Microgrid Market Expected to Achieve 17.2% CAGR by 2029: Growth Forecast Insights

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How Large Will the Microgrid Market Size By 2025?
The expansion of the microgrid market has been swift in the past years. The prediction is such that it will rise from a worth of $17.08 billion in 2024 to $20.2 billion in 2025, representing a compound annual growth rate (CAGR) of 18.3%. Factors that contributed to this growth during the historic period are robust economic development in developing markets, the heightened demand for renewable energy sources, and the increasing use of microgrids for rural electrification.

How Big Is the Microgrid Market Size Expected to Grow by 2029?
The projected size of the microgrid market is set to witness significant expansion in the imminent future, reaching a total of $38.17 billion by 2029, an escalation represented by a compound annual growth rate (CAGR) of 17.2%. This growth over the forecast period can be ascribed to an uptick in electricity demand, proliferating initiatives, and a burgeoning population. Major trends identified during this period consist of the integration of artificial intelligence (AI), the cultivation and integration of green hydrogen microgrids, the inception of intelligent, plug-and-play microgrid inverters, the adoption of solar and battery-powered microgrid communities, as well as strategic partnerships and collaborative efforts.

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Which Key Market Drivers Powering Microgrid Market Expansion and Growth?
The microgrid market is anticipated to experience significant growth driven by the increasing adoption of microgrids for rural electrification. Efforts towards rural electrification are progressing, aiming to provide constant power supply and connect rural communities, including micro to medium-sized enterprises (MSME) businesses. Microgrids bring several advantages to rural electrification over the centralized infrastructure, such as cost efficiency, environmental friendliness, and regional equity between urban and rural areas. For example, SolarpowerEurope, a Belgium-based solar energy equipment providing company, reported a 40% increase in the installation of solar energy-producing equipment in 2023 compared to 2022. Additionally, the installed PV solar fleet has escalated from 207 GW in 2022 to 263 GW in 2023. Hence, the rising acceptance of microgrids for rural electrification will stimulate the microgrid market.

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Which Fast-Growing Trends Are Poised to Disrupt the Microgrid Market?
The surge in the creation and utilization of green hydrogen microgrids is a significant trend gaining traction in the microgrid sector. Green hydrogen is the product of water decomposition into hydrogen and oxygen via an electrolyzer, powered by renewable energy sources like wind and solar. Microgrid developers are keenly invested in the creation of environmentally friendly products, including green hydrogen microgrids, to minimize the environmental impact of carbon emissions. For instance, Advait Infratech, a power transmission company based in India, made headlines in April 2024 by launching the country's inaugural Green Hydrogen Microgrid. The microgrid system comes with a 300 kW electrolyser capable of generating 50 kg of high-purity hydrogen daily during sunshine hours, harnessing renewable energy sources optimally. The produced hydrogen is then stored in a 24m3 tank pressurized at 30 bar, guaranteeing a consistent energy supply when necessary. This initiative forms part of Advait's broader ambition to foster environmental sustainability and mitigate carbon emissions through cutting-edge hydrogen-based energy systems.

What Are the Emerging Segments in the Microgrid Market?
The microgrid market covered in this report is segmented -

1) By Type: AC Microgrid, DC Microgrid, Hybrid
2) By Connectivity: Grid Connected, Off-Grid Connected
3) By Component: Hardware, Software, Services
4) By Application: Remote Systems, Institutional Buildings, Community And Utility Distribution
5) By End-User: Commercial And Industrial, Institutes And Campuses, Defense And Military

Subsegments:
1) By AC Microgrid: Utility-Connected AC Microgrid, Islanded AC Microgrid, Community AC Microgrid
2) By DC Microgrid: Standalone DC Microgrid, DC Microgrid For Renewable Integration, DC Microgrid For Data Centers
3) By Hybrid Microgrid: AC Or DC Hybrid Microgrid, Renewable Energy Integrated Hybrid Microgrid, Conventional And Renewable Hybrid Microgrid

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Who Are the Global Leaders in the Microgrid Market?
Major companies operating in the microgrid market include General Electric Company, Schneider Electric SE, ABB Group, Siemens AG, Toshiba Corporation, Exelon Corporation, Eaton Corporation PLC, Engie SA, Hitachi Ltd, S&C Electric Company, DESI Power, Gram Power, Mera Gao Power, Omnigrid Micropower Company, State Grid Corporation of China (SGCC), China Southern Power Grid, CleanSpark, Sungrow Power Supply Co. Ltd., Shenzhen Cubenergy Co. Ltd., Shanghai Dowell Technology Co. Ltd., Shanghai Ghrepower Green Energy Co. Ltd., Shenzhen Sinexcel Electric Co. Ltd., Bboxx, Enervalis, Younicos, Supreme Power Solutions Co. Ltd. (SPS), Phono Solar Technology Co. Ltd., Rolls-Royce Power Systems AG, Capstone Turbine Corporation, Elum Energy, CebeEnergy GmbH, AMS, Caterpillar, enSYNC Corporation, Lockheed Martin Corporation, Power Analytics Corporation, LO3 Energy, HOMER Energy LLC, PowerSecure Inc., Primus Power, SolarX, Sola Group, Powin Inc, Moura, Voltalia, Reuniwatt, Neoenergia, Iberdrola, HIMOINSA, Total Eren, Nidec Industrial Solutions, Edelar S.A, ALEC Energy, Mohamed Abdulrahman Al Bahar LLC, Husk Power Systems, Engie Energy Access.

Which are the Top Profitable Regional Markets for the Microgrid Industry?
North America was the largest region in the microgrid market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microgrid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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