Asia-pacific Microgrid Market Forecast 2022-2030

Asia-pacific Microgrid Market Forecast 2022-2030

KEY FINDINGS

The Asia-Pacific microgrid market is projected to grow with a CAGR of 11.32% during the forecasting years, 2022 to 2030. Some of the major aspects propelling the regional market’s growth are extreme weather events like typhoons and hurricanes, the shortage of a reliable utility grid infrastructure, and low electrification rates.

MARKET INSIGHTS

The Asia-Pacific microgrid market growth assessment encompasses the evaluation of China, India, Indonesia, South Korea, Australia & New Zealand, Thailand, Vietnam, Japan, and Rest of Asia-Pacific. India has installed solar microgrids with the potential to produce around 2 MW of electricity. Through the distribution of energy to remote Tier 2 as well as Tier 3 locations, microgrids can also boost the Indian economy by fostering the expansion of small and medium-sized businesses. Aligning with this, the installation of solar microgrids in Ladakh’s remote Himalayan regions in less than two years has significantly augmented tourism earnings by approximately $24,000 annually.

On the other hand, in South Korea, numerous microgrid enterprises are presently being developed by the local government, private businesses, utilities, as well as people utilizing advanced business models based on utility regulations and government policies. Furthermore, as part of its commitment to the 2015 Paris Climate Change Agreement, the nation’s government also aims to install up to 63.8 GW of renewable energy, accounting for 20% of South Korea’s generation. Therefore, the abovementioned factors are set to play a pivotal role in propelling the microgrid market in the Asia-Pacific during the forecast years.

COMPETITIVE INSIGHTS

Leading players operating in the market are CleanGrid Partners Pte Ltd, Hitachi Ltd, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments