The projected trajectory of the global microgrid market indicates significant expansion, with anticipated growth from USD 37.6 billion in 2024 to USD 87.8 billion by 2029, with a CAGR of 18.5% throughout the forecast period. This robust growth is underpinned by several compelling factors, including the imperatives of decarbonization, rural electrification imperatives, heightened focus on resilience, and the associated economic and environmental benefits, alongside mounting cybersecurity concerns. The market's potential for expansion is further underscored by a confluence of factors such as governmental interventions, ongoing technological innovations, the integration of electric vehicles, effective management of distributed energy resources, the application of artificial intelligence for microgrid optimization, and expanding utilization across industrial and commercial domains.
The report also comprehensively reviews the microgrid market drivers, restraints, opportunities, and challenges. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Grid-connected microgrids expected to witness highest CAGR during the forecast period.
The grid-connected segment is positioned to dominate the market share and demonstrate substantial expansion over the forecast duration. Grid-connected microgrids establish direct ties with the utility switching infrastructure at the point of common coupling (PCC), providing the capability to seamlessly connect and disconnect from the main grid as required. These microgrids integrate diverse distribution systems and sophisticated control mechanisms, thereby augmenting power quality, addressing environmental concerns, and bolstering grid resilience. Consequently, the demand for grid-connected microgrids is anticipated to escalate owing to their heightened versatility and associated advantages.Microgrid software market likely to witness higher CAGR between 2024 and 2029.
During the forecast period, the microgrid software market is anticipated to achieve the most substantial growth rate. The increasing complexity of microgrid systems, characterized by diverse energy sources, energy storage systems, and intelligent controls, necessitates advanced software solutions for effective management and optimization. Microgrid software offers comprehensive management functionalities, including energy flow control, load balancing, real-time monitoring, and predictive analytics, thereby facilitating the efficient and dependable operation of microgrids.Healthcare Facilities to witness second highest growth rate for the end-user segment during the forecast period.
The healthcare facilities sector presents substantial growth prospects within the microgrid market, driven by critical power demands, opportunities for cost-effective energy solutions, a heightened focus on environmental sustainability, resilience and emergency preparedness imperatives, and supportive regulatory frameworks. Facilities such as hospitals and clinics necessitate reliable power sources crucial for patient care and safety. Uninterrupted power supply is indispensable for the operation of medical equipment, life support systems, refrigeration units for vaccines and medications, as well as for maintaining lighting and HVAC systems. Microgrids offer a resilient power infrastructure, ensuring continuous electricity provision even amidst grid outages or disturbances, thereby effectively meeting the critical power requisites of healthcare facilities.America is likely to hold the largest market share in 2024.
The microgrid market within the Americas is segmented into North America and South America. As of 2024, North America accounted for 68.8% of the microgrid market share in the region. The dominance of the Americas in the microgrid market can be attributed to its technological innovation, favorable governmental regulations, prioritization of energy security, varied market prospects, and robust research and development initiatives. These factors collectively contribute to the region's prominent position within the microgrid market landscape.Breakdown of primaries
A variety of executives from key organizations operating in the microgrid market were interviewed in-depth, including CEOs, marketing directors, and innovation and technology directors.- By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
- By Designation: C-level Executives = 35%, Directors = 30%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 35%
- By Region: Americas = 40%, Europe = 25%, Asia Pacific =20%, and Rest of the World = 15%
Key players profiled in this report
Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Hitachi Energy Ltd. (Switzerland), Honeywell International Inc. (US), HOMER Energy (US), S&C Electric Company (US), Power Analytics Global Corporation (US) are the key players in the microgrid market. These leading companies possess a robust portfolio of products and services, establishing a strong presence in established and emerging markets. The study provides a comprehensive competitive analysis of these key players in the microgrid market, presenting their company profiles, recent developments, and key market strategies.Research Coverage
This report offers detailed insights into the microgrid market based on Connectivity (Grid Connected, Off-grid connected), Offering (Hardware, Software, Services), Type (AC Microgrids, DC Microgrids, Hybrid), Pattern (Urban/Metropolitan, Semiurban, Rural Areas/ Islands), Power Source (Natural Gas, Solar PV, Combined Heat and Power, Diesel, Fuel Cell, and Others), Power Rating (Less Than 1 MW, 1 MW To 5 MW, >5 MW To 10 MW, and Above 10 MW), End User (Commercial & Industrial Buildings, Remote Areas, Institutes & Campuses, Government Buildings, Utilities, Military facilities, and Healthcare facilities), and region (Americas, Europe, Asia Pacific, and Rest of the World which includes the Middle East and Africa (MEA)) and Africa.The report also comprehensively reviews the microgrid market drivers, restraints, opportunities, and challenges. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Reasons to buy the report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the microgrid market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- Analysis of key drivers (Increasing emphasis on decarbonization, Growing need for reliable, uninterrupted power supply; Surging deployment of microgrids for rural electrification, Growing instances of cyberattacks on energy infrastructure; Rising demand for EV charging infrastructure; Increasing need for demand response and load management capabilities, Economics and environmental advantage due to adoption of microgrids), restraints (High installation and maintenance costs of microgrids; Complexities in grid interconnections, Limited economies of scale), opportunities (Increasing number of microgrid projects across different industries; Surging energy demand and adoption of renewable energy in the Asia Pacific; Growing interest of investors in EaaS business model to minimize costs; Rising government support for microgrid projects; Digitalization and smart grid integration, Artificial intelligence (AI) enabled microgrid optimization) and challenges (Lack of standardization and regulatory frameworks related to microgrid operations; Technical challenges of microgrids operating in island mode; Complexities in standardizing the scalability of microgrids, Complexities in planning and design of large-sized microgrids).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the microgrid market
- Market Development: Comprehensive information about lucrative markets - the report analyses the microgrid market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the microgrid market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Schneider Electric (France), General Electric (US), Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Hitachi Energy Ltd. (Switzerland), Honeywell International Inc. (US), HOMER Energy (US), S&C Electric Company (US), Power Analytics Global Corporation (US) among others.
