Global Microgrid Market Will Probably Escalate Substantially At Around 17% CAGR During The Forecast Period

Zion Market Research has published a new report titled “Global Microgrid Market – By Grid Type (DC Microgrid and AC Microgrid), By Connectivity (Off-Grid and Grid Connected), By Storage (Lead Acid, Lithium-ion, Flywheel, Flow Batteries, and Others), By Power Source (Natural Gas, Diesel Generator, Solar PV, CHP, and Others), By Application (Utility, Military, Educational Institutes, Healthcare, Remote, Industrial/Commercial, and Others), And By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” According to the report, global demand for the microgrid market exceeded USD 43.60 Billion in 2023 and is projected to reach more than USD 179.12 Billion in 2032, proliferating at a CAGR of nearly 17% between 2024 and 2032.

Browse the full “Global Microgrid Market – By Grid Type (DC Microgrid and AC Microgrid), By Connectivity (Off-Grid and Grid Connected), By Storage (Lead Acid, Lithium-ion, Flywheel, Flow Batteries, and Others), By Power Source (Natural Gas, Diesel Generator, Solar PV, CHP, and Others), By Application (Utility, Military, Educational Institutes, Healthcare, Remote, Industrial/Commercial, and Others), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/microgrid-market

Natural gas seems to be the dominating power source in the global microgrid industry

Recent government norms are endorsing the use of highly efficient and renewable power-generating sources that would considerably fuel the demand for natural gas power sources. Owing to the surging demand, the segment is likely to hold the major share of the global microgrid market during the forecast period. Moreover, the growing concerns over fuel diversification have strengthened the social & economic basis for the energy transition, which in turn has propelled the “natural gas” segment of the global sector.

“Grid connected” category under the grid type segment is likely to proliferate significantly in the coming few years

The key factors behind the considerable expansion of the grid connected systems are the large-scale deployment of renewable energy technologies comprising wind, hydro, & solar energy and the progressive development of utility-based grid infrastructure. Moreover, other attributes that are likely to boost the grid-connected segment of the global market are low energy-storage cost, reduced carbon emission, better adaptability, and improved efficiency. Systems under the grid-connected segment are linked directly to the main power grid and are being used to deliver power across healthcare, manufacturing, and commercial sectors.

European microgrid market will witness a substantial expansion between 2019 and 2025

The European market has introduced numerous rigid parameters that boost the development of microgrids. The region has primarily focused on large-scale deployment of renewable technology comprising offshore wind, which requires a huge initial investment for setting up infrastructure. The regional government has introduced several promotional schemes, such as tax rebate and feed-in-tariff regulations, to promote the renewable energy-based business.

Some of the key players driving the global microgrid market are Schneider Electric SE, Lockheed Martin Corporation, Toshiba Corporation, Eaton Corporation, Homer Energy LLC, Viridity Energy Inc., GE Alstom, Exelon Corporation, Caterpillar Inc., Honeywell International, Tesla, Siemens AG, Hitachi, ABB, EnSync Energy Systems, and Advanced Microgrid Solutions.

The global microgrid market is segmented as:

Global Microgrid Market: By Grid Type Segmentation Analysis

• DC Microgrid
• AC Microgrid

Global Microgrid Market: By Connectivity Segmentation Analysis

• Off-Grid
• Grid Connected

Global Microgrid Market: By Storage Segmentation Analysis

• Lead Acid
• Lithium-Ion
• Flywheel
• Flow Batteries
• Others

Global Microgrid Market: By Power Source Segmentation Analysis

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

Global Microgrid Market: By Application Segmentation Analysis

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

Global Microgrid Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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