Microgrid Market Trends, Top Companies, Share, Growth And Forecast 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Microgrid Global Market Report 2023 identifies growing adoption of microgrids for rural electrification
as the major driver for the microgrid market's growth in the forecast period. Rural electrification is progressing, with plans to provide energy 24 hours a day and connect rural communities, including micro, small, and medium-sized enterprises (MSME) businesses. For rural electrification, microgrids have several advantages over centralised infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas.

The global microgrid market size grew from $12.07 billion in 2022 to $15.02 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The microgrid market size is expected to grow to $32.13 billion in 2027 at a CAGR of 20.9%.

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Major competitors in the microgrid market are ABB Ltd., Eaton Corporation, General Electric, Siemens AG, Schneider Electric SE, Honeywell International Inc., Advanced Microgrid Solutions, Anbaric Transmission, Canopy Power.

A key trend in the microgrid market includes development and adoption of green hydrogen microgrids. Green hydrogen is generated by splitting water into hydrogen and oxygen in an electrolyzer using renewable energy sources such as wind and solar. Companies developing microgrids are focused on developing eco-friendly products, including green hydrogen microgrids, to reduce the carbon footprints in the environment. For instance, in December 2021, NTPC Ltd., an India-based state-run company, was awarded the country's first green hydrogen microgrid project at its Simhadri plant in Andhra Pradesh. To boost clean fuels, India is considering making green hydrogen microgrids mandatory for fertiliser factories and oil refineries to purchase green hydrogen. It would serve as a testbed for large-scale hydrogen energy storage projects, as well as a tool for researching and building several microgrids in off-grid and strategic locations across the country.

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The microgrid market is segmented -
• By Type: AC Microgrids, DC Microgrids, Hybrid

• By Connectivity: Grid Connected, Off-grid Connected

• By Component: Hardware, Software, Services

• By Application: Remote Systems, Institutional Buildings, Commercial Utility

• By End User: Commercial And Industrial, Institutes And Campuses, Military

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the microgrid market.

The Business Research Company's "Global Microgrid Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Microgrid Market Include:
1. Executive Summary
2. Microgrid Market Characteristics
3. Microgrid Market Trends And Strategies
4. Microgrid Market - Macro Economic Scenario
5. Microgrid Market Size And Growth
……
26. Africa Microgrid Market
27. Microgrid Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Microgrid Market
29. Microgrid Market Future Outlook and Potential Analysis
30. Appendix

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