Value of Remote Power Systems to Hit Nearly $200B from 2015 to 2024
December 21, 2015 | Navigant ResearchEstimated reading time: 1 minute
A new report from Navigant Research analyzes the market for remote microgrids and nanogrids, with global forecasts for capacity and revenue, broken out by segment and region, through 2024.
The market for remote power provision in regions not served by a traditional, centralized electricity grid is increasing, representing a growing opportunity for a variety of market players. Additionally, the synergy of microgrids and nanogrids in an off-grid environment mirrors the dynamics in a grid-tied environment in developed industrial economies, where the systems embrace a model of the future centered on distributed energy resources (DER). Click to tweet: According to a new report from Navigant Research, the cumulative global value of assets and services attached to the development of remote power systems is expected to grow from $10.9 billion in 2015 to $196.5 billion in 2024.
“Remote power systems, particularly microgrids and nanogrids, are one of the few technology markets where Africa and the Middle East represents the best opportunities,” says Peter Asmus, principal research analyst with Navigant Research. “The region is expected to lead in annual implementation revenue in 2015, and over the course of the entire forecast period, exceeding $11 billion by 2024.”
While the off-grid portion of the world’s energy infrastructure spend is expected to be a leading opportunity for both private and public sector actors, challenges do exist. The key to unlocking this value with new revenue streams, according to the report, lies in addressing a number of unique challenges, including existing subsidies for the status quo, logistical construction challenges, and lingering business practices that border on corruption at worst and inefficiency at best.
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.