Table of Contents
1 Introduction1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
Table 1 Microgrid Market: Inclusions and Exclusions
Table 2 Microgrid Market: Inclusions and Exclusions, by Offering
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Microgrid Market Segmentation
1.3.2 Regional Scope
1.3.3 Years Considered
1.3.4 Currency Considered
1.3.5 Units Considered
1.4 Limitations
1.5 Stakeholders
1.6 Summary of Changes
1.7 Impact of Recession
2 Research Methodology
2.1 Research Data
Figure 2 Microgrid Market: Process Flow of Market Size Estimation
Figure 3 Microgrid Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Major Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Primary Interview Participants
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data from Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach to Derive Market Size Using Bottom-Up Analysis
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
2.2.1.2 Approach to Obtain Company-Specific Information on Microgrid Value Chain
2.2.2 Top-Down Approach
2.2.2.1 Approach to Derive Market Size Using Top-Down Analysis
Figure 5 Market Size Estimation Methodology: Top-Down Approach
2.3 Factor Analysis
2.3.1 Supply-Side Analysis
Figure 6 Market Size Estimation Methodology (Supply Side): Revenue Generated from Sales of Microgrids
Figure 7 Market Size Estimation Methodology (Supply Side): Revenue Generated from Sales of Microgrid Hardware, Software, and Services
2.3.2 Demand-Side Analysis
Figure 8 Market Size Estimation Methodology (Demand Side): Approach to Estimate Microgrid Market Size, by Region
Figure 9 Market Size Estimation Methodology (Demand Side): Approach to Estimating Country-Level Microgrid Market Size
2.3.3 Growth Forecast Assumptions
Table 3 Microgrid Market: Key Forecast Assumptions
2.4 Data Triangulation
Figure 10 Data Triangulation
2.5 Research Assumptions
Table 4 Assumptions
2.6 Risk Assessment
Table 5 Risk Assessment
Figure 11 Risk Assessment
2.7 Parameters Considered to Analyze Impact of Recession on Microgrid Market
3 Executive Summary
Figure 12 Grid-Connected Segment to Dominate Microgrid Market in 2029
Figure 13 Hardware Segment to Lead Microgrid Market in 2029
Figure 14 Power Generators Sub-Segment to Hold Largest Share of Microgrid Market for Hardware in 2024
Figure 15 Commercial & Industrial Buildings Segment to Hold Largest Share of Microgrid Market in 2029
Figure 16 1-5 Mw Segment to Hold Largest Market Share in 2029
Figure 17 Combined Heat & Power (Chp) Segment to Hold Largest Market Share in 2029
Figure 18 Asia-Pacific to Record Highest CAGR During Forecast Period
4 Premium Insights
4.1 Attractive Opportunities for Players in Microgrid Market
Figure 19 Growing Need for Rural Electrification and Greenhouse Gas Emission Reduction to Drive Market
4.2 Microgrid Market, by Offering
Figure 20 Hardware Segment to Hold Largest Market Share in 2029
4.3 Microgrid Market for Hardware, by Type
Figure 21 Power Generators Segment to Lead Market in 2029
4.4 Microgrid Market, by Connectivity
Figure 22 Grid-Connected Segment to Hold Largest Market Share in 2029
4.5 Microgrid Market, by Power Rating
Figure 23 1-5 Mw Segment to Account for Largest Market Share During Forecast Period
4.6 Microgrid Market, by Power Source
Figure 24 Combined Heat & Power Segment to Account for Largest Market Share in 2029
4.7 Microgrid Market, by End-user
Figure 25 Commercial & Industrial Buildings Segment to Hold Largest Market Share in 2029
4.8 Microgrid Market in Asia-Pacific, by End-user and Country
Figure 26 Commercial & Industrial Buildings Segment and Australia Held Largest Market Shares in 2029
4.9 Microgrid Market, by Country
Figure 27 China to Grow at Significant Rate During Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 28 Microgrid Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Increasing Emphasis on Decarbonization
5.2.1.2 Growing Need for Reliable and Uninterrupted Power Supply
5.2.1.3 Surging Deployment of Microgrids for Rural Electrification
5.2.1.4 Increasing Cyberattacks on Energy Infrastructure
5.2.1.5 Rising Demand for Electric Vehicle (EV) Charging Infrastructure
5.2.1.6 Increasing Need for Demand Response and Load Management Capabilities
5.2.1.7 Economic and Environmental Advantages Associated with Use of Microgrids
Figure 29 Microgrid Market: Drivers and Their Impact
5.2.2 Restraints
5.2.2.1 High Installation and Maintenance Costs
5.2.2.2 Complexities in Grid Interconnections
5.2.2.3 Low Economies of Scale
Figure 30 Microgrid Market: Restraints and Their Impact
5.2.3 Opportunities
5.2.3.1 Increasing Number of Microgrid Projects Across Different Industries and Sectors
5.2.3.2 Growing Energy Demand and Adoption of Renewable Energy in Asia-Pacific
5.2.3.3 Rising Interest of Investors in Energy-As-A-Service (EaaS) Business Model to Minimize Cost
Table 6 Business Model of Companies in Microgrid Ecosystem
