Industrial and Commercial Grid Connected Microgrid Market Size

Industrial & Commercial Grid Connected Microgrid Market Size

Industrial & Commercial Grid Connected Microgrid Market was valued at USD 1.5 billion in 2023 and is anticipated to grow at a CAGR of 23% from 2024 to 2032. It is a localized energy system that integrates distributed energy resources such as solar panels, wind turbines, and batteries to provide power to industrial and commercial facilities. These microgrids are connected to the main electrical grid but can operate independently if needed, such as during grid outages.

Increasing occurrences of natural disasters, extreme weather, and grid outages, are encouraging businesses to prioritize energy security to ensure uninterrupted operations leading to boost product demand. This acts as a crucial backup power source for critical infrastructure and facilities, minimizing downtime, and preventing financial losses. Rising costs of grid-supplied electricity are promoting microgrid adoption for industrial and commercial applications to seek cost-effective energy solutions leading to strengthen the product demand.
 

Rising pressure on industrial and commercial companies to meet sustainability targets and reduce their carbon footprints is set to influence business landscape. Increasing introduction of policies grants, and tax incentives by the government to encourage the adoption of renewable energy and microgrid solutions are driving the industry statistic.