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AC Microgrid Market Trends

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

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AC Microgrid Market Trends

Shifting trends towards decentralized energy systems, emphasizing resilience, sustainability, and energy access will stimulate the business landscape. Increasing adoption of renewable energy sources coupled with the integration of smart grid technologies and digitalization to enhance grid management and optimization will stimulate market growth. Furthermore, rising demand in remote or underserved areas drives innovation and investment, supported by government initiatives and policies promoting clean energy which will strengthen the product penetration.

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.