|By Business Wire||
|May 15, 2014 06:15 AM EDT||
Several of the most heavily populated countries in the Asia Pacific region, including China, India, Indonesia, and Malaysia, are experiencing unprecedented rates of rural electrification. Meeting the increased demand for both power and grid services across the region will require innovative approaches, including microgrids that are capable of operating in isolation from (or in the absence of) the wider power grid. Click to tweet: According to a new report from Navigant Research, the microgrid market in Asia Pacific will grow from $778 million in 2014 to nearly $5.8 billion in 2023.
“Developed countries in Asia Pacific are actively pursuing community-based and commercial/industrial microgrid projects,” says Peter Asmus, principal research analyst with Navigant Research. “It will take a few years to gather and analyze data on financing models and technology issues from the pilot projects and commercial installations underway today. But there is no question that microgrids will play a vital role in the ongoing economic transformation in the region.”
Each market in Asia Pacific is at a different level of resource development, and the appropriate models for microgrid development vary on a market-by-market basis, according to the report. Developing countries in the region, in particular, face urgent issues related to power supply, including weak central grids, shortages of generation capacity, inefficient distribution systems, and uneconomic state-owned power utilities. Microgrids can help solve each of these challenges.
The report, “Microgrids in Asia Pacific”, analyzes the Asia Pacific market for microgrids in four key segments (commercial/industrial, community/utility, campus/institutional, and remote) and nine key selected countries, including Australia, China, India, Japan, South Korea, Malaysia, Singapore, Indonesia, and the Philippines. The report provides an analysis of the market issues, including case studies, opportunities, and implementation challenges, associated with microgrids. Market forecasts for capacity and revenue, broken out by segment and country, extend through 2023. The report also examines the main technologies related to microgrids, identifies major microgrid developments, and profiles key market players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Microgrids in Asia Pacific,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.