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Microgrid Market Ascending to New Heights: Surge Towards $39.53 Billion by 2029, Touting Robust CAGR of 17.9%
Microgrid Market Ascending to New Heights
What Is The Projected Market Size Of The Global Microgrid Market And Its Growth Rate?
The booming Microgrid sector charts an impressive growth trajectory:
•Historic Upswing: The sector swelled from $17.08 billion in 2024 to $20.48 billion in 2025, propelled by a pulverizing CAGR of 19.9%.
•Accelerated Growth: The catapulting demand for clean energy sources, the flowering economic conditions in emerging markets, and increasing adoption of microgrids for rural electrification were key contributors to this surge.
•Looming Boom: The market is projected to balloon to an impressive $39.53 billion by 2029, forecasting a robust CAGR of 17.9%.
•Future Expansion Catalysts: Skyrocketing electricity demand, intensifying initiatives, and burgeoning population will steer its future expansion.
What Is Driving The Growth In The Microgrid Market?
The Microgrid market growth rides on the burgeoning rural electrification. They are being widely leveraged for rural electrification due to numerous advantages over centralized infrastructure, mainly cost savings, environmental sustainability, and equal footing between urban and rural areas. Statistics from SolarpowerEurope affirm that solar energy equipment installations rose by 40% in 2023. Furthermore, the adoption of PV solar fleet soared from 207 GW in 2022 to 263 GW in 2023. These stats underscore the potential impact of rural electrification on driving the microgrid market.
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Who Are the Key Players Driving Microgrid Market Growth?
Key industry giants responsible for driving the Microgrid market growth include:
•General Electric Company
•Schneider Electric SE
•ABB Group
•Siemens AG
•Toshiba Corporation
•Exelon Corporation
•Eaton Corporation PLC, among others.
What Are The Key Trends In The Microgrid Market?
Key trends steering the microgrid market's future trajectory include:
•Widespread adoption of Artificial Intelligence (AI)
•Development and integration of green hydrogen microgrids
•Evolution of smart, plug-and-play microgrid inverters
•Increasing reliance on solar and battery-powered community
What Are The Segments Of The Global Microgrid Market?
Major segments of the global Microgrid market include:
•Type: AC Microgrid, DC Microgrid, Hybrid
•Connectivity: Grid Connected, Off-Grid Connected
•Component: Hardware, Software, Services
•Application: Remote Systems, Institutional Buildings, Community And Utility Distribution
•End-User: Commercial And Industrial, Institutes And Campuses, Defense And Military
Which Region Leads The Microgrid Market?
In 2024, North America commanded the largest share in the Microgrid market. That said, Asia-Pacific is predicted to outpace other regions in the approaching years, emerging as the fastest-growing region in the foreseeable future.
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What Is Covered In The Microgrid Market Global Market Report?
Market Size Analysis, Market Segmentation Analysis, Key Player Focus, Growth Trends Analysis, Market Contribution, Growth Drivers, Industry Challenges, Competitive Developments - Our comprehensive report has scrutinized all market dynamics, including its market size by key regions, variety of product types, and rich, segmented applications.
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