Microgrids Market

Microgrids Market Analysis by Grid Connected and Off-grid Connected for Remote, Commercial & Industrial, Government, Military, and Utilities from 2023 to 2033

Analysis of Microgrids Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Microgrids Market Outlook (2023 to 2033)

Worldwide demand for microgrids is projected to grow with a double digit CAGR of 15% from 2023 to 2033. In 2023, the global microgrids market size is valued at US$ 24 billion and is anticipated to reach at US$ 98 billion by the year 2033.

A microgrid is a localized and decentralized energy system that operates independently or in conjunction with the main power grid. It consists of distributed energy resources (DERs) such as solar panels, wind turbine generators, and energy storage devices such as batteries. The key feature of a microgrid is its ability to function autonomously, allowing it to disconnect from the main grid during outages or emergencies and continue supplying power to its local area.

Use of renewable energy sources is anticipated to raise the standards for microgrids over the coming years. A major driving force is anticipated to continue to be the growing significance of captive power generating systems in the manufacturing sector to reduce dependency on electricity supply from the regional electric grid. Rising public awareness of power generation from alternative renewable sources is supporting market expansion.

Increased demand for a steady and reliable power supply as well as increased electrification rates, particularly in developing countries, will support the industry landscape. The business scenario will be supported by the rising penetration of distributed energy resources as a result of fast-paced commercial and industrial expansion.

  • Government mandates to rebuild and upgrade old transmission and distribution networks, as well as enhanced incentives to install energy-efficient alternatives, are contributing to an increase in the demand for microgrids in commercial and industrial applications. These sectors are currently concentrating on the integration of smart solutions across new and traditional grid infrastructure, which is boosting microgrids market growth.

By offering a decentralized and distributed power infrastructure, microgrids can aid in enhancing grid resilience. Governments all across the world are supporting the development of microgrids through financial incentives and regulatory support. These elements are anticipated to fuel market expansion over the coming years.

Increased construction activities in the residential and commercial sectors are driving up worldwide energy demand. Along with increased public and private agency spending on infrastructure development projects, this is one of the primary drivers of industry growth. The rising emphasis on rural electrification is also financially advantageous for major enterprises in the industry.

Report Attributes Details
Microgrids Market Size (2023) US$ 24 Billion
Projected Market Value (2033) US$ 98 Billion
Global Market Growth Rate (2023 to 2033) 15% CAGR
Market Share of Grid-connected Microgrids (2023) 70%
Germany Market Growth Rate (2023 to 2033) 14% CAGR
China Market Growth Rate (2023 to 2033) 16% CAGR
United States Market Size (2023) US$ 5 Billion
Japan Market Growth Rate (2023 to 2033) 11% CAGR
Microgrids Market Share of North America (2023) 40%
Key Companies Profiled General Microgrids; Honeywell International Inc.; Lockheed Martin Corporation; HOMER Energy LLC; Heila Technologies; ABB Ltd.; Caterpillar Inc.; Toshiba Corporation; Eaton Corporation Inc.; GE’s Grid Solutions; Hitachi Energy Ltd.; KEPCO; Power Analytics Corporation; S&C Electric Company; Schneider Electric SE

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What is Widening the Deployment Scope of Microgrids?

“Rapid Integration of Advanced Technologies for Consistent Power Supply through Microgrids”

One of the main factors contributing to the rise in microgrid sales today is a variety of technological innovations to guarantee an uninterruptible power supply through microgrids. In smart grids, new algorithms have been created for intelligent scheduling. Additionally, new features have been introduced to enhance battery inverter performance and enable more seamless communication with other parts.

Dual-mode inverters can effortlessly switch from grid to island mode in the dark start and smooth forms thanks to these features, including droop control. Additionally, new battery management systems with higher power outputs and inputs for longer periods can help renewable energy sources better meet short-term, high-demand power needs.

Use of graphene in the electrodes of supercapacitors is the strategy for delivering that kind of reliable service, which will produce power capability that is more than that of present batteries. The cost of producing storage is drastically reduced as a result of the removal of N-methylpyrrolidone, reduction of electrolyte wetting, and production of solid electrolyte interface layers, which will enable the global deployment of microgrids at an affordable cost.

“Growing Usage of Microgrids for Protection Against Cyber Attacks”

The switch from a conventional grid to a smart grid has made power grids more at risk of cyberattacks. SCADA (supervisory control and data acquisition) is required by smart grids to monitor and manage the infrastructure. SCADA systems are particularly susceptible to cyberattacks, which allow adversaries to compromise the grid's functionality by inserting malware into the systems. This poor management can damage the machinery, which could result in significant losses.

