India Microgrid Market Forecast 2022-2028

India Microgrid Market Forecast 2022-2028

KEY FINDINGS

The India microgrid market is projected to record a CAGR of 12.22% during the forecast period, 2022-2028. The growing efforts to increase access to electricity and minimize fuel costs are among the leading growth drivers of the microgrid market in India.

MARKET INSIGHTS

Historically, microgrids have been used in India to facilitate dependable access to rural areas. Currently, the country has solar microgrids that can generate around 2 MW of electricity. These have the potential to boost the economic prospects of the country by facilitating the expansion of small and medium-sized businesses through energy distribution to remote Tier 3 and Tier 2 locations. For instance, the solar microgrid installations in the remote Himalayan regions of Ladakh have raised tourism revenue by $24000 yearly in less than two years.

Further, India has a 375 GW power generation capacity, with coal comprising around 70% of the capacity. In addition, investments, collaborations, and projects by market players are set to enable market growth opportunities. For instance, the Rockefeller Foundation and Tata Power partnered to build 10,000 microgrids by 2026. Also, the project aims to provide irrigation to over 400,000 local farmers, aid 100,000 rural companies, and offer 10,000 new green jobs. Moreover, in 2022, IElectrix inaugurated another microgrid project bringing together an energy management system, a smart transformer, battery storage, and solar photovoltaic technology.

COMPETITIVE INSIGHTS

Some of the key firms operating in the India microgrid market include Hitachi Ltd, Eaton Corporation Plc, Exelon Corporation, 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