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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Microgrid Market Trends
The increasing incorporation of renewable energy sources like solar, wind, and hydroelectric power into microgrids is a response to a global push for sustainability. Renewable energy sources produce electricity with minimal to no greenhouse gas emissions, significantly reducing the environmental impact compared to fossil fuel-based power generation. By using locally available renewable resources, microgrids enhance energy independence and security and contribute to microgrid market development. This is particularly valuable for remote or isolated communities with limited access to the central grid or regions that rely heavily on imported fuels.
In February 2024, Toshiba and Aquatera announced that they are developing a pilot microgrid project, leading a consortium. The consortium has secured USD 1.9 million investment from the UK government, showcasing a significant commitment to support renewable energy projects and international cooperation in sustainable development. The project aims to design and implement a microgrid system on a remote island in Thailand which will integrate wave energy as its primary source, highlighting an innovative approach to utilising renewable resources.
Microgrid Market Report Snapshots
Microgrid Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global microgrid market attained a value of nearly USD 28.98 billion.
The market is projected to grow at a CAGR of 10.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 70.74 billion by 2032.
The major drivers of the market are rising environmental concerns, the growing adoption of renewable energy sources, and favourable government initiatives aimed at increasing investments in the defence sector.
The key trends guiding the growth of the market include the growing technological advancements and increasing shift towards wireless cloud computing.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Natural gas, combined heat and power, solar photovoltaic (PV), diesel, and fuel cell, among others, serve as the major energy sources of microgrids.
The major applications of microgrids include remote systems, institution and campus, utility/community, and defence.
The major players in the market are ABB Ltd, General Electric, Eaton Corporation, and Siemens, among others.
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Australia
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India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124