Investment in Microgrids in Asia Pacific Will Total Nearly $31 Billion from 2014 to 2023, Forecasts Navigant Research Remote systems represent the most attractive microgrid sector in the region, report concludes
Demand for electricity and generation capacity from renewable energy sources is growing at an unprecedented rate in the Asia Pacific region. As a result, the number of microgrid projects deployed in Asia Pacific, both for electrification purposes and as experimental test beds, is also rising. Click to tweet: According to a recent report from Navigant Research, cumulative investment in microgrids across the region will total $30.8 billion from 2014 to 2023.
'Several of the most heavily populated countries in the Asia Pacific region, including China, India, Indonesia, and Malaysia, are experiencing very high rates of rural electrification,' says Peter Asmus, principal research analyst with Navigant Research. 'Both developed and developing countries in the region are turning to microgrids to extend electrical service to remote and underserved communities.'
The most attractive microgrid market in Asia Pacific, according to the report, is remote microgrids, which operate autonomously or have yet to be connected to a larger grid. In the developing Asia Pacific nations, these remote power systems have traditionally burned diesel fuel as their primary source of electricity, but declining costs for renewables are increasing the business prospects for remote microgrids.
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.
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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, '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.
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