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Microgrid Market Size
- Report ID: GMI1187
- Published Date: Jul 2022
- Report Format: PDF
Microgrid Market Size
Global Microgrid Market size exceeded USD 11 billion in 2021 and is anticipated to grow at over 22.4% CAGR from 2022 to 2030. Rising demand for off grid power supply in line with increasing electrification rate is fueling the industry growth. Growing consumer shift toward enhanced energy security along with ongoing introduction of norms and policies for the development of efficient power generation sources will accelerate the business landscape. Moreover, ongoing large-scale infrastructure growth and increasing installation of advanced & sustainable electricity solutions will positively influence the market outlook.
The COVID-19 crisis has substantially halted the microgrid industry with reduced workforce management and limited industrial operations. However, with the resumption of manufacturing facilities after reopening of government-imposed restrictions, the industry is set to recover its lost strength to pre-pandemic level. In addition, the growing requirement of reliable energy supply and continuous advancement of renewable technology will sway the microgrid market trend.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Microgrid Market Size in 2023: | USD 17.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 20.5% |
| 2032 Value Projection: | USD 100.6 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 660 |
| Tables, Charts & Figures: | 1,224 |
| Segments covered: | Connectivity, Grid type, Power Source, Storage device, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Microgrid Market Scope
