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Asia Pacific AC Microgrid Market Analysis

Report ID: GMI8661
Published Date: Mar 2024
Report Format: PDF

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Asia Pacific AC Microgrid Market Analysis

Asia Pacific AC Microgrid Market Size, By Connectivity, 2022-2032 (USD Billion)

Based on connectivity, the Asia Pacific AC Microgrid market is segmented into grid connected and off grid. Grid connected is anticipated to grow by more than USD 8 billion by 2032 due to its flexibility to integrate renewable energy sources, enabling the transition toward cleaner and sustainable energy systems. These microgrids offer stability and reliability by augmenting grid power during periods of high demand or outages, thereby enhancing energy security and boosting the market statistics. Additionally, their connectivity enables bi-directional energy flow, enabling users to sell surplus energy back to the grid, promoting energy sharing and stability, driving the product adoption.

Asia Pacific AC Microgrid Market Share, By Storage Device, 2023

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Based on storage device, the Asia Pacific AC Microgrid market is segmented into lead acid, lithium-ion, flywheels, flow battery, and others. Lithium-ion is set to grow at a CAGR of over 29% by 2032. Key factors including declining costs and increasing energy densities make them an economically viable and efficient solution for energy storage applications leading to improved business trends. In addition, the scalability and modularity of the battery system allow for flexible deployment across various microgrid configurations and sizes, catering to diverse energy needs thereby uplifting the business scenario.

China AC Microgrid Market Size, 2022-2032 (USD Billion)

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China AC microgrid market is anticipated to grow by more than USD 5 billion by 2032 due to its ambitious energy transition goals coupled with stringent environmental regulations. The county's robust manufacturing capabilities and technological expertise in power electronics and smart grid technologies contribute to the development of advanced and cost-effective solutions which will augment the industry landscape. Moreover, the emergence of innovative business models and financing mechanisms along with collaborations between industry stakeholders will foster a conducive ecosystem for market expansion.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

Asia Pacific AC microgrid industry size was USD 3.2 billion in 2023 and is projected to expand at 27.2% CAGR between 2024 and 2032 owing to the widespread power outages and disruptions to the main power grid owing to the increasing frequency of extreme weather events in the region.

The grid connected segment is anticipated to generate more than USD 8 billion by 2032 due to its flexibility to integrate renewable energy sources for enabling the transition toward cleaner and sustainable energy systems.

China AC microgrid market size is estimated to surpass USD 5 billion by the end of 2032 due to its ambitious energy transition goals coupled with stringent environmental regulations in the country.

Key players operating in the Asia Pacific AC microgrid industry are Advanced Microgrid Solutions, Caterpillar Inc., Delta Electronics, Inc., Eaton Corporation, Emerson Electric Co., Enel X, General Electric Company, HOMER Energy, Kohler Power, S&C Electric Company, Schneider Electric SE, Siemens AG, Tata Power, Tencent Holdings Ltd, and Toshiba Corporation.