A new report from Guidehouse Insights has held that Asia Pacific and Middle East & Africa currently lead the energy access microgrids market and are expected to continue leading the energy access across microgrids market through 2031. Revenue from microgrid investments in Asia Pacific will likely reach $7.7 billion by 2031, and microgrid revenue in Middle East & Africa is expected to reach $8.9 billion by 2031.
The report provides global analyses for annual deployments of energy access microgrid projects in terms of power capacity and project deployment spending. These analyses cover the 10-year period from 2022-2031 and are segmented by region, application segments and business models.
What The Report Entails
“One of the 17 critical Sustainable Developments Goals (SDG) adopted by the United Nations, is ensuring basic energy access for 100% of the global population by 2030 (SDG 7). Based on the current rate of progress, that goal will fall short by 670 million people, who will still be barred from participation in the global economy,” says Rohith Unni, research analyst with Guidehouse Insights.
The Guidehouse Insights report, called Market Data: Microgrids for Energy Access in Emerging Markets, also mentions that novel energy management systems, innovative remote monitoring capabilities, and advances in smart meter and energy storage technologies have made microgrids the ideal solution for connecting underserved populations, cost effectively and sustainably.
It held that the technological advances, falling prices for renewable energy (RE), and continued developments in energy storage have brought decentralized energy solutions, such as microgrids, into the mainstream, and offer potential for bringing socioeconomic progress to those who have not been connected to the traditional grid, according to the report.
As of 2020, nearly 733 million people in the world were living without access to electricity, according to the consensus opinion of the International Energy Agency, the International Renewable Energy Agency, the United Nations Department of Economic and Social Affairs, the World Health Organization, and the World Bank. A new report from Guidehouse Insights explores annual deployments of energy access microgrid projects.
Guidehouse Insights is the dedicated market intelligence arm of Guidehouse that delves in research, data, and benchmarking services for today’s rapidly changing and highly regulated industries.