Press release
Microgrid Market Future Prospects And Forecast 2031
The Microgrid Market size is projected to reach US$ 89.20 billion by 2031 from US$ 35.67 billion in 2023. The market is expected to register a CAGR of 12.1% in 2023-2031. The rising energy demand and growing instances of power outrages are anticipated to drive the growth of the microgrid market globally.A microgrid is considered one of the foundations of the future smart grid that leverages distributed power generations and smart technology to construct an extensively distributed automated energy delivery network. The growing energy demand and rising energy infrastructure in remote locations are fueling the demand for microgrids globally.
Key Players of Microgrid Market
ABB Group
Eaton Corporation
General Electric Company
HOMER Energy LLC
Honeywell International
PECO (Exelon Corporation)
S&C Electric Company
Schneider Electric
Siemens AG
Hitachi Energy Ltd.
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The growing energy demand is one of the major reasons behind the increasing application of microgrids globally. Increasing urbanization and rapid growth of industrialization are also contributing to the development of the microgrid market at the global level. The expansion of electricity infrastructure in the rural parts of developing nations is also acting as a major driver for the market. The growing population and increasing number of commercial spaces are boosting the energy demand, which in turn is driving the growth of the microgrid market globally.
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Microgrid Market Share Analysis by Geography
Asia Pacific led the microgrid market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of microgrid companies and the developing residential and industrial sectors is acting as a major driver for the microgrid market in Asia Pacific. Increasing incidents of natural disasters and growing demand for emergency power supply in remote locations are also anticipated to propel the demand for microgrids over the forecast period.
Contact Us: Ankit Mathur(Sr.Vice Persident - Research)
Call: +1-646-491-9876
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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