5.2.3.4 Rising Government Support for Microgrid Projects
5.2.3.5 Digitalization and Smart Grid Integration
5.2.3.6 Development of Artificial Intelligence (AI)-Driven Microgrid Optimization Solutions
Figure 31 Microgrid Market: Opportunities and Their Impact
5.2.4 Challenges
5.2.4.1 Lack of Standardization and Regulatory Frameworks Related to Microgrid Operations
5.2.4.2 Technical Challenges Related to Microgrids Operating in Island Mode
5.2.4.3 Complexities Associated with Standardizing Scalability of Microgrids
5.2.4.4 Difficulties in Planning and Designing Large-Sized Microgrids
Figure 32 Microgrid Market: Challenges and Their Impact
5.3 Value Chain Analysis
Figure 33 Microgrid Market: Value Chain Analysis
5.4 Ecosystem Analysis
Figure 34 Microgrid Market: Ecosystem Analysis
Table 7 Companies and Their Roles in Microgrid Ecosystem
Figure 35 Key Companies in Microgrid Ecosystem
5.5 Pricing Analysis
5.5.1 Average Selling Price of Microgrids, by End-user and Project Size
Figure 36 Average Selling Price Trend of Microgrids, by Key End-user and Project Size (USD Million/Mw)
Table 8 Average Selling Price of Microgrids, by Key End-user and Project Size (USD Million/Mw)
5.5.2 Historical Pricing Trend
Figure 37 Average Cost of Microgrid Projects, by Top Four End-users, 2020-2023 (USD Million/Mw)
5.5.3 Average Cost of Microgrid Projects, by Region
Figure 38 Average Cost of Utilities Microgrid Projects, by Region, 2020-2029 (USD Million/Mw)
Figure 39 Average Cost of Communities Microgrid Projects, by Region, 2020-2029 (USD Million/Mw)
Figure 40 Average Cost of Institutes & Campuses Microgrid Projects, by Region, 2020-2029 (USD Million/Mw)
Figure 41 Average Cost of Commercial & Industrial Buildings Microgrid Projects, by Region, 2020-2029 (USD Million/Mw)
5.6 Investment and Funding Scenario
Figure 42 Investment and Funding Scenario, 2017-2021 (USD Million)
5.7 Trends/Disruptions Impacting Customers’ Businesses
Figure 43 Trends/Disruptions Impacting Customers’ Businesses
5.8 Technology Analysis
5.8.1 Key Technologies
5.8.1.1 Blockchain-based Microgrids
5.8.1.2 Microgrid Smart Controllers
5.8.2 Complementary Technologies
5.8.2.1 Smart Microgrids
5.8.2.2 Advanced Solar Panel Technology
5.8.3 Adjacent Technologies
5.8.3.1 AI-based Microgrids
5.8.3.2 Virtual Power Plants (Vpps)
5.8.3.3 Advanced Materials for Microgrids
5.9 Porter's Five Forces Analysis
Table 9 Microgrid Market: Porter's Five Forces Analysis
Figure 44 Microgrid Market: Porter's Five Forces Analysis
5.9.1 Threat of New Entrants
5.9.2 Threat of Substitutes
5.9.3 Bargaining Power of Suppliers
5.9.4 Bargaining Power of Buyers
5.9.5 Intensity of Competitive Rivalry
5.10 Key Stakeholders and Buying Criteria
5.10.1 Key Stakeholders in Buying Process
Figure 45 Influence of Stakeholders on Buying Process for Top Three End-users
Table 10 Influence of Stakeholders on Buying Process for Top Three End-users (%)
5.10.2 Buying Criteria
Figure 46 Key Buying Criteria for Top Three End-users
Table 11 Key Buying Criteria for Top Three End-users
5.11 Case Study Analysis
5.11.1 Hitachi Energy's Technology Powered Odd Soccer Club's Skagerak Arena in Norway
5.11.2 Cummins Implemented Australia's Largest Hybrid Renewable Energy Microgrid at Gold Fields’ Site
5.11.3 GE Provided Campus-based Microgrid System to University of Ontario Institute of Technology, Canada
5.11.4 GE Provided Resilient and Reliable Power Supply Systems for Navy Shipyard Project in Philadelphia, US
5.11.5 Solar One Energy Used Homer Grid to Model Energy Costs for Ace Natural
5.11.6 S&C Electric Company Provided Energy Storage Integrator for Microgrid Project by Half Moon Ventures
5.11.7 S&C Electric Company Provided Energy Storage Systems for Microgrids of Ergon Energy
5.11.8 Aeg Power Solutions Provided Grid-Forming Inverter to Mbogo Valley Tea Factory for Uninterrupted Power Supply
5.11.9 Hitachi Energy Provided Affordable Power to South Africa
5.12 Trade Analysis
5.12.1 Import Scenario for HS Code 8501
Figure 47 Import Data for HS Code 8501-Compliant Electric Motors and Generators (Excluding Generating Sets), by Country, 2018-2022 (USD Million)
Table 12 Import Data for HS Code 8501-Compliant Electric Motors and Generators (Excluding Generating Sets), by Country, 2018-2022 (USD Million)
5.12.2 Export Scenario for HS Code 8501
Figure 48 Export Data for HS Code 8501-Compliant Electric Motors and Generators (Excluding Generating Sets), by Country, 2018-2022 (USD Million)
Table 13 Export Data for HS Code 8501-Compliant Electric Motors and Generators (Excluding Generating Sets), by Country, 2018-2022 (USD Million)
5.12.3 Import Scenario for HS Code 854231
Figure 49 Import Data for HS Code 854231-Compliant Electronic-Integrated Circuits as Processors and Controllers, by Country, 2018-2022 (USD Million)
Table 14 Import Data for HS Code 854231-Compliant Electronic-Integrated Circuits as Processors and Controllers, by Country, 2018-2022 (USD Million)
