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Solar PV Microgrid Market Trends

Report ID: GMI11896
Published Date: Oct 2024
Report Format: PDF

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Solar PV Microgrid Market Trends

Increasing government initiatives, such as tax credits, grants, and subsidies to promote solar energy as a power source will create lucrative opportunities for product adoption. Furthermore, many countries, particularly in North America, Europe, and Asia Pacific, have introduced policies to incentivize the deployment of renewable energy systems, thereby driving the market growth. Additionally, regulatory frameworks aimed at decentralizing power generation and promoting renewable energy solutions will further facilitate product adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for solar PV microgrid was reached USD 2.5 billion in 2023 and is estimated to grow at a 21.6% CAGR from 2024 to 2032, driven by declining costs of solar PV technology.

The hybrid segment is anticipated to exceed USD 2.2 billion by 2032, due to enhanced energy security and reliability.

The grid-connected segment is set to grow at a CAGR of over 22% by 2032, attributed to its superior energy security and stability.

The market for Asia Pacific solar PV microgrid is projected to grow by more than USD 8.6 billion by 2032, driven by rapid urbanization and supportive government policies.

Key players in the solar PV microgrid industry include BoxPower, Caterpillar, Coldwell Solar, EnSync Energy Systems, G&W Electric, Megamax Solar, Schneider Electric, SepiSolar, Tata Group, and Team Sustain.