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Microgrid Global Market Report 2024 To 2033 | General Electric Company, Schneider Electric SE, ABB Group, Siemens AG, Toshiba Corporation, Exelon Corporation
Microgrid Market Share
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According to The Business Research Company's, The microgrid market size has grown exponentially in recent years. It will grow from $14.36 billion in 2023 to $17.34 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for clean energy sources and growing adoption of microgrids for rural electrification.
The microgrid market size is expected to see rapid growth in the next few years. It will grow to $34.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to increasing electricity demand, increasing initiatives and rising population. Major trends in the forecast period include use of artificial intelligence (ai), development and adoption of green hydrogen microgrids, development of smart, plug-and-play microgrid inverters, adoption of solar and battery-powered microgrid community and partnerships and collaborations.
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Market Drivers and Trends:
The growing adoption of microgrids for rural electrification is expected to propel the growth of the microgrid market going forward. 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 centralized infrastructure, including cost savings, environmental sustainability, and regional equity between urban and rural areas. For instance, in April 2021, the Indian government's e-governance services arm launched a partnership with Tata Power to install solar-powered microgrids and water pumps in rural areas around the country. To begin with, Tata Power has proposed establishing 10,000 microgrids to assist rural clients via common service centers (CSCs). This will aid the government's ongoing campaign to equip rural households and businesses in India with clean, sustainable energy. Therefore, an increase in demand for microgrids in rural electrification will drive the microgrid market.
The development and adoption of green hydrogen microgrids is a key trend gaining popularity in the microgrid market. 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 fertilizer 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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Major Key Players of the Market:
Fresh Del Monte, Capricorn Food Products India Ltd, Del Monte Foods, Freshmax Group, ABC Fruits,Parle Agro, Food & Inns Ltd., Agrana Group, Keventer Agro Ltd., DÖHLER, Tradelink International, Energetic Overseas, Aavaith international, Arham Agro Exports, Harshad Mango Products Private Limited, J. J Agro Industry, Weifang Alice Food Co Ltd, Shouguang Vegetable and Food Industry Group Co Ltd, Ruiqiu Foods Co Ltd, Xiamen Friendship Bridge Co Ltd, Jiaozuo Hailian Food Co Ltd, Guangzhou Yihe Gardening Co Ltd, Kokkaen Co Ltd, Vietstore, Lyn Kamino, Larry Group of Companies Inc, Raw exports ltd, The Old English Trading Company Ltd, Polish Mango, The Hortex company, Fruitland Company, Armata Imports, RGS group, Diazteca, Aseptic Fruit Purees, Sun Tropical Foods LLC, Caquin Trading Inc, Specialty Fruits, Fundo Los Paltos, Frutecer, Agrodan, Bio fruit Export S. A, Globe natural International S. A, ADM do Brazil Ltd., Carabao mangoes, Ngowe Mango, SSMP Industries Ltd, Rancho De Estraero, Unifrutti Group, GG And Z Impe Group Pty Ltd, Allianz1 Globe Groups, Amimujco Nig Ltd, Golden Links Pyramid Ltd
Microgrid Market 2024 Key Insights:
• The microgrid market size is expected to see rapid growth in the next few years. It will grow to $34.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Growing Adoption Of Microgrids Accelerates Rural Electrification Efforts
• Green Hydrogen Microgrids Pave The Way For Sustainable Energy In The Microgrid Market
• North America was the largest region in the microgrid market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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