To consume less fossil fuels, microgrids are increasingly relying on renewable energy sources such as portable solar chargers. Energy storage systems are necessary for microgrids to continue operating even when local resources are unavailable. If a microgrid has access to sunlight and wind, it can create and store electricity during the day so that it can be used when power generation is not possible. This allows it to continue forever in the case of any disruption, such as a cyberattack on the system.

Utilizing microgrids has the advantage of supplying local electricity to individual homes and remote locations. Microgrids are less vulnerable to attackers because of their limited reach and the reduced range and severity of the damage they can inflict. These elements are anticipated to fuel the global microgrids market expansion during the projection period.

What is Hampering the Demand Growth for Microgrids?

“High Installation and Maintenance Cost of Microgrids”

Some of the key factors hampering the demand growth for microgrids are:

  • High Initial Costs: The installation and setup costs of microgrids can be significant, especially for remote or rural areas. These costs can deter potential investors and customers, making traditional grid connections seem more economically viable in the short term.
  • Limited Awareness and Education: Many consumers and businesses are not fully aware of the benefits and potential cost savings that microgrids can offer. Lack of technological expertise and understanding is limiting market expansion.
  • Interconnection Issues: Integrating microgrids with the main power grid can be complex, especially when dealing with different technical standards, protocols, and safety requirements. Ensuring seamless and reliable interconnection poses a challenge.
  • Reliability and Maintenance: The perception of microgrid reliability and concerns about maintenance and technical support can discourage some consumers from adopting the technology.

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How are New Companies Transforming the Microgrids Landscape?

“New Companies Offering Vendor- and Retailer-Neutral Energy Monitoring & Management Systems for Microgrids”

By incorporating the benefits of virtual power plants (VPPs) into a microgrid's operation, the combination of microgrids and VPPs tackles the issues of improving the features of conventional microgrids and streamlining the distributed energy resource (DER) management system. Stronger resource management, improved grid dependability, virtual demand response control, and surplus power management are a few examples.

  • An Australian start-up, SwitchDin offers vendor and retailer-neutral energy monitoring and management tools for microgrids. These systems enable VPP participation using specialized controllers installed locally or built into a battery or an inverter. Their approach generates intelligent control profiles for solar energy consumption, off-grid energy resource optimization, and tariff arbitrage.

Why Will North America Continue its Dominance Over the Microgrids Space?

“Rising Adoption of Captive Power-generating Techniques in Industrial Sectors”

  • In 2023, North America holds the top spot in the global microgrids market and accounts for 40% of overall sales.

Government authorities' increased initiatives to implement energy-efficient power solutions are driving market growth. A rise in natural resource projects in the region makes microgrids an attractive option for improving energy access.

It is anticipated that the high adoption rate of captive power-generating techniques in the industrial sectors will have a significant impact on lowering dependency on the government-controlled power supply. The well-established mining and processing facilities are predicted to boost the demand for microgrids.

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Country-wise Insights

How is Demand for Microgrids Evolving in Germany?

“Market Benefiting from Rapid Developments in Energy Sector”

  • Microgrid demand in Germany is estimated to surge at a CAGR of 14% through 2033.

Germany is a frontrunner in Europe in terms of microgrid installations. The accessibility of reliable & steady power is boosting market revenue. The deployment of microgrids in the country has been accelerated by rapid developments in the energy sector.

An increase in government funding for innovations that enhance the resilience of electricity systems. Supportive subsidies and incentives from both the public and private sectors to meet the growing power demand are boosting market revenue. Key players in the country are investing in microgrid technologies to support clean energy transition and enhance energy security.

What is Prominently Driving the Sales of Microgrids in China?

“Government's Push towards Renewable Energy”

  • The market in China is set to increase at a CAGR of 16% over the next ten years.

Product demand in China is attributed to the surging use of stand-alone sources of energy and the easy availability of raw materials. The growth in government initiatives to promote renewable energy is boosting microgrids market value in China.

Low rate of electrification, inadequate grid connectivity, and high electricity demand are the main contributors to market expansion. The regulatory support for increasing domestic investments is anticipated to be one of the main driving forces behind the good prognosis for the manufacturing and construction industries in China.

Category-wise Insights

How is Growing Demand for Grid-connected Microgrids Contributing to Market Expansion?

