Global Microgrid Market Size, Share, Growth, Trends, and Forecast (2024 - 2031)
Global Microgrid Market Scope: Historical Data (2021 – 2022), Base Year (2023), Forecast Period (2024 – 2031)
Market Segmentation: By Application (Institutional Sites, Commercial Facilities, Remote Off-grid Communities, and Other Applications (Utility/Grid-connected Communities, Military, Etc.)), Type (Customer Microgrid, Remote Power Systems, and Other Types), and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
Market Overview
The Global Microgrid Market was valued at USD 35,807.5 million in 2023 and is expected to reach USD 154,994.9 million by 2031 while growing at a CAGR of 20.1% during the forecast period (2024-2031).
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Market Dynamics
This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global microgrid market growth. A microgrid is a localized and often decentralized electricity system that operates as a controllable entity, functioning independently or in conjunction with the main power grid. Designed for reliable and efficient supply, microgrids serve specific areas like communities, campuses, military bases, or industrial facilities.
Increasing emphasis on sustainability and the growing share of renewable energy sources globally, coupled with energy cost savings, drive the growth of the microgrid market. However, obstacles like high initial capital and operating costs, along with regulatory challenges, may hinder market expansion.
Furthermore, the global microgrid industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.
Segmentation – By Application Analysis
The Global Microgrid Market is segmented among Institutional Sites, Commercial Facilities, Remote Off-grid Communities, and Other Applications, based on Application. In 2023, Remote Off-grid Communities accounted for the majority of the market share*.
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Segmentation – By Type Analysis
The Global Microgrid Market is segmented among Customer Microgrid, Remote Power Systems, and Other Types, based on Type. In 2023, Remote Power Systems accounted for the majority of the market share*.
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Global Microgrid Market: Regional Analysis
Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Asia Pacific dominated the market with the highest market share, while North America is expected to grow with the highest CAGR during the forecast period (2024 – 2031).
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Competitive Landscape
Some of the key players operating in the market are Hitachi Energy Ltd, General Electric Company, Siemens AG, Eaton Corporation PLC, Honeywell International Inc., Toshiba Corp., Schneider Electric SE, Standard Microgrid Inc., ENGIE EPS SA, and S&C Electric Co.
Table of Contents:
1. Research Methodology and Market Scope
Research Methodology
Market Scope
2. Executive Summary
3. Global Microgrid Market Dynamics
Drivers
Restraints
Opportunity
4. Global Microgrid Industry Analysis
PEST Analysis
Porter's Five Force Analysis
Recent Deals Analysis
5. Global Microgrid Market Segmentation, By Application
Global Microgrid Market Share Analysis, By Application
Global Microgrid Market Growth Analysis, By Application
Global Microgrid Market Trends, By Application
o Institutional Sites
o Commercial Facilities
o Remote Off-grid Communities
o Other Applications
6. Global Microgrid Market Segmentation, By Type
Global Microgrid Market Share Analysis, By Type
Global Microgrid Market Growth Analysis, By Type
Global Microgrid Market Trends, By Type
o Customer Microgrid
o Remote Power Systems
o Other Types
7. Global Microgrid Market Segmentation, By Region
Global Microgrid Market Share Analysis, By Region
Global Microgrid Market Growth Analysis, By Region
Global Microgrid Market Trends, By Region
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East
o Africa
8. Competitive Landscape
Hitachi Energy Ltd*
o Company Overview
o Financial Performance
o Key Development/Strategies
o SWOT Analysis
General Electric Company
Siemens AG
Eaton Corporation PLC
Honeywell International Inc.
Toshiba Corp.
Schneider Electric SE
Standard Microgrid Inc.
ENGIE EPS SA
S&C Electric Co
*Similar analysis will be provided for each company listed above.
