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AC Grid Connected Microgrid Market Size

Report ID: GMI10979
Published Date: Aug 2024
Report Format: PDF

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AC Grid Connected Microgrid Market Size

AC Grid Connected Microgrid Market was valued USD 6.9 billion in 2023 and is anticipated to grow at a CAGR of 19.9% from 2024 to 2032. It is a localized energy system that generates, distributes, and regulates electricity, operating in coordination with the main utility grid. It primarily uses alternating current electricity, which is the standard for most power systems. This type of microgrid can function autonomously or in parallel with the grid, providing reliable power to its users.

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Rising demand for energy resilience, especially in areas prone to natural disasters or grid outages is set to influence the product adoption. Increasing integration of renewable energy sources such as solar and wind into microgrids is a major driver for product adoption. These systems enable the efficient use of renewable energy by allowing it to be generated, stored, and distributed locally, thereby propelling business growth.

AC Grid Connected Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
AC Grid Connected Microgrid Market Size in 2023:	USD 6.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	19.9%
2032 Value Projection:	USD 37.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	80
Tables, Charts & Figures:	30
Segments covered:	Power Source, Storage Device, Application and Region
Growth Drivers:	Regulatory and compliance flexibility Increasing need for energy independence Grid modernization and decentralization
Pitfalls & Challenges:	Grid integration challenges

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Growing shift towards decentralization and grid modernization to not only improve grid stability but also supports the integration of smart grid technologies, enhancing the overall efficiency and reliability of the energy system, thereby boosting the industry growth. Furthermore, rising support from various countries in terms of incentives, grants, and subsidies to encourage the development of microgrids as part of their energy transition strategies will additionally stimulate the product penetration.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of AC grid connected microgrid was worth over USD 6.9 billion in 2023 and will expand at 19.9% CAGR between 2024 and 2032, owing to the increasing need for reliable and resilient power systems, and advancements in smart grid technology.

AC grid connected microgrid market from the industrial/commercial segment will achieve 22.5% CAGR through 2032, fueled by high energy demand and the need for reliable, uninterrupted power supply.

Asia Pacific AC grid connected microgrid industry will exceed USD 20.4 billion by 2032, due to rapid industrialization, growing energy demand, and increased investments in renewable energy projects.

Key players operating in the AC grid connected microgrid market are Caterpillar Inc., Eaton, Emerson, General Electric, Piller Power Systems, PG&E, PowerSecure, Saft, Schneider Electric SE, Stellar Energy, Siemens AG, and Victron Energy B.V., among others.