Annual Revenue for Remote Power Systems Is Expected to Exceed $25 Billion in 2024, According to Navigant Research
A recent 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.Microgrids and nanogrids are a leading opportunity for public- and private-sector energy interests. The flexibility of these distributed energy resources (DER) is innovative and makes them appealing means for nations worldwide to meet their global energy access commitments. Click to tweet: According to a recent report from @NavigantRSRCH, annual revenue for remote power systems is expected to exceed $25 billion in 2024.
“Organizations like the United Nations (UN), The World Bank, and other institutional and philanthropic bodies have been setting goals to increase energy access in the developing world,” says Peter Asmus, principal research analyst with Navigant Research. “Whether such lofty goals can be accomplished depends largely on how much focus is placed on village electrification microgrids and residential nanogrid segments.”According to the report, nanogrids are expected to become a $17.5 billion annual enterprise by 2024, largely as a result of increasing cellphone use in the developing world. Because of their smaller size, nanogrids are also perceived as less risky than microgrids when it comes to attracting investor funding.
The report, Market Data: Remote Microgrids and Nanogrids, examines the global market potential for remote microgrids and nanogrids. The study provides an analysis of remote power systems and discusses related energy access initiatives and DER trends. Global market forecasts for capacity and implementation revenue, broken out by segment and region, extend through 2024. The report examines the key market segments related to remote power systems, including commodity extraction, physical island, village electrification, military, commercial, and residential remote microgrids and nanogrids. Forecasts are also provided for the top remote microgrid market players and country markets.