5.12.4 Export Scenario for HS Code 854231
Figure 50 Export Data for HS Code 854231-Compliant Electronic-Integrated Circuits as Processors and Controllers, by Country, 2018-2022 (USD Million)
Table 15 Export Data for HS Code 854231-Compliant Electronic-Integrated Circuits as Processors and Controllers, by Country, 2018-2022 (USD Million)
5.13 Patent Analysis
Figure 51 Top 10 Companies with Highest Number of Patent Applications in Last 10 Years
Figure 52 Number of Patents Granted Per Year, 2014-2023
Table 16 Number of Patents Related to Microgrids Registered in Last 10 Years
Table 17 Microgrid Market: List of Key Patents, 2020-2023
5.14 Key Conferences and Events, 2024-2025
Table 18 Microgrid Market: List of Conferences and Events, 2024-2025
5.15 Regulatory Landscape
5.15.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 19 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 20 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 21 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.15.2 Standards
Table 22 Standards Related to Microgrids
5.15.3 Regulations
5.15.3.1 North America
5.15.3.1.1 US
5.15.3.1.2 Canada
5.15.3.2 Europe
5.15.3.2.1 European Union
5.15.3.2.2 Germany
5.15.3.2.3 Uk
5.15.3.3 Asia-Pacific
5.15.3.3.1 China
5.15.3.3.2 India
5.15.3.3.3 Japan
5.15.3.3.4 Australia
5.15.3.4 RoW
5.15.3.4.1 Brazil
5.15.3.4.2 Kenya
6 Microgrid Types
6.1 Introduction
Figure 53 Microgrid Types
6.2 AC Microgrid
6.2.1 Rising Need for Rural and Remote Electrification to Drive Demand
6.3 DC Microgrid
6.3.1 Rising Demand from Data Centers to Propel Market
6.4 Hybrid Microgrid
6.4.1 Grid Independence and Islanding Capabilities to Fuel Demand
7 Microgrid Patterns
7.1 Introduction
Figure 54 Microgrid Patterns
7.2 Urban/Metropolitan
7.2.1 Increasing Power Requirement from Critical Infrastructure to Boost Demand
Figure 55 Drivers of Microgrid Market in Urban/Metropolitan Areas
7.3 Semi-Urban
7.3.1 Growing Need for Uninterrupted Power Supply in Industrial Facilities to Drive Market
7.4 Rural/Island
7.4.1 Rising Demand for Power Supply from Remote Areas and Agricultural Farms to Fuel Market Growth
8 Microgrid Market, by Power Rating
8.1 Introduction
Table 23 Microgrid Market, by Power Rating, 2020-2023 (USD Billion)
Figure 56 1-5 Mw Segment to Hold Largest Market Share in 2029
Table 24 Microgrid Market, by Power Rating, 2024-2029 (USD Billion)
8.2 < 1 Mw
8.2.1 Increasing Use in Remote Areas, Utilities, and Temporary Construction Sites to Drive Market
8.3 1-5 Mw
8.3.1 Rising Deployment in Agriculture Industry, Commercial Buildings, and Institutions to Fuel Market Growth
8.4 >5-10 Mw
8.4.1 High Adoption in Hospitals, Military Bases, and Data Centers to Propel Market
8.5 >10 Mw
8.5.1 Surging Demand from Remote Mining Sites, Data Centers, and Heavy Machinery Facilities to Fuel Market Growth
9 Microgrid Market, by Power Source
9.1 Introduction
Figure 57 Microgrid Market, by Power Source
Table 25 Microgrid Market, by Power Source, 2020-2023 (USD Billion)
Figure 58 Combined Heat & Power Segment to Account for Largest Market Share in 2029
Table 26 Microgrid Market, by Power Source, 2024-2029 (USD Billion)
9.2 Natural Gas
9.2.1 Increasing Need for Cleaner Energy Solutions Over Coal- and Oil-based Ones to Drive Market
9.3 Solar Pv
9.3.1 Reduced Greenhouse Gas Emissions and Low Carbon Footprint to Propel Demand
9.4 Combined Heat and Power (Chp)
9.4.1 Increasing Demand from Universities/Institutions and Military Sector to Boost Market Growth
9.5 Diesel
9.5.1 Rising Demand for Reliable Electricity Supply During Power Outages to Drive Demand
9.6 Fuel Cell
9.6.1 Cost-Effectiveness, High Reliability, Modularity, and Scalability Features to Drive Demand
9.7 Others
10 Microgrid Market, by Connectivity
10.1 Introduction
Figure 59 Microgrid Market, by Connectivity
Table 27 Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Figure 60 Grid-Connected Segment to Record Higher CAGR During Forecast Period
Table 28 Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
10.2 Grid-Connected
10.2.1 Expansion of Utility-based Grid Networks to Drive Demand
Table 29 Grid-Connected: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 61 Asia-Pacific to Exhibit Fastest Growth in Microgrid Market for Grid-Connected Segment During Forecast Period
Table 30 Grid-Connected: Microgrid Market, by Region, 2024-2029 (USD Billion)
10.3 Off-Grid
10.3.1 Benefits Such as Cost Savings and Environmentally Friendliness Associated with Use of Renewable Energy Sources to Boost Adoption
Table 31 Off-Grid: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 62 Asia-Pacific to Hold Largest Share of Microgrid Market for Off-Grid Segment in 2029
Table 32 Off-Grid: Microgrid Market, by Region, 2024-2029 (USD Billion)
11 Microgrid Market, by Offering
11.1 Introduction
Figure 63 Microgrid Market, by Offering
Table 33 Microgrid Market, by Offering, 2020-2023 (USD Billion)
