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Microgrid Market Share

Report ID: GMI1187
Published Date: Jun 2024
Report Format: PDF

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Microgrid Market Share

Key market players are heavily investing in research and development to innovate and improve microgrid technologies including advancements in energy storage systems, smart grid technologies, and integration of renewable energy sources. Key players are forming partnerships with utility companies to help in the integration of microgrids with existing grid infrastructure. Furthermore, new players are improving partnerships with academic institutions and other industry players to foster innovation and development.

Microgrid Market Companies

Eminent players operating in the microgrid industry are:

ABB
Advanced Microgrid Systems (AMS)
Caterpillar
Delta Electronics, Inc
Exelon Corporation
General Electric
General Microgrids
Heila Technologies
Hitachi Energy Ltd.
Honeywell International, Inc.
Lockheed Martin Corporation
S&C Electric Company
Schneider Electric
Siemens AG
Toshiba Corporation

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of microgrid reached USD 17.8 billion in 2023 and will witness 20.5% CAGR between 2024 and 2032, propelled by increasing demand for reliable and resilient power supply solutions in remote areas and critical infrastructure.

Microgrid industry size from the hybrid segment will grow at 20.9% CAGR from 2024 to 2032, due to its ability to combine multiple energy sources for optimal efficiency and reliability.

Asia Pacific market size will record USD 54.5 billion by 2032, owing to rapid urbanization, increasing electrification needs in remote areas, and government initiatives promoting renewable energy.

Some of the leading industry players include ABB, Advanced Microgrid Systems (AMS), Caterpillar, Delta Electronics, Inc, Exelon Corporation, General Electric, General Microgrids, Heila Technologies, Hitachi Energy Ltd., Honeywell International, Inc., Lockheed Martin Corporation, S&C Electric Company, Schneider Electric, Siemens AG, and Toshiba Corporation among others.