Reports
Global Microgrid Market Analysis, Share, Trends, Forecast: By Energy Source: Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, Others; By Application: Remote Systems, Institution and Campus, Utility/Community, Defence, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Microgrid Market Outlook
The global microgrid market size reached a value of about USD 28.98 billion in 2023. The market is further expected to grow at a CAGR of nearly 10.4% in the forecast period of 2024 and 2032 to reach a value of approximately USD 70.74 billion by 2032.
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The dominant region for the microgrid market is North America, accounting for a quarter of the market share. Development in the region is triggered by the growing use of microgrid in defence as well as remote systems to improve cyber-attack protection.
Market Segmentation
A microgrid refers to a separate energy network composed of interconnected charges and distributed energy supplies that can operate alongside or independently of the main power grid. Microgrids are commonly known to be smaller versions of power grids, which provide electricity to customers from producers. They help reduce overall costs in the case of an emergency and provide redundancy for the grid. They are more powerful, together with a range of other renewable sources like solar, wind, small hydroelectric power, geoelectric, waste energy systems, and heat and power combined (HPCP) systems than conventional electrical grids. Microgrids are a reliable energy source because they continue to work during power outages.
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Based on energy source, the microgrid market can be divided into the following:
- Natural Gas
- Combined Heat and Power
- Solar Photovoltaic (PV)
- Diesel
- Fuel Cell
- Others
It finds wide applications in the following:
- Remote Systems
- Institution and Campus
- Utility/Community
- Defence
- Others
The regional microgrid markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
There is an increasing demand for microgrid systems that allow customers and developers to achieve the environmental goals by using renewable energy as a source of electricity. Governments of many countries are also taking steps to set up bioelectric power, solar, and wind farms. Others have legislations, such as the Clean Power Plan (CPP), which seek to reduce carbon dioxide emissions, enforced by countries such as the United States. A variety of technological advancements have also been made to increase the performance of battery inverters to ensure an uninterrupted power supply via microgrid. In addition, better battery technology with higher power inputs and outputs has also been developed for a longer time. The development of the microgrid market is driven by these features and technologies.
These days, the reliance on new communication technology like wireless cloud computing is growing, making electricity networks vulnerable to cyber-attacks and hackers. For this purpose, a stable network with 24/7 power is required in certain industries, such as military and research laboratories, which is given by microgrids, as they can be run in 'island mode' independently from all external power and data transfer. This has helped to fuel demand in microgrid market around the world. Low transmission losses are another factor that has been successful in increasing the growth of the global microgrid market. Microgrids produce local power and decrease reliance on long-haul lines and therefore reduce transmission losses, further catalysing the industry growth.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global microgrid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ABB Ltd
- General Electric
- Eaton Corporation
- Siemens
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Energy Source, Application, Region |
| Breakup by Energy Source | Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, Others |
| Breakup by Application | Remote Systems, Institution and Campus, Utility/Community, Defence, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | ABB Ltd, The General Electric Company, Eaton Corporation plc, Siemens, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Microgrid Market Analysis
8.1 Key Industry Highlights
8.2 Global Microgrid Historical Market (2018-2023)
8.3 Global Microgrid Market Forecast (2024-2032)
8.4 Global Microgrid Market by Energy Source
8.4.1 Natural Gas
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Combined Heat and Power
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Solar Photovoltaic (PV)
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Diesel
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Fuel Cell
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2023)
8.4.5.3 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Microgrid Market by Application
8.5.1 Remote Systems
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Institution and Campus
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Utility/Community
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Defence
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Microgrid Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Microgrid Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Microgrid Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Microgrid Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Microgrid Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Microgrid Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 The General Electric Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Eaton Corporation plc
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Siemens
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Microgrid Market: Key Industry Highlights, 2018 and 2032
2. Global Microgrid Historical Market: Breakup by Energy Source (USD Billion), 2018-2023
3. Global Microgrid Market Forecast: Breakup by Energy Source (USD Billion), 2024-2032
4. Global Microgrid Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Microgrid Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Microgrid Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Microgrid Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
10. Europe Microgrid Market Forecast: Breakup by Country (USD Billion), 2018-2023
11. Europe Microgrid Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
14. Latin America Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Microgrid Market Forecast: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Microgrid Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Microgrid Market Structure
Key Questions Answered in the Report
In 2023, the global microgrid market attained a value of nearly USD 28.98 billion.
The market is projected to grow at a CAGR of 10.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 70.74 billion by 2032.
The major drivers of the industry, such as rising environmental concern, growing adoption of renewable energy sources, benefits offered by microgrids like low transmission losses and others, and favourable government initiatives with increased investment in the defence sector, are expected to aid the market growth.
The key market trends guiding the growth of the microgrid market include the growing technological advancements and increasing shift towards wireless cloud computing.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest market share.
Natural gas, combined heat and power, solar photovoltaic (PV), diesel, and fuel cells serve as the major energy sources of microgrid.
The major applications of microgrid include remote systems, institution and campus, utility/community, and defence.
The major players in the industry are ABB Ltd, The General Electric Company, Eaton Corporation plc, and Siemens, among others.
Analyst Review
The global microgrid market attained a value of USD 28.98 billion in 2023, driven by growing demand for renewable energy sources and stringent government regulations. Aided by technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 10.4%. The microgrid market is projected to reach USD 70.74 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its energy sources, the microgrid market can be segmented into natural gas, combined heat and power, solar photovoltaic (PV), diesel, and fuel cells, among others. On the basis of applications, the industry is divided into remote systems, institution and campus, utility/community, and defence, among others. The major regional markets for microgrid are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above market include ABB Ltd, The General Electric Company, Eaton Corporation plc, and Siemens, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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