Virtual Grids Market Size, Share, Revenue Growth, Development And Demand Forecast To 2022

A microgrid is defined as a small network of electricity users with a local source of supply that is usually attached to a centralized national grid but is able to function independently.’It is presented to the macro-grid as a single controlled unit. It is designed around total energy system requirements. Virtual microgrid cover distributed energy resources at multiple sites. This market is yet to bloom but the need for grid stability will make it flourish in the future.

Market Dynamics
The prime driver for the market is the push by the growing distributed energy and increasing peak load prices.A rise innetwork congestion and bottleneckshas triggered the focus on the market. There is anincrease in investment in the market. There is a growing demand for renewable energy resources. The increased reliability and cost reduction is driving the market.

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The major restraint on the market is that the market in new and developing. There is a lack of willingness to share information. Health concerns arise due to the impact of radio frequency exposure. The reserve capacity is a concern for the fluctuation in energy demand.

The opportunity for the market lies in the need for a greater grid stability. This could be possible with the advent of IOT enabled products, data analytics, and cloud. Research and development holds a major scope for the future of the market.

Market Segmentation
The market is segmented in terms of the type of users intoresidential, commercial and industrial. The market is divided into demand response, distribution generation and mixed assetson the basis of thetechnology. On the basis of size, the market is divided into generation resources, storage, and advanced controls.

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Regional/Geographic Analysis
North America dominates the market. Asia Pacific has the highest growth potential. The smart grid development initiative in India and the increase in renewable energy installation in China makes the demand high for the market.

Key Players
Some of the major players in the market include IBM, Hitachi, ABB, Alstom Grid, Schneider Electric, Siemens AG, Chevron Energy Solutions, Honeywell, Encorp, GE Digital Energy, and Lockheed Martin.

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