Microgrid Industry worth $87.8 billion by 2029
The report "Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029" The global microgrid industry is projected to reach USD 87.8 billion by 2029 from USD 37.6 billion in 2024; it is expected to grow at a CAGR of 18.5%. Key factors propelling the market growth include the surging demand for decarbonization by governments, increased demand for reliable, uninterrupted power supply, and growing usage of microgrids for rural electrification. Moreover, rising initiatives by the government towards microgrid development will drive the industry's growth in the near future.
Browse 195 market data Tables and 100 Figures spread through 384 Pages and in-depth TOC on "Microgrid Industry by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029"
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Grid-connected segment to grow at a higher CAGR during the forecast period.
During the forecast period, the grid-connected category is expected to demonstrate the highest compound annual growth rate. Grid-connected microgrids encompass a multitude of generators, distribution systems, and advanced control mechanisms. These technologies not only bolster grid resilience but also enhance power quality, mitigate environmental footprints, and elevate grid reliability. Consequently, there is a notable upsurge in demand for these solutions. The principal catalyst driving the expansion of this segment is the worldwide proliferation of utility-based grid networks, coupled with the widespread adoption of renewable energy sources such as offshore wind.
Software segment to grow at higher CAGR between 2024 and 2029.
Microgrid software plays a vital role in modeling variable energy sources such as solar and wind, as well as in managing fluctuating thermal loads. It encompasses various types of software, including SCADA, energy management, generator and load management, and system reconfiguration software. These software solutions facilitate the simulation, optimization, and resource management of microgrids. With advancements in Artificial Intelligence (AI), Machine Learning (ML), and data analytics, sophisticated software tools have emerged for microgrid optimization. Leveraging historical data, these tools adapt to dynamic conditions and optimize energy flow within microgrids to minimize costs, reduce carbon footprint, and enhance system efficiency.
The 5 MW to 10 MW power rating segment is projected to grow at a faster rate from 2024 to 2029.
The 5 MW to 10 MW power range presents considerable growth opportunities within the microgrid industry, owing to its adaptability and cost-effectiveness. This range serves diverse applications, encompassing commercial, industrial, and infrastructure projects. Technological advancements, coupled with decreasing costs of renewable energy sources and storage systems, render microgrids in this power range economically feasible. Additionally, the growing emphasis on energy resilience and governmental backing contribute to the heightened demand for microgrids within this segment.
Asia Pacific region is likely to be the fastest-growing region in the global microgrid industry during the forecast period.
The swift economic expansion in the Asia-Pacific region fuels the need for dependable and sustainable energy solutions. Microgrids gain traction due to heightened industrialization, urbanization, and infrastructure advancements in the area. Unique energy hurdles, such as remote locations and susceptibility to natural calamities, prompt the adoption of microgrids for localized power generation and resilience. Given the region's large population and escalating energy requirements, microgrids provide efficient and localized solutions for densely populated regions, industrial hubs, and remote settlements. This market landscape fosters innovation and propels the expansion of the microgrid sector in the Asia-Pacific region.
Key players
Key players in the microgrid industry include Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Honeywell International Inc. (US), Hitachi Energy Ltd. (Switzerland), HOMER Energy (US), S&C Electric Company (US), and Power Analytics Global Corporation (US).
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