Figure 64 Software Segment to Record Fastest Growth During Forecast Period
Table 34 Microgrid Market, by Offering, 2024-2029 (USD Billion)
11.2 Hardware
Figure 65 Microgrid Hardware Market, by Type
Table 35 Hardware: Microgrid Market, by Type, 2020-2023 (USD Billion)
Figure 66 Power Generators Sub-Segment to Hold Largest Share of Microgrid Market for Hardware in 2029
Table 36 Hardware: Microgrid Market, by Type, 2024-2029 (USD Billion)
Table 37 Hardware: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 67 Asia-Pacific to Record Highest CAGR in Microgrid Market for Hardware During Forecast Period
Table 38 Hardware: Microgrid Market, by Region, 2024-2029 (USD Billion)
11.2.1 Power Generators
11.2.1.1 Growing Need to Achieve Reliable Electricity Supply from Different Fuel Sources to Boost Demand
Table 39 Power Generators: Microgrid Market for Hardware, by Region, 2020-2023 (USD Billion)
Table 40 Power Generators: Microgrid Market for Hardware, by Region, 2024-2029 (USD Billion)
11.2.2 Energy Storage Systems
11.2.2.1 Growing Requirement for Energy Storage Systems for Uninterrupted Power Supply and Black-Start Applications to Drive Market
Table 41 Energy Storage Systems: Microgrid Market for Hardware, by Region, 2020-2023 (USD Billion)
Table 42 Energy Storage Systems: Microgrid Market for Hardware, by Region, 2024-2029 (USD Billion)
11.2.2.1.1 Lithium-Ion Batteries
11.2.2.1.2 Lead-Acid Batteries
11.2.2.1.3 Flow Batteries
11.2.2.1.4 Flywheels
11.2.2.1.5 Others
11.2.3 Controllers
11.2.3.1 Real-Time Monitoring and Management of Distributed Energy Resources for Optimal Grid Stability and Efficiency to Fuel Market Growth
Table 43 Controllers: Microgrid Market for Hardware, by Region, 2020-2023 (USD Billion)
Table 44 Controllers: Microgrid Market for Hardware, by Region, 2024-2029 (USD Billion)
11.3 Software
11.3.1 Increasing Demand for Predictive and Remote Maintenance to Propel Market
Table 45 Software: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 68 Americas to Account for Largest Share of Microgrid Market for Software in 2029
Table 46 Software: Microgrid Market, by Region, 2024-2029 (USD Billion)
11.4 Services
11.4.1 Growing Number of Microgrid Installations to Create Growth Opportunities for Microgrid Engineering and Consulting Service Providers
Table 47 Services: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 69 Asia-Pacific to Exhibit Highest CAGR in Microgrid Market for Services During Forecast Period
Table 48 Services: Microgrid Market, by Region, 2024-2029 (USD Billion)
12 Microgrid Market, by End-user
12.1 Introduction
Figure 70 Microgrid Market, by End-user
Table 49 Microgrid Market, by End-user, 2020-2023 (USD Billion)
Figure 71 Commercial & Industrial Buildings Segment to Record Highest CAGR During Forecast Period
Table 50 Microgrid Market, by End-user, 2024-2029 (USD Billion)
12.2 Commercial & Industrial Buildings
12.2.1 Increasing Demand for Uninterrupted Electricity Supply in Data Centers, Manufacturing Facilities, and Offices to Drive Market
Table 51 Commercial & Industrial Buildings: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 72 Asia-Pacific to Record Fastest Growth in Microgrid Market for Commercial & Industrial Buildings During Forecast Period
Table 52 Commercial & Industrial Buildings: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.3 Remote Areas
12.3.1 Growing Need to Set Up Microgrid Projects in Remote Areas for Energy Distribution to Drive Market
Table 53 Remote Areas: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 73 Asia-Pacific to Record Highest CAGR in Microgrid Market for Remote Areas During Forecast Period
Table 54 Remote Areas: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.4 Military Facilities
12.4.1 Increasing Use of Mobile Microgrids to Drive Market
Table 55 Military Facilities: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 74 Asia-Pacific to Hold Largest Share of Microgrid Market for Military Facilities in 2029
Table 56 Military Facilities: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.5 Government Buildings
12.5.1 Integration of Microgrids into Smart City Projects to Boost Market Growth
Table 57 Government Buildings: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 75 Asia-Pacific to Exhibit Fastest Growth in Microgrid Market for Government Buildings During Forecast Period
Table 58 Government Buildings: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.6 Utilities
12.6.1 Need for Low-Cost Alternatives to Meet Peak Demand Requirements to Fuel Market Growth
Table 59 Utilities: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 76 Americas to Dominate Microgrid Market for Utilities in 2029
Table 60 Utilities: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.7 Institutes & Campuses
12.7.1 Increased Adoption of Localized Power Generation in Campuses to Support Market Growth
