A new report from Zpryme finds that by 2020, the total BRICS microgrid market is projected to reach $4.5 billion, with China accounting for 45% of the BRICS market at $2 billion and $13.4 billion globally.
“With the BRICS nations projected to grow at a compound annual growth rate of 25% from 2012 to 2020 and the total global market valued at $13 billion, the microgrid market could possibly be the next big opportunity since the arrival of the smart grid. Still in its infancy stage, this is the time for companies to fill a niche to enable and contribute to microgrid BRICS deployment,” said Jason S. Rodriguez, CEO, Zpryme.
Zpryme’s Microgrids: The BRICS Opportunity, reports the top BRICS microgrid market value by region, (2020, in US millions) as follows:
- China $2,015 (45% Share)
- India $1,191 (27% Share)
- Brazil $518 (11% Share)
- Russia $433 (10% Share)
- South Africa $312 (7% Share)
Jeff Lund, VP of Business Dvelopment at Echelon, explained to Zpryme: “Microgrids also represent a cost effective and faster path for building infrastructure and scaling the grid. Rather than the high investment and long construction cycles associated with building large centralized power plants and associated distribution infrastructure, microgrids allow for distributed generation and local demand balancing to enable the grid to be built up neighborhood by neighborhood.”
Thierry Godart, President of Siemens U.S. Smart Grid Division, adds: “For developing countries specifically, a microgrid can offer a very reliable network for a specific region/location. A microgrid allows the local community to take more ownership and control of their infrastructure and ease the investment burden of a national utility.”
Source: Zpryme