Home > Energy & Power > Renewable Energy > Microgrid > Microgrid Market

Microgrid Market Size

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

Download Free Sample

Microgrid Market Size

Microgrid Market size was valued at USD 17.8 Billion in 2023 and is anticipated to grow at a CAGR of 20.5% between 2024 and 2032. It is a localized energy system capable of operating independently or in conjunction with the main electrical grid. It consists of distributed energy resources, such as solar panels, wind turbines, batteries, and generators, that generate, store, and manage electricity within a defined area. These devices can serve a variety of applications, from residential and commercial buildings to industrial facilities and entire communities.

Microgrid Market

To get key market trends

Download Free Sample

Rising energy resilience and reliability coupled with global shift towards renewable energy and stringent environmental regulations will augment the product adoption. Growing governments and organizations investments in clean energy solutions to reduce carbon footprints and meet sustainability targets is set to propel the product demand.

Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
Microgrid Market Size in 2023:	USD 17.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	20.5%
2032 Value Projection:	USD 100.6 Billion
Historical Data for:	2021 – 2023
No. of Pages:	200
Tables, Charts & Figures:	110
Segments covered:	Grid Type, Connectivity, Power Source, Storage Device, Application and Region
Growth Drivers:	Growing decarbonization and sustainability goals Rising environmental regulations and climate goals Increasing energy independence and security
Pitfalls & Challenges:	High infrastructure challenges

Learn more about the key segments shaping this market

Download Free Sample

Expanding research investments in developing advanced technology for energy storage, smart grid technology, and distributed energy resources (DERs) are driving the industry growth. Rising innovations in battery storage systems to enhance the efficiency and reliability of microgrids by ensuring a stable energy supply even when renewable sources are intermittent will complement the business scenario.

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.