CHICAGO, March 8, 2024 /PRNewswire/ -- The Microgrid Market is projected to grow from USD 37.6 billion in 2024 and is estimated to reach USD 87.8 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.5% from 2024 to 2029 according to a new report by MarketsandMarkets. 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.
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Browse in-depth TOC on "Microgrid Market"
110 - Tables
60 - Figures
347 - Pages
Microgrid Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $37.6 billion |
Estimated Value by 2029 | $87.8 billion |
Growth Rate | Poised to grow at a CAGR of 18.5% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Thousand/Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Connectivity, Offering, Type, Pattern, Power Source, Power Rating, End User, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities in standardizing the scalability of microgrids |
Key Market Opportunities | Digitalization and smart grid integration |
Key Market Drivers | Complexities in grid interconnections |
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.
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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 market, 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 market 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 market 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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