Microgrid Market
Growth Factors of Microgrid Market
The Microgrid Market size was valued at USD 9.88 billion in 2023 and is projected to grow from USD 11.24 billion in 2024 to USD 37.35 billion by 2032, exhibiting a CAGR of 16.19% during the forecast period of 2024-2032.
The COVID-19 pandemic impacted the microgrid market thru disrupting international deliver chains, delaying assignment deployments, and inflicting monetary uncertainty, which slowed investments. However, the call for for dependable and resilient strength structures accelerated as agencies and companies sought to lessen their dependence on centralized grids which may be vulnerable to disruptions. Post-pandemic, governments and institutions prioritized decentralized power answers, leading to a resurgence in microgrid development.
A vast fashion inside the microgrid market is the integration of advanced energy storage technologies. This allows microgrids to keep excess renewable power, ensuring dependable power even if the primary electricity supply fluctuates. This innovation boosts microgrid efficiency, making them extra attractive for adoption in faraway regions and crucial facilities.
One riding issue inside the growth of the microgrid market is the growing demand for renewable electricity sources. Governments worldwide are implementing rules to lessen carbon emissions, pushing the adoption of inexperienced power answers. Microgrids, able to incorporating renewable resources like solar and wind, are emerging as a key generation for accomplishing sustainability dreams even as providing energy protection.
Comprehensive Analysis of Microgrid Market
The Microgrid Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by capacity, by power, by application. By Capacity include Less than 5 MW ,5 MW -10 MW, 10 MW- 20 MW, 20 MW -50 MW, Above 50 MW .By Power Source include Diesel Generators ,Natural Gas, Solar PV, CHP ,Others. By Application include Educational Institutes, Remote Areas, Military ,Utility Distribution, Commercial & Industrial ,Others.
The Asia Pacific region lead the DNA Synthesis market share by benefitting a market size of USD 4.34 billion There is a high demand for robust and continuous network connectivity to provide seamless support to large enterprises, facilitating the outlook for the Asia Pacific microgrid market share. .
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
March 2023, ABB entered a strategic partnership with Direct Energy Partners (DEP), a begin-up the usage of digital era to boost up the adoption of Direct Current (DC) microgrids. The partnership worried a minority funding in Direct Energy Partners thru ABB’s project capital unit, ABB Technology Ventures (ATV).
Segmentation Table
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 16.19% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Capacity
Less than 5 MW
5 MW -10 MW
10 MW- 20 MW
20 MW -50 MW
Above 50 MW
By Power Source
Diesel Generators
Natural Gas
Solar PV
CHP
Others
By Application
Educational Institutes
Remote Areas
Military
Utility Distribution
Commercial & Industrial
Others
By Geography
North America (By Capacity, Power Source, Application, Country)
- U.S. (By Application)
- Canada (By Application)
Europe (By Capacity, Power Source, Application, Country)
- Germany (By Application)
- France (By Application)
- U.K. (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Capacity, Power Source, Application, Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Australia (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
Latin America (By Capacity, Power Source, Application, Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
Middle East & Africa (By Capacity, Power Source, Application, Country)
GCC (By Application)
South Africa (By Application)
Rest of Middle East & Africa (By Application)