Table 61 Institutes & Campuses: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 77 Asia-Pacific to Hold Largest Share of Microgrid Market for Institutes & Campuses in 2029
Table 62 Institutes & Campuses: Microgrid Market, by Region, 2024-2029 (USD Billion)
12.8 Healthcare Facilities
12.8.1 Need for Uninterrupted Power Supply in Healthcare Facilities to Drive Market
Table 63 Healthcare Facilities: Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 78 Asia-Pacific to Exhibit Highest CAGR in Microgrid Market for Healthcare Facilities During Forecast Period
Table 64 Healthcare Facilities: Microgrid Market, by Region, 2024-2029 (USD Billion)
13 Microgrid Market, by Region
13.1 Introduction
Figure 79 Microgrid Market, by Region
Figure 80 South Korea to Exhibit Highest CAGR During Forecast Period
Table 65 Microgrid Market, by Region, 2020-2023 (USD Billion)
Figure 81 Asia-Pacific to Hold Largest Share of Microgrid Market in 2029
Table 66 Microgrid Market, by Region, 2024-2029 (USD Billion)
Table 67 Microgrid Installed Capacity, by Region, 2020-2023 (Mw)
Table 68 Microgrid Installed Capacity, by Region, 2024-2029 (Mw)
13.2 Americas
13.2.1 Recession Impact on Microgrid Market in Americas
Figure 82 Americas: Microgrid Market Snapshot
Table 69 Americas: Microgrid Market, by Region, 2020-2023 (USD Billion)
Table 70 Americas: Microgrid Market, by Region, 2024-2029 (USD Billion)
Table 71 Americas: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 72 Americas: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 73 Americas: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 74 Americas: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 75 Americas: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 76 Americas: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 77 Americas: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 78 Americas: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.2.2 North America
Table 79 North America: Microgrid Market, by Country, 2020-2023 (USD Billion)
Table 80 North America: Microgrid Market, by Country, 2024-2029 (USD Billion)
Table 81 North America: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 82 North America: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 83 North America: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 84 North America: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 85 North America: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 86 North America: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 87 North America: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 88 North America: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.2.2.1 US
13.2.2.1.1 Increasing Investment in Clean Energy Sources for Power Generation to Drive Market
13.2.2.2 Canada
13.2.2.2.1 Rising Microgrid Installations in Remote Areas to Foster Market Growth
13.2.2.3 Mexico
13.2.2.3.1 Growing Support for Renewable Energy to Ensure Grid Resilience to Augment Market Growth
13.2.3 South America
Table 89 South America: Microgrid Market, by Country, 2020-2023 (USD Billion)
Table 90 South America: Microgrid Market, by Country, 2024-2029 (USD Billion)
Table 91 South America: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 92 South America: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 93 South America: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 94 South America: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 95 South America: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 96 South America: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 97 South America: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 98 South America: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.2.3.1 Brazil
13.2.3.1.1 Government Initiatives to Ensure Uninterrupted Power Supply in Rural Areas to Propel Market
13.2.3.2 Argentina
13.2.3.2.1 Focus on Reducing Dependence on Fossil Fuels for Electricity Generation to Facilitate Market Growth
13.2.3.3 Rest of South America
13.3 Europe
13.3.1 Recession Impact on Microgrid Market in Europe
Figure 83 Europe: Microgrid Market Snapshot
Table 99 Europe: Microgrid Market, by Country, 2020-2023 (USD Billion)
Table 100 Europe: Microgrid Market, by Country, 2024-2029 (USD Billion)
Table 101 Europe: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 102 Europe: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 103 Europe: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 104 Europe: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 105 Europe: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 106 Europe: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 107 Europe: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 108 Europe: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.3.2 Uk
13.3.2.1 Surging Adoption of Microgrids to Prevent Waste Heat Generation to Boost Market Growth
