Microgrid Market Size To Reach $224.34 Billion By 2030

Microgrid Market Growth & Trends

The global microgrid market size is expected to reach USD 224.34 billion by 2030, registering a CAGR of 17.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.

Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

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Microgrid Market Report Highlights

• The Combined Heat & Power (CHP) power source segment dominated the global market and accounted for more than 37.0% of the overall revenue share in 2023. Shifting preference from conventional Separate Heat & Power (SHP) system to energy generation from single fuel is expected to have a substantial impact on the segment growth.

• The grid-connected product segment dominated the global market and accounted for more than 65.0% of the overall revenue share in 2023. The rising popularity of smart micro-grid-connected PV systems to provide electricity to consumers by reducing transmission losses is expected to have a substantial impact.

• North America led the global market and accounted for more than 35.0% of the overall revenue share in 2023. The high adoption rate of captive power generation methods in the industrial and municipal sectors of the U.S. for reducing reliance on the government-controlled power supply is expected to have a substantial impact.

Microgrid Market Segmentation

Grand View Research has segmented the global microgrid market on the basis of on power source, product, application, and region:

Microgrid  Power Source Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Natural Gas

• CHP

• Solar PV

• Diesel

• Fuel Cell

• Others

Microgrid  Product Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Remote

• Grid Connected

• Hybrid

Microgrid  Application Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Government

• Education

• Commercial

• Utility

• Defense

• Others

Microgrid  Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

• Asia Pacific

  • China

  • India

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players in the Microgrid Market

• ABB

• Siemens AG

• General Electric

• Eaton Corp.

• Exelon

• Honeywell International

• NRG International

• Anarbic

• Pareto

• Spirae

• Northern Power

• Viridity