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Global Microgrid Market Analysis, Share, Trends, Forecast: By Energy Source: Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, Others; By Application: Remote Systems, Institution and Campus, Utility/Community, Defence, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Microgrid Market Analysis
8.1 Key Industry Highlights
8.2 Global Microgrid Historical Market (2018-2023)
8.3 Global Microgrid Market Forecast (2024-2032)
8.4 Global Microgrid Market by Energy Source
8.4.1 Natural Gas
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Combined Heat and Power
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Solar Photovoltaic (PV)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Diesel
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Fuel Cell
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Microgrid Market by Application
8.5.1 Remote Systems
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Institution and Campus
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Utility/Community
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Defence
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Microgrid Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Microgrid Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Microgrid Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Microgrid Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Microgrid Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Microgrid Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 The General Electric Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Eaton Corporation plc
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Siemens
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Microgrid Market: Key Industry Highlights, 2018 and 2032
2. Global Microgrid Historical Market: Breakup by Energy Source (USD Billion), 2018-2023
3. Global Microgrid Market Forecast: Breakup by Energy Source (USD Billion), 2024-2032
4. Global Microgrid Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Microgrid Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Microgrid Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Microgrid Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
10. Europe Microgrid Market Forecast: Breakup by Country (USD Billion), 2018-2023
11. Europe Microgrid Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
14. Latin America Microgrid Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Microgrid Historical Market: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Microgrid Market Forecast: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Microgrid Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Microgrid Market Structure
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.
Analyst Review
The global microgrid market attained a value of USD 28.98 billion in 2023, driven by growing demand for renewable energy sources and stringent government regulations. Aided by technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 10.4%. The microgrid market is projected to reach USD 70.74 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its energy sources, the microgrid market can be segmented into natural gas, combined heat and power, solar photovoltaic (PV), diesel, and fuel cells, among others. On the basis of applications, the industry is divided into remote systems, institution and campus, utility/community, and defence, among others. The major regional markets for microgrid are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above market include ABB Ltd, The General Electric Company, Eaton Corporation plc, and Siemens, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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