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Microgrid Market Trends

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

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Microgrid Market Trends

Growing investments in grid technologies to enable better energy management, real-time monitoring, and automated controls are set to influence the industry landscape. Furthermore, declining costs of renewable energy technologies and energy storage systems in line with rising government incentives, subsidies, and funding programs aimed at promoting clean energy adoption are significantly driving the product penetration.

Increasing shift towards solutions offering energy independence and security, especially for remote and off-grid areas by generating and managing their own energy, communities and facilities reducing dependence on external power sources and enhancing their energy security will impact the business growth.

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.