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Hybrid Microgrid Market Trends

Report ID: GMI9502
Published Date: May 2024
Report Format: PDF

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Hybrid Microgrid Market Trends

The emergence of microgrid-as-a-service (MaaS) solutions is creating lucrative growth opportunities for hybrid solutions growth, particularly for small and medium-sized enterprises (SME) and underserved communities. Rising initiatives aimed at bridging the energy access gap, promoting energy affordability, and empowering local communities to participate in the energy transition is set to foster the business statistics.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of hybrid microgrid was reached USD 2.4 billion in 2023 and will grow at 20.9% CAGR during 2024 to 2032, driven by rising natural disasters and grid disruptions.

Grid connectivity segment of hybrid microgrid market will be worth over USD 10.3 billion by 2032, owing to the ability of hybrid microgrid to enhance energy reliability, resilience, and stability.

Asia Pacific hybrid microgrid market exhibited a robust growth in 2023 and will garner more than USD 8 billion by 2032, driven by rapid urbanization and industrialization, leading to increased electricity demand.

Caterpillar Inc., EnSync Energy Systems, FlexGen Power Systems, General Electric Company, Gridscape, HOMER Energy, MTU Solution, Piller Power Systems, S&C Electric Company, Saft, Schneider Electric SE among others.