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DC Microgrid Market Size
- Report ID: GMI9760
- Published Date: Jun 2024
- Report Format: PDF
DC Microgrid Market Size
DC Microgrid Market was valued USD 6 billion in 2023 and is anticipated to grow at a CAGR of 20.3% from 2024 to 2032. It is a localized network that distributes direct current electricity. It operates either in conjunction with or independently from the main power grid. The system typically serves a limited area, such as a building, campus, or small community, allowing for more efficient management and distribution of power within that area.
Rising shift towards renewable energy coupled with growing demand for solutions to operate in island mode, independently from the main grid will augment the product demand. Continuous innovations in power electronics, energy storage systems, and control technologies to enhance the performance and cost-effectiveness of these systems are set to propel the market statistics.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| DC Microgrid Market Size in 2023: | USD 6 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 20.3% |
| 2032 Value Projection: | USD 34 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 90 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Connectivity, Power Source, Storage Device, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing adoption of grids by industries and commercial establishments to reduce energy costs and improve sustainability will boost the product penetration. Rising global trends towards urbanization and the development of smart cities are driving the need for modern, efficient, and flexible power systems to meet the energy demands thereby augmenting the market landscape.
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DC Microgrid Market Scope
