Annual revenue for remote power systems is expected to exceed $25 billion in 2024, according to a recent report from Navigant Research.
Microgrids and nanogrids are a leading opportunity for public- and private-sector energy interests. The flexibility of these distributed energy resources (DER) is innovative and makes them appealing means for nations worldwide to meet their global energy access commitments.
“Organizations like the United Nations (UN), The World Bank, and other institutional and philanthropic bodies have been setting goals to increase energy access in the developing world,” says Peter Asmus, principal research analyst with Navigant Research. “Whether such lofty goals can be accomplished depends largely on how much focus is placed on village electrification microgrids and residential nanogrid segments.”
According to the report, nanogrids are expected to become a $17.5 billion annual enterprise by 2024, largely as a result of increasing cellphone use in the developing world. Because of their smaller size, nanogrids are also perceived as less risky than microgrids when it comes to attracting investor funding.