Microgrid Market - By Connectivity (Grid Connected, Off Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Power Source (Diesel Generators, Natural Gas, Solar PV, CHP), By Storage Device, By Application & Forecast, 2024-2032

Microgrid Market Size

Microgrid Market size exceeded USD 17.8 billion in 2023 and is anticipated to grow at over 20.5% CAGR from 2024 to 2032. 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.
 

Microgrid Market Analysis

Grid connected segment is estimated to upsurge on account of rising concerns toward enhanced & reliable electricity supply across remote areas with minimum grid connectivity coupled with continuous introduction of innovative solutions. For instance, in January 2021, Schneider Electric launched the EcoStruxure Microgrid Solution for small & medium buildings in Canada. The solution is equipped with a wide array of features including off-grid mode preparation, grid connection management, and demand charge reduction to maintain the increased grid complexity. Additionally, favorable government funds and incentives toward the development of sustainable & efficient electricity generation solutions will augment the market statistics.
 

DC microgrid market revenue is expected to rise at around USD 12 billion by 2030. A paradigm shift toward the adoption of high-performance electrical systems combined with continuous deployment of smart solutions will foster the industry dynamics. High conversion efficiency, low cost converter systems, enhanced transmission efficiency and maximized power supply reliability in remote locations in conjunction with convenient system for controllability will boost the business expansion. However, increasing self-sufficiency trends across remote areas and rising integration of renewable energy will propel the market.
 

Natural gas power source segment valued at USD 2.5 billion in 2021 and is poised to observe a growth rate of about 22% through 2030. Rising carbon emission concerns together with a paradigm shift toward renewable power sources will sway the industry revenue. Low carbon emission, continuous power supply, highly flexibility pertaining to easy deployment along with extensive renewable integration will stimulate the market demand.
 

The global microgrid market size from lithium-ion based storage device is likely to showcase prominent growth owing to increasing demand for reliable and uninterrupted power supply and continuous integration of renewable energy technologies. Efficient performance, improved life cycle, high energy density coupled with growing inclination toward battery powered systems will drive the industry trend. In addition, large scale deployment of sustainable energy systems with extensive research and development activities will positively impact the market growth.
 

Healthcare application is forecast to reach more than USD 6.5 billion by 2030. A paradigm shift toward the adoption of safe & reliable power generation units and continuous introduction of innovative technologies to ensure resilient power against grid instability will complement the market outlook.
 

North America microgrid market is set to witness 13.5% gains during 2022 to 2030. Favorable norms, policies, and regulations to achieve the energy targets in line with the introduction of various investments and subsidies toward enhancement of renewable electric infrastructure by the respective government bodies will spur the regional business statistics. Furthermore, favorable funds and incentives across private and public sectors to cater to the rising electricity demand will enhance the market revenue.
 

Microgrid Market Share

Key microgrid market participants include

• Lockheed Martin Corporation
• Exelon Corporation
• Heila Technologies
• General Microgrids
• Hitachi Energy Ltd.
• S&C Electric Company
• Tesla
• Advanced Microgrid Systems (AMS)
• Toshiba Corporation
• Honeywell International, Inc.
• ABB
• Caterpillar
• Schneider Electric
• Siemens
• Eaton
• General Electric

The leading companies are focusing on strategic acquisitions and partnerships toward the development of advanced & innovative power solutions. Moreover, the growing emphasis on the advancement of electrical infrastructure concerning grid modernization will support the business outlook.
 

This microgrid market forecast report on includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & ‘USD Million’ from 2018 to 2030, for the following segments:

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Market Forecast, By Connectivity

• Grid Connected
• Off Grid

Market, By Grid Type

• AC Microgrid
• DC Microgrid
• Hybrid

Market, By Power Source

• Diesel Generators
• Natural Gas
• Solar PV
• CHP
• Others

Market, By Storage Device

• Lithium-ion
• Lead Acid
• Flow Battery
• Flywheel
• Others

Market, By Application

• Healthcare
• Educational Institutes
• Military
• Utility
• Industrial/Commercial
• Remote
• Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Russia
  • Spain
  • Italy
  • Denmark
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Iran
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Chile