The recent years have seen the demand for smart microgrids surge to unprecedented levels. This spike in demand is attributable to the growing share of renewable energy in the global energy matrix. According to a latest research report by Transparency Market Research, the global smart microgrid market is firmly on the course to steady growth owing to the aforementioned factors. North America stands as the largest market in the world for smart microgrids. Within North America, it is the United States that has been at the forefront of the smart microgrid market thanks to several institutes such as universities, hospitals, and data centers installing smart microgrids. Rural electrification programs in countries such as China, India and Malaysia will lead to a spike in the demand for smart microgrid installations in these regional markets, the report predicts.
The global home automation market was valued at $4.4 billion in 2013, according to a new market report published by Transparency Market Research. The research firm calculates the home automation market is growing at a compound annual growth rate (CAGR) of 26.3% and will be worth more than $21 billion in 2020.
Despite high upfront capital costs, geothermal power is the only form of renewable electricity capable of achieving high capacity utilization and supply base load — putting it in a unique market position and allowing it to compete with conventional and non-conventional sources of power generation. Attractive payback periods and zero fuel costs are driving investments in the industry, and the geothermal power generation market is expected to reach $8.9 billion in 2019 — up from $2.5 billion in 2013 — expanding at a CAGR of 23.58 percent from 2013 to 2019, according to Transparency Market Research.