Microgrid Industry Chain

How big is the microgrid market?

Microgrid Market size was valued at USD 17.8 Billion in 2023 and is anticipated to grow at a CAGR of 20.5% between 2024 and 2032. It is a localized energy system capable of operating independently or in conjunction with the main electrical grid.

Why is the global microgrid market growing?

The global microgrid market is witnessing significant growth, driven by the demand for reliable and efficient energy solutions across various sectors, including commercial and industrial buildings, remote areas, and healthcare facilities.

What is the hardware segment of microgrid market?

Hardware segment to account for the largest market share during the forecasting period. The hardware components of microgrids encompass power generators, energy storage systems, and controllers. The hardware segment of the microgrid market is witnessing growth propelled by several factors.

Why are key market players investing in Microgrid technology?

Key market players are heavily investing in research and development to innovate and improve microgrid technologies including advancements in energy storage systems, smart grid technologies, and integration of renewable energy sources.

Which segment will dominate the microgrid market in the future?

Due to such developments, the off-grid microgrid segment is expected to dominate the microgrid market in the future. Around 35% of Asia-based utility companies have predicted that microgrids will lead to new revenue streams in the next two years due to the high power demand from rural communities.

What is the fastest growing microgrid market?

Historically, the commercial and industrial (C&I) segment has lagged behind other microgrid market segments. When Guidehouse Insights launched its Microgrid Deployment Tracker 10 years ago, it was the smallest of all application segments tracked by identified cumulative capacity. It has emerged as the fastest growing microgrid market worldwide.