India Microgrid Market Size & Outlook, 2023-2030
India microgrid market, 2018-2030 (US$M)
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India microgrid market highlights
- The India microgrid market generated a revenue of USD 2,388.0 million in 2023 and is expected to reach USD 8,012.8 million by 2030.
- The India market is expected to grow at a CAGR of 18.9% from 2024 to 2030.
- In terms of segment, chp was the largest revenue generating power source in 2023.
- CHP is the most lucrative power source segment registering the fastest growth during the forecast period.
Microgrid market data book summary
| Market revenue in 2023 | USD 2,388.0 million |
| Market revenue in 2030 | USD 8,012.8 million |
| Growth rate | 18.9% (CAGR from 2023 to 2030) |
| Largest segment | Chp |
| Fastest growing segment | CHP |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | CHP, Natural Gas, Solar PV, Diesel, Fuel Cell |
| Key market players worldwide | ABB Ltd, Siemens AG, GE Aerospace, Eaton Corp PLC, Exelon Corp, Honeywell International Inc, NRG Energy Inc, Spirit AeroSystems Holdings Inc Class A, Northland Power Inc, Viridien |
Other key industry trends
- In terms of revenue, India accounted for 3.1% of the global microgrid market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China microgrid market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 24,274.0 million by 2030.
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Microgrid Market Scope
Microgrid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
India microgrid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to microgrid market will help companies and investors design strategic landscapes.
Chp was the largest segment with a revenue share of 43.88% in 2023. Horizon Databook has segmented the India microgrid market based on chp, natural gas, solar pv, diesel, fuel cell covering the revenue growth of each sub-segment from 2018 to 2030.
India is recognized as one of the fastest-growing economies in Asia Pacific as well as in the world. Increasing foreign direct investments and the rising number of foreign companies entering the Indian market are expected to boost the growth of its renewable energy market.
India is considered one of the emerging solar PV panel markets in the world on account of the growing government support to promote power generation through renewable sources. In January 2022, the government of India announced its goal to achieve carbon neutrality by 2070 and generate 50% of electricity from renewable energy sources by 2030.
The government of India also announced to increase its renewable energy capacity by 500 GW to reduce carbon intensity of the economy by 45%, which is expected to increase the installation of renewable energy plants. This is expected to increase the use of microgrids in the country for efficient distribution of electricity.
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Our clientele includes a mix of microgrid market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the India microgrid market , including forecasts for subscribers. This country databook contains high-level insights into India microgrid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India microgrid market size, by power source, 2018-2030 (US$M)
India Microgrid Market Outlook Share, 2023 & 2030 (US$M)
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