Technological advancements, declining renewable energy prices and ongoing developments in energy storage have made decentralized energy solutions mainstream
BOULDER, col., November 17, 2022 /PRNewswire/ — As of 2020, nearly 733 million people in the world lived without access to electricity, according to consensus advice from 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 examines the annual deployment of microgrid energy access projects.
Microgrids provide energy to those who do not have access to the traditional electricity grid because they live in remote or disadvantaged areas. According to a new report from Guidehouse Insights, Asia Pacific and Middle East & Africa currently leading the market for microgrids for energy access and are expected to remain a leader in access to energy for microgrids until 2031. Income from investments in microgrids in Asia Pacific will probably achieve $7.7 billion by 2031, and microgrid revenue Middle East & Africa is expected to achieve $8.9 billion by 2031.
“One of the 17 Critical Sustainable Development Goals (SDG) adopted by the United Nations is to ensure basic access to energy for 100% of the world’s population by 2030 (SDG 7). Based on the current pace of progress, falling short of that goal by 670 million people, who will continue to be excluded from participating in the global economy,” says Rohit Unni, research analyst at Guidehouse Insights. “New energy management systems, innovative remote monitoring capabilities and advancements in smart metering and energy storage technologies have made microgrids the ideal solution to cost-effectively and sustainably connect underserved populations.”
Technological advances, falling renewable energy (RE) prices and continued developments in energy storage have made decentralized energy solutions, such as microgrids, mainstream and offer opportunities to bring socioeconomic advancement to those not connected to the traditional grid, according to the report.
The report, Market data: microgrids for energy access in emerging markets, provides global analysis for annual deployments of microgrid projects with access to energy in terms of power capacity (MW) and project implementation spend ($ million). These analyses, which cover the 10-year period from 2022-2031, are segmented by region, application segments and business models. A summary of the report can be downloaded for free from the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, Guidehouse’s dedicated market intelligence division, provides research, data and benchmarking services for today’s fast-paced and highly regulated industries. Our insights are based on a thorough analysis of the global clean technology markets. The team’s research methodology combines supply-side sector analysis, primary end-user research and demand assessment, combined with an in-depth examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guide House
Guidehouse is a leading global provider of advisory services to the public sector and commercial markets, with broad management, technology and risk advisory capabilities. Combining our public and private sector expertise, we help clients address their most complex challenges and manage significant regulatory pressures, focusing on transformational change, business resilience and technology-driven innovation. With a range of advisory, consulting, outsourcing and digital services, we create scalable, innovative solutions that help our clients outsmart complexity and position them for future growth and success. The company has more than 15,000 professionals in more than 55 locations worldwide. Guidehouse is a portfolio company of Veritas Capital, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, visit www.guidehouse.com.
* The information in this press release about the report, Market data: microgrids for energy access in emerging markets, is a summary and reflects Guidehouse Insights current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results could differ materially from those in this press release or report. Please refer to the full report for a full understanding of the assumptions underlying the report’s conclusions and the methods used to prepare the report. Neither Guidehouse Insights nor Guidehouse assumes any obligation to update the information contained in this press release or report.
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