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Remote DC Microgrid Market Trends

Report ID: GMI11409
Published Date: Sep 2024
Report Format: PDF

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Remote DC Microgrid Market Trends

Growing adoption of microgrids that require simpler infrastructure than traditional AC grids is augmenting the product adoption in remote locations where infrastructure construction and maintenance can be logistically difficult and expensive. Rising policy initiatives and financial incentives that promote renewable energy and decentralized power systems are helping to boost product adoption, especially in Asia Pacific and Africa.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

As of 2023, the remote DC microgrid industry is valued at USD 2.5 billion. This market is projected to expand significantly, with an anticipated growth rate of 19.6% CAGR by 2032, driven by increasing demand for efficient, scalable, and reliable energy solutions in isolated and remote areas.

The solar PV segment is expected to grow at a CAGR of over 21% by 2032. Solar PV aligns well with DC microgrids due to its inherent DC generation capability, which improves energy efficiency by eliminating the need for AC-DC conversions.

The European market is expected to grow by more than USD 2.2 billion by 2032. This growth is supported by the European Green Deal and other policies promoting energy independence and renewable energy solutions, particularly in remote and underserved areas.

Key players in the market include ABB, ARDA Power, AEG International, Nextek Power Systems, Optimal Power Solutions, PG&E, SolarWorX, Schneider Electric, Sumitomo Electric Industries, Ltd, and Victron Energy.