Microgrid Market Size Worth $ 332.06 Billion By 2032 CAGR: 18.0%

The global microgrid market size is expected to reach USD 332.06 billion by 2032, according to a new study by Polaris Market Research. The report “Microgrid Market Share, Size, Trends, Industry Analysis Report, By Power Source (Natural Gas, Combined Heat & Power (CHP), Solar PV, Diesel, Fuel Cell, Others), By Product; By Application; By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

A microgrid is distinct from traditional electrical distribution systems due to its function as a close proximity intermediary between power generation sources and power consumption points. This characteristic leads to increased efficiency and reduced transmission losses compared to conventional systems. The key distinguishing feature of microgrids lies in their ability to control energy sources dynamically. They facilitate both autonomous and automatic self-healing operations.

In practical terms, this means that microgrids can manage and balance the generation and consumption of power within their localized network. They can autonomously adjust to changes in the availability of energy sources, such as fluctuations in renewable energy generation or variations in demand. Additionally, the automatic self-healing capability implies that microgrids can swiftly identify and respond to disruptions, ensuring a continuous and reliable power supply. This dynamic control and adaptability make microgrids well-suited for diverse applications, ranging from enhancing energy resilience in critical facilities to optimizing the integration of renewable energy sources in local communities.

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The growing significance of captive electricity generation emerges as a significant alternative to relying on regulated power supplied by municipal regulators, particularly in sectors like mining and mechanical engineering. This shift is anticipated to exert a substantial impact on these industries, offering them more control over their power supply and potentially enhancing operational reliability.

Moreover, the increasing production output of unconventional sources, such as shale gas, in the United States & Canada is a key contributing factor. This surge is primarily a result of the widespread adoption of fracking technology in these regions. The expanded utilization of fracking ensures a steady supply of natural gas, further establishing it as a reliable and accessible power source. This development not only contributes to energy security but also aligns with the trend toward diversifying energy sources and reducing dependence on conventional power grids.

Microgrid Market Report Highlights

• The CHP power source segment dominated the market, as it offers higher efficiency and has been in use for several years
• Grid-connected segment garnered the largest revenue share on account of the growing popularity of grid-connected PV panels to reduce transmission losses
• North America emerged as the largest region, owing to the presence of many captive power generation plants seeking grids to minimize energy losses
• Asia Pacific will grow rapidly, owing to a surge in energy demand on account of the booming middle-class population in the region
• The global players include ABB, Anarbic, Eaton Corp., Exelon, General Electric, Honeywell, Northern Power, and NRG International

Polaris Market Research has segmented the microgrids market report based on power source, product, application, and region:

Microgrid, Power Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Natural Gas
• CHP
• Solar PV
• Diesel
• Fuel Cell
• Others

Microgrid, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Remote
• Grid Connected
• Hybrid

Microgrid, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Government
• Education
• Commercial
• Utility
• Defense
• Others

Microgrid, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Microgrid Market Report Scope