Recent reports have indicated that the microgrid as a service market will be worth $2.2 billion by 2022.According to the Digital Journal, the microgrid as a service market is registering healthy growth due to various benefits offered by microgrids such as high reliability, economical and efficient energy power, enhancement of renewable energy sources and smart grid integration among others.
It adds, “the autonomous working nature of Microgrid provides great benefits to communities that have no access to electricity.
“Microgrid as a solution combines solar panels, batteries and controllable load in order to meet the requirements of industrial, residential or consumer loads anywhere in the world.”
Microgrids also provide dynamic monitoring, scalability, and control to improve energy output. Microgrids as a solution offers electricity at affordable rate and helps in reducing the economic losses from electricity outages in emergency situation.
In November, 2016, American Electric Power (AEP) announced to invest around $52 million to build utility microgrids as part of a smart city design for Columbus, Ohio.
The global microgrid as a service market has been valued at $772 million in the year 2015 which is expect to grow at $2.2 billion by the end of forecasted period with CAGR of approximately 16%.
Duke Energy to connect microgrid to distribution grid
In December last year, Duke Energy Carolinas announced plans to connect the Mount Holly experimental microgrid as the first connection to its distribution grid.
The microgrid will be used to regulate voltage as well as improve power quality on the Rankin Substation circuit in Mount Holly. The microgrid will also serve to smooth power production from a 1.2 megawatt rooftop solar project Duke installed at the nearby National Gypsum plant in 2010.
According to the Charlotte Business Journal, the plan to connect the Mount Holly lab to the grid was disclosed in a filing this week with the North Carolina Utilities Commission. It includes the plans to build additional battery storage at the site which will likely be completed in the first half of next year. [Microgrid to “transform” DER and energy storage markets]