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AC Microgrid Market Size

Report ID: GMI8463
Published Date: Mar 2024
Report Format: PDF

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AC Microgrid Market Size

AC Microgrid Market was valued at USD 9.2 billion in 2023 and is anticipated to grow at a CAGR of 20.4% between 2024 and 2032. These are localized electrical networks that operate independently or in conjunction with the main power grid, distributing alternating current (AC) electricity to consumers. They enable improved energy resilience, efficiency, and reliability, offering flexibility to adjust power supply according to demand while ensuring uninterrupted electricity supply in both grid-connected and off-grid settings.

AC Microgrid Market

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Increasing demand for resilient and reliable power supply solutions, especially in areas prone to grid outages or disruptions will improve the business statistics. Technological advancements in power electronics, energy storage, and grid management systems coupled with supportive government policies, and incentives promoting decentralized energy systems will spur investments, thereby augmenting the business landscape.

AC Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
AC Microgrid Market Size in 2023:	USD 9.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	20.4%
2032 Value Projection:	USD 52 Billion
Historical Data for:	2018 – 2023
No. of Pages:	400
Tables, Charts & Figures:	850
Segments covered:	Connectivity, Power Source, Storage Device, Application and Region
Growth Drivers:	Increasing electricity demand in remote areas Government Initiatives and Policies
Pitfalls & Challenges:	High Initial Investment Grid Integration Challenges

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Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of AC microgrid was reached USD 9.2 billion in 2023 and is anticipated to record 20.4% CAGR through 2032, driven by localized electrical networks that operate independently or in conjunction with the main power grid.

Lithium-ion segment is set to register a CAGR of over 21.5 % through 2032, on account of its high energy density, long cycle life, and rapid response capabilities.

Asia Pacific AC microgrid market is anticipated to exceed USD 28 billion by 2032, backed by rapid urbanization & industrialization, coupled with expanding population across remote and rural areas.

Advanced Microgrid Solutions, Caterpillar Inc., Delta Electronics, Inc., Eaton Corporation, Enel X, EnSync Energy Systems, General Electric Company, Gridscape, HOMER Energy, Kohler Power, PowerSecure, Inc., S&C Electric Company, Schneider Electric SE, Siemens AG, and Tata Power.