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AC Microgrid Market Analysis

  • Report ID: GMI8463
  • Published Date: Mar 2024
  • Report Format: PDF

AC Microgrid Market Analysis

Based on connectivity, the grid connected segment captured a market share of around 70% in 2023 owing to their seamless integration with the existing grid infrastructure, thereby enabling efficient and cost-effective deployment without the need for extensive upgrades or modifications. They provide stability and reliability by supplementing grid power during peak demand or outages and enhance energy security which will uplift the business trend. Furthermore, the connectivity facilitates bi-directional energy flow, allowing users to sell excess energy back to the grid promotes energy sharing and stability, thereby driving product penetration.

AC Microgrid Market Share, By Storage Device, 2023

Based on storage device, the lithium-ion segment is set to grow at a CAGR of over 21.5 % through 2032 on account of its high energy density, long cycle life, and rapid response capabilities. These batteries offer efficient energy storage, enabling reliable power supply during peak demand or grid outages. Their compact size and scalability make them suitable for various microgrid applications, optimizing space utilization and installation flexibility, will accelerate business growth. Moreover, advancements in battery technology have led to cost reductions, making them more affordable and accessible for various applications, driving their adoption in the market.

Asia Pacific AC Microgrid Market Size, 2022-2032 (USD Billion)

Asia Pacific AC microgrid market revenue to cross USD 28 billion by 2032. Rapid urbanization & industrialization coupled with expanding population across remote and rural areas, will drive the need for reliable and sustainable energy access, which will augment the industry landscape. Supportive government policies and incentives for renewable energy deployment coupled with technological innovations across developing countries, will bring significant growth opportunities for various stakeholders across the sector.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of AC microgrid was reached USD 9.2 billion in 2023 and is anticipated to record 20.4% CAGR through 2032, driven by localized electrical networks that operate independently or in conjunction with the main power grid.

Lithium-ion segment is set to register a CAGR of over 21.5 % through 2032, on account of its high energy density, long cycle life, and rapid response capabilities.

Asia Pacific AC microgrid market is anticipated to exceed USD 28 billion by 2032, backed by rapid urbanization & industrialization, coupled with expanding population across remote and rural areas.

Advanced Microgrid Solutions, Caterpillar Inc., Delta Electronics, Inc., Eaton Corporation, Enel X, EnSync Energy Systems, General Electric Company, Gridscape, HOMER Energy, Kohler Power, PowerSecure, Inc., S&C Electric Company, Schneider Electric SE, Siemens AG, and Tata Power.

AC Microgrid Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 850
  • Countries covered: 25
  • Pages: 400
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