected to hit $27 billion by 2022 growing at a CAGR of over 17% from 2012-2022. Global installed capacity of microgrid has seen a staggering growth since 2011 and is forecast to grow at a CAGR of over 17% from 2012- 2022 to attain a total installed capacity of over 15GW by 2022.
To provide tailored, efficient, and reliable energy services to the end users, microgrid employs and integrates a wide range of distributed energy technologies such as generation, storage and advanced controls, metering and communications into a controlled system that manages energy generation, transmission, distribution, and usage on a small scale as compared to the conventional macrogrid.
Campus/Institutional microgrid is the largest microgrid by application and is forecast to grow at a CAGR of 18.83% from 2012-2022. Military and defense based microgrid and commercial microgrid is forecast to have almost same installed capacity by 2022. Off-grid microgrid continues growing at the highest CAGR for next 5-6 years, while hybrid microgrid market is expected to grow at the highest CAGR during 2012-2022.
This shift in growth is expected to happen once utility begin ramping up their microgrid facilities. Handfuls of utilities have already begun pilot projects including American Electric Power (AEP), Sacramento Municipal Utility District (SMUD), BC Hydro, and San Diego Gas & Electric (SDG&E).
RoI on microgrid varies across geographies and also depends on power generation sources. A fully developed microgrid with demand response management, on-site generation and storage, advanced controls and grid independence capabilities requires a longer payback period.
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