Guidehouse Insights Estimates Microgrid Investments to Reach $8 Billion in Asia Pacific and $9 Billion in Middle East & Africa by 2031
Technological advances, falling prices for renewable energy, and continued developments in energy storage have brought decentralized energy solutions into the mainstream
BOULDER, Colo., Nov. 17, 2022 /PRNewswire/ — 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.
Microgrids offer energy to those who lack access to the traditional grid because they live in remote or underserved areas. According to a new report from Guidehouse Insights, 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 $8.9 billion by 2031.
“One of the 17 critical Sustainable Developments Goals (SDG) adopted by the United Nations, is ensuring basic energy access for 100% of the global population by 2030 (SDG 7). Based on the current rate of progress, that goal will fall short by 670 million people, who will still be barred from participation in the global economy,” says Rohith Unni, research analyst with Guidehouse Insights. “Novel energy management systems, innovative remote monitoring capabilities, and advances in smart meter and energy storage technologies have made microgrids the ideal solution for connecting underserved populations, cost effectively and sustainably.”
Technological advances, falling prices for renewable energy (RE), and continued developments in energy storage have brought decentralized energy solutions, such as microgrids, into the mainstream, and offer potential for bringing socioeconomic progress to those who have not been connected to the traditional grid, according to the report.
The report, Market Data: Microgrids for Energy Access in Emerging Markets, provides global analyses for annual deployments of energy access microgrid projects in terms of power capacity (MW) and project deployment spending ($ Millions). These analyses, which cover the 10-year period from 2022-2031, are segmented by region, application segments and business models. An executive summary of the report is available for free download on the Guidehouse Insights website.
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep 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.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 15,000 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, 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, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Microgrids for Energy Access in Emerging Markets, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
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