Boom in Microgrid Projects Makes Way to a Multibillion Dollar Market
Not too long ago, we discussed the many benefits the energy sector has been experiencing thanks to the modern technological advancement of the microgrid. Although extremely resourceful, one common misconception is that microgrids are just one small part of our energy future; however, this is quite the contrary. Microgrids are an increasingly important factor in distributed generation, grid reliability, and the green economy as a whole.
Traditionally, microgrids have most commonly been implemented on college campuses and industrial parks, but their horizons are rapidly broadening. As the U.S. military works toward reducing climate risks and improving fuel security, microgrids are becoming more and more common. In fact, recent studies show that more than 400 individual microgrid projects are currently in operation or under development worldwide and project that the global market will pass $40 billion in annual revenue by 2020.
Over the past several months, the U.S. has been experiencing nothing less than a true microgrid boom with a documented 22% increase between October of 2012 and April of 2013. North America has been dominating the global market with a majority of overall market share and total capacity. Additionally, the U.S. Department of Defense has recently experienced the largest increase in microgrid use with 21 new projects for 350 MW of capacity pushing overall military microgrid capacity to 578 MW.
As microgrids begin to migrate from pilot programs to full-scale commercialization, the market’s finances will in turn begin to spike. Microgrid analysts project that market revenue will jump from $8.3 billion in 2013 to more than $40 billion annually by 2040. Also noted in these projections are that North America will continue to lead in global microgrid installations and should increase as much as 65% of global market share by 2020.
As the nation moves towards a clean-energy economy in the face of climate change, it is likely that microgrids will represent the best possible solution for reliability and convenience. While this ongoing boom means excellent news for national revenue, it is also promising for job creation and the economy as a whole. Because of this, it is imperative for green energy companies to have strategic staffing plans in place now. If you need to prepare your strategic energy staffing plan to ensure quality industry workers, do not hesitate to contact the energy industry experts at FootBridge Energy today!
