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Asia Pacific AC Microgrid Market Size

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

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Asia Pacific AC Microgrid Market Size

Asia Pacific AC Microgrid Market size was valued USD 3.2 Billion in 2023 and is anticipated to grow at a CAGR of 27.2% from 2024 and 2032. The microgrids function as localized electrical networks, operating independently or in tandem with the main power grid to distribute alternating current (AC) electricity to consumers. They enhance energy resilience, efficiency, and reliability, offering the flexibility to adjust power supply based on demand and ensuring uninterrupted electricity supply in grid-connected and off-grid scenarios.

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Widespread power outages and disruptions to the main power grid owing to increasing frequency of extreme weather events in the region will augment the requirement for resilient and reliable electricity supply solutions which will improve the business statistics. Government initiatives and policies promoting renewable energy adoption and energy security will drive the product deployment. For instance, countries including Japan and South Korea have ambitious renewable energy targets, creating opportunities for AC microgrid deployment alongside solar and wind energy projects.

Asia Pacific AC Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific AC Microgrid Market Size in 2023:	USD 3.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	27.2%
2032 Value Projection:	USD 28.4 Billion
Historical Data for:	2019 - 2022
No. of Pages:	300
Tables, Charts & Figures:	200
Segments covered:	Connectivity, Power Source, Storage Device, Application and Country
Growth Drivers:	Increasing Energy Security Government Initiatives and Policies Rising Renewable Energy Integration
Pitfalls & Challenges:	High Initial Investment Land Use and Permitting Issues

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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.