China Microgrid Market to Grow at a CAGR 22.9% from 2022 to 2027
The report "China Microgrid Market by Connectivity
(Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy
Storage, Software, Services), End User (Commercial & Industrial, Military,
Utilities), Type, Power Rating & Geography - Global Forecast to 2027",
published by MarketsandMarkets,China Microgrid Market to Grow at a CAGR 22.9%
from 2022 to 2027
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=917
The Chinese microgrid industry is expanding rapidly due
to rising adoption of renewable energy and government regulations that support
sustainable energy
China has been one of the fastest-growing markets for
microgrids in recent years, driven by a combination of factors such as a
growing demand for reliable and efficient energy supply, increasing use of
renewable energy sources, and government policies promoting the development of
microgrids. The Government of China is dedicated to distributed energy
generation from renewable sources of energy to address power supply issues in
remote and rural areas of the country. This has led to an increase in the
number of microgrid installations. For instance, China has announced ambitious
carbon-reduction goals, having set 2030 as a target for peak emissions as a
part of the Paris Agreement. The country’s near-term goal is to reduce
emissions intensity: energy use and carbon emissions for every unit of gross
domestic product. More recently, China’s decarbonization progress received an
unexpected boost: an analysis by Carbon Brief, a UK-based website specializing
in climate change, estimated that the coronavirus-induced shutdown from
December 2019 through February 2020 had temporarily cut China’s carbon
emissions by 25%. China is also currently emphasizing on energy security. The
country has formulated national smart grid plans to promote the use of
renewable sources of energy for electricity generation. This is expected to
fuel the growth of the microgrid market in China.
As of 2021, renewables accounted for 80% of electricity
consumption in three west provinces -- Sichuan, Yunnan, and Qinghai --
according to the National Energy Administration (NEA)'s evaluation report. The
share of renewables in the consumption mixes of most east coastal provinces,
including Shandong, Jiangsu, and Zhejiang, is below 20%. In 2021, China's
installed renewable generation capacity reached 1,063 GW, accounting for 44.8%
of the nation's total generation capacity. The following figure shows the consumption
of renewable energy in China over the expansion 2010-2021. The statistics are
based on gross generation from renewable sources including wind, solar,
geothermal, biomass and waste.
In 2019, the State Grid Corporation of China announced a new
initiative to develop microgrids under the rationale of a non-wire alternative,
to provide reliable electricity to all customers. Government initiatives to
promote the use of renewable energy in industrial parks are also increasing the
development of microgrids. In China, ~240,000 sites have been identified as
suitable for microgrids to carry out weak feeder upgrades. The Chinese
government has also been promoting the development of microgrids through various
policies and initiatives, such as the "Internet Plus" action plan and
the "13th Five-Year Plan for Electric Power Development". These
policies aim to encourage the integration of renewable energy sources, enhance
energy efficiency, and improve the reliability and stability of the power
supply.
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