13.3.3 Germany
13.3.3.1 Increasing Deployment of Solar Pv Technologies to Fuel Market Growth
13.3.4 France
13.3.4.1 Rising Focus on Clean Energy Generation to Augment Demand for Microgrids
13.3.5 Italy
13.3.5.1 Growing Efforts to Minimize Ghg Emissions to Contribute to Market Growth
13.3.6 Rest of Europe
13.4 Asia-Pacific
13.4.1 Recession Impact on Microgrid Market in Asia-Pacific
Figure 84 Asia-Pacific: Microgrid Market Snapshot
Table 109 Asia-Pacific: Microgrid Market, by Country, 2020-2023 (USD Billion)
Table 110 Asia-Pacific: Microgrid Market, by Country, 2024-2029 (USD Billion)
Table 111 Asia-Pacific: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 112 Asia-Pacific: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 113 Asia-Pacific: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 114 Asia-Pacific: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 115 Asia-Pacific: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 116 Asia-Pacific: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 117 Asia-Pacific: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 118 Asia-Pacific: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.4.2 Australia
13.4.2.1 Rising Rural Area Electrification to Accelerate Market Growth
13.4.3 China
13.4.3.1 Increasing Implementation of Supportive Regulatory Frameworks Related to Microgrids to Foster Market Growth
13.4.4 Japan
13.4.4.1 Growing Focus on Enhancing Energy Resilience to Contribute to Market Growth
13.4.5 South Korea
13.4.5.1 Rising Investment in Renewable Energy Projects to Foster Market Growth
13.4.6 Rest of Asia-Pacific
13.5 RoW
13.5.1 Recession Impact on Microgrid Market in RoW
Table 119 RoW: Microgrid Market, by Region, 2020-2023 (USD Billion)
Table 120 RoW: Microgrid Market, by Region, 2024-2029 (USD Billion)
Figure 85 Africa to Account for Larger Share of RoW Microgrid Market in 2029
Table 121 RoW: Microgrid Market, by Connectivity, 2020-2023 (USD Billion)
Table 122 RoW: Microgrid Market, by Connectivity, 2024-2029 (USD Billion)
Table 123 RoW: Microgrid Market, by Offering, 2020-2023 (USD Billion)
Table 124 RoW: Microgrid Market, by Offering, 2024-2029 (USD Billion)
Table 125 RoW: Microgrid Market for Hardware, by Type, 2020-2023 (USD Billion)
Table 126 RoW: Microgrid Market for Hardware, by Type, 2024-2029 (USD Billion)
Table 127 RoW: Microgrid Market, by End-user, 2020-2023 (USD Billion)
Table 128 RoW: Microgrid Market, by End-user, 2024-2029 (USD Billion)
13.5.2 Middle East
Table 129 Middle East: Microgrid Market, by Region/Country, 2020-2023 (USD Billion)
Table 130 Middle East: Microgrid Market, by Region/Country, 2024-2029 (USD Billion)
13.5.2.1 Gcc Countries
13.5.2.1.1 Expansion of Renewable Energy Capacity to Contribute to Market Growth
13.5.2.2 Rest of Middle East
13.5.3 Africa
13.5.3.1 Rising Need to Improve Energy Access in Remote Areas to Drive Market
14 Competitive Landscape
14.1 Introduction
14.2 Strategies Adopted by Key Players, 2020-2023
Table 131 Overview of Strategies Adopted by Key Players in Microgrid Market, 2020-2023
14.3 Market Share Analysis, 2023
Table 132 Microgrid Market: Degree of Competition, 2023
Figure 86 Microgrid Market Share Analysis, 2023
14.4 Revenue Analysis, 2018-2022
Figure 87 Microgrid Market: Revenue Analysis of Five Key Players, 2018-2022
14.5 Company Valuation and Financial Metrics, 2022
Figure 88 Company Valuation, 2022 (USD Billion)
Figure 89 Financial Metrics (EV/Ebitda), 2022
14.6 Brand/Product Comparison
Figure 90 Brand/Product Comparison
14.7 Company Evaluation Matrix: Key Players, 2023
14.7.1 Stars
14.7.2 Emerging Leaders
14.7.3 Pervasive Players
14.7.4 Participants
Figure 91 Microgrid Market: Company Evaluation Matrix: Key Players, 2023
14.7.5 Company Footprint: Key Players, 2023
14.7.5.1 Overall Footprint
Figure 92 Company Overall Footprint
14.7.5.2 Offering Footprint
Table 133 Microgrid Market: Company Offering Footprint
14.7.5.3 End-user Footprint
Table 134 Microgrid Market: Company End-user Footprint
14.7.5.4 Connectivity Footprint
Table 135 Microgrid Market: Company Connectivity Footprint
14.7.5.5 Power Rating Footprint
Table 136 Microgrid Market: Company Power Rating Footprint
14.7.5.6 Region Footprint
Table 137 Microgrid Market: Company Region Footprint
14.8 Company Evaluation Matrix: Start-Ups/SMEs, 2023
14.8.1 Progressive Companies
14.8.2 Responsive Companies
14.8.3 Dynamic Companies
14.8.4 Starting Blocks
Figure 93 Microgrid Market: Company Evaluation Matrix: Start-Ups/SMEs, 2023
14.8.5 Competitive Benchmarking: Start-Ups/SMEs, 2023
14.8.5.1 List of Key Start-Ups/SMEs
Table 138 Microgrid Market: List of Key Start-Ups/SMEs
14.8.5.2 Competitive Benchmarking of Key Start-Ups/SMEs
Table 139 Microgrid Market: Competitive Benchmarking of Key Start-Ups/SMEs
14.8.6 Company Footprint: Start-Ups/SMEs, 2023
14.8.6.1 Overall Footprint
Figure 94 Microgrid Market: Start-Up/SME Overall Footprint
