Annual Worldwide Nanogrid Capacity Will Increase by 60 Percent by 2023, Forecasts Navigant Research Large power systems vendors are among the early participants in the emerging nanogrid market
Nanogrids, which are even smaller versions of microgrids, can serve as modular building blocks for energy applications that range from emergency power for commercial buildings to the provision of basic electricity services for people living in extreme poverty. North America is the leading region for microgrids today, but the largest and fastest growing nanogrid markets are remote systems operating in the developing countries of Asia Pacific, the Middle East, and Africa. Click to tweet: According to a recent report from Navigant Research, worldwide installations of nanogrid capacity will grow from nearly 8,900 megawatts (MW) in 2014 to 14,200 MW in 2023 - an increase of 60 percent.
'Nanogrids have the ability to fill increasingly important niches within the larger power sector, and the adoption of distributed generation is opening up new, underserved markets for these systems,' says Peter Asmus, principal research analyst with Navigant Research. 'The simplicity of these solutions makes the technology requirements for nanogrids less complex than those for either microgrids or the utility-centric smart grid.'
Despite the small scale of the emerging nanogrid market, several large power systems vendors are already active in this growing sector, including Bosch, Eaton, Emerson Network Power, Johnson Controls, and NRG Energy. In many cases nanogrids can complement microgrids, according to the report, but there will be cases when microgrids and nanogrids will compete for the same customers.
The report, 'Nanogrids', analyzes the emerging global market for nanogrids, with special emphasis on contrasting nanogrids with microgrids. It provides an analysis of the market issues, including business cases and implementation challenges, associated with nanogrids. Global market forecasts for capacity and revenue, broken out by subsegment and region, extend through 2023. The report also examines the key technologies related to nanogrids, as well as the competitive landscape. 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.
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* The information contained in this press release concerning the report, 'Nanogrids,' 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.
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