14.8.6.2 Offering Footprint
Table 140 Microgrid Market: Start-Up/SME Offering Footprint
14.8.6.3 Connectivity Footprint
Table 141 Microgrid Market: Start-Up/SME Connectivity Footprint
14.8.6.4 Power Rating Footprint
Table 142 Microgrid Market: Start-Up/SME Power Rating Footprint
14.8.6.5 End-user Footprint
Table 143 Microgrid Market: Start-Up/SME End-user Footprint
14.8.6.6 Region Footprint
Table 144 Microgrid Market: Start-Up/SME Region Footprint
14.9 Competitive Scenarios and Trends
14.9.1 Product Launches/Developments
Table 145 Microgrid Market: Product Launches/Developments, July 2020-November 2023
14.9.2 Deals
Table 146 Microgrid Market: Deals, February 2020-April 2023
14.9.3 Others
Table 147 Microgrid Market: Others, April 2021-July 2023
15 Company Profiles
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
15.1.1 Schneider Electric
Table 148 Schneider Electric: Company Overview
Figure 95 Schneider Electric: Company Snapshot
Table 149 Schneider Electric: Products/Solutions/Services Offered
Table 150 Schneider Electric: Product Launches/Developments
Table 151 Schneider Electric: Deals
Table 152 Schneider Electric: Others
Table 153 Schneider Electric: Expansions
15.1.2 Siemens
Table 154 Siemens: Company Overview
Figure 96 Siemens: Company Snapshot
Table 155 Siemens: Products/Solutions/Services Offered
Table 156 Siemens: Product Launches/Developments
Table 157 Siemens: Deals
Table 158 Siemens: Others
15.1.3 General Electric
Table 159 General Electric: Company Overview
Figure 97 General Electric: Company Snapshot
Table 160 General Electric: Products/Solutions/Services Offered
Table 161 General Electric: Product Launches/Developments
Table 162 General Electric: Deals
Table 163 General Electric: Others
15.1.4 Eaton
Table 164 Eaton: Company Overview
Figure 98 Eaton: Company Snapshot
Table 165 Eaton: Products/Solutions/Services Offered
Table 166 Eaton: Product Launches/Developments
Table 167 Eaton: Deals
Table 168 Eaton: Others
Table 169 Eaton: Expansions
15.1.5 ABB
Table 170 ABB: Company Overview
Figure 99 ABB: Company Snapshot
Table 171 ABB: Products/Solutions/Services Offered
Table 172 ABB: Deals
Table 173 ABB: Others
15.1.6 Hitachi Energy Ltd.
Table 174 Hitachi Energy Ltd.: Company Overview
Table 175 Hitachi Energy Ltd.: Products/Solutions/Services Offered
Table 176 Hitachi Energy Ltd.: Product Launches/Developments
Table 177 Hitachi Energy Ltd.: Deals
Table 178 Hitachi Energy Ltd.: Others
15.1.7 Honeywell International Inc.
Table 179 Honeywell International Inc.: Company Overview
Figure 100 Honeywell International Inc.: Company Snapshot
Table 180 Honeywell International Inc.: Products/Solutions/Services Offered
Table 181 Honeywell International Inc.: Product Launches/Developments
Table 182 Honeywell International Inc.: Deals
15.1.8 Homer Energy
Table 183 Homer Energy: Company Overview
Table 184 Homer Energy: Products/Solutions/Services Offered
Table 185 Homer Energy: Product Launches/Developments
Table 186 Homer Energy: Deals
Table 187 Homer Energy: Others
15.1.9 S&C Electric Company
Table 188 S&C Electric Company: Company Overview
Table 189 S&C Electric Company: Products/Solutions/Services Offered
Table 190 S&C Electric Company: Product Launches/Developments
Table 191 S&C Electric Company: Expansions
15.1.10 Power Analytics Global Corporation
Table 192 Power Analytics Global Corporation: Company Overview
Table 193 Power Analytics Global Corporation: Products/Solutions/Services Offered
Table 194 Power Analytics Global Corporation: Product Launches/Developments
Table 195 Power Analytics Global Corporation: Deals
15.2 Other Players
15.2.1 Caterpillar
15.2.2 Tesla Energy
15.2.3 Emerson Electric Co.
15.2.4 Pareto Energy
15.2.5 Anbaric Development Partners, LLC.
15.2.6 Exelon Corporation
15.2.7 Spirae LLC
15.2.8 General Microgrids
15.2.9 Polaris Inc.
15.2.10 Heila Technologies
15.2.11 Ameresco
15.2.12 Go Electric Inc.
15.2.13 Ferroamp
15.2.14 Canopy Power
15.2.15 Powersecure, Inc.
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) Might Not be Captured in Case of Unlisted Companies.
16 Appendix
16.1 Discussion Guide
16.2 Knowledgestore: The Subscription Portal
16.3 Customization Options
Companies Mentioned
- Schneider Electric
- Siemens
- General Electric
- Eaton
- ABB
- Hitachi Energy Ltd.
- Honeywell International Inc.
- Homer Energy
- S&C Electric Company
- Power Analytics Global Corporation
- Caterpillar
- Tesla Energy
- Emerson Electric Co.
- Pareto Energy
- Anbaric Development Partners, LLC.
- Exelon Corporation
- Spirae LLC
- General Microgrids
- Polaris Inc.
- Heila Technologies
- Ameresco
- Go Electric Inc.
- Ferroamp
- Canopy Power
- Powersecure, Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 376 |
| Published | March 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 37.6 Billion |
| Forecasted Market Value ( USD | $ 87.8 Billion |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