“Grid-connected Microgrids Preserve Stability in Major Network Breakdowns”

Based on connectivity, the microgrids market is divided into grid-connected and off-grid connected.

  • Grid-connected microgrids account for 70% of the overall revenue share in 2023.

Increasing concerns about improved & consistent energy supply throughout remote areas with less grid connectivity along with the continual introduction of novel solutions are boosting the sales of grid-connected microgrids. Grid-connected microgrids have several benefits because they are made up of numerous generators, smart controls, and distribution systems.

High demand for grid-connected microgrids is attributed to enhancing system supply and preserving stability in the event of a major network breakdown. Market development is enhanced by favorable government funding and incentives for the creation of environmentally friendly and cost-effective electricity-producing options.

Competitive Landscape

According to a recently published research report by Fact.MR, a market research and competitive intelligence provider, leading companies are concentrating on new developments, quality control, strategic collaborations, and acquisitions to provide cutting-edge and novel power solutions. The business outlook will also be supported by the increased focus on improving electrical infrastructure through grid modernization.

For instance,

  • In January 2021, Schneider Electric introduced the EcoStruxure microgrid solution for small and medium-sized buildings in Canada. To sustain the growing grid complexity, the system has a wide range of functions, including off-grid mode preparation, grid connection management, and demand charge reduction.

Key Segments Covered in Microgrids Industry Research

  • By Connectivity :

    • Grid Connected
    • Off-grid Connected
  • By End Use :

    • Remote
    • Commercial & Industrial
    • Government
    • Military
    • Utilities
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Table of Content

  • 1. Executive Summary
  • 2. Market Overview
  • 3. Key Market Trends
  • 4. Key Success Factors
  • 5. Market Background
  • 6. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 7. Global Market - Pricing Analysis
  • 8. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Connectivity
    • 9.1. Grid Connected
    • 9.2. Off-grid Connected
  • 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by End Use
    • 10.1. Remote
    • 10.2. Commercial & Industrial
    • 10.3. Government
    • 10.4. Military
    • 10.5. Utilities
    • 10.6. Others
  • 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
    • 11.1. North America
    • 11.2. Latin America
    • 11.3. Europe
    • 11.4. East Asia
    • 11.5. South Asia
    • 11.6. Oceania
    • 11.7. Middle East and Africa (MEA)
  • 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 19. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 20. Market Structure Analysis
  • 21. Competition Analysis
    • 21.1. General Microgrids
    • 21.2. Honeywell International Inc.
    • 21.3. Lockheed Martin Corporation
    • 21.4. HOMER Energy LLC
    • 21.5. Heila Technologies
    • 21.6. ABB Ltd.
    • 21.7. Caterpillar Inc.
    • 21.8. Toshiba Corporation
    • 21.9. Eaton Corporation Inc.
    • 21.10. GE’s Grid Solutions
    • 21.11. Hitachi Energy Ltd.
    • 21.12. KEPCO
    • 21.13. Power Analytics Corporation
    • 21.14. S&C Electric Company
    • 21.15. Schneider Electric SE
  • 22. Assumptions and Acronyms Used
  • 23. Research Methodology

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List Of Table

Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region

Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Connectivity

Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End Use

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List Of Figures

Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022

Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033

Figure 03: Pricing Analysis (US$) Per Connectivity, By Region, 2022

Figure 04: Pricing Analysis (US$) Per Connectivity, By Region, 2022

Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022

Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033

Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033

Figure 08: Global Market Share Analysis (%), By Connectivity, 2023 to 2033

Figure 09: Global Market Y-o-Y Analysis (%), By Connectivity, 2023 to 2033

Figure 10: Global Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 11: Global Market Share Analysis (%), By End Use, 2023 to 2033

Figure 12: Global Market Y-o-Y Analysis (%), By End Use, 2023 to 2033

Figure 13: Global Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033

Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033

Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033

Figure 17: North America Market Value Share, By Connectivity, 2023 (E)

Figure 18: North America Market Value Share, By End Use, 2023 (E)

Figure 19: North America Market Value Share, By Country, 2023 (E)

Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022

Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033

Figure 22: North America Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 23: North America Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033

Figure 25: Latin America Market Value Share, By Connectivity, 2023 (E)

Figure 26: Latin America Market Value Share, By End Use, 2023 (E)

Figure 27: Latin America Market Value Share, By Country, 2023 (E)

Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022

Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033

Figure 30: Latin America Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 31: Latin America Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033

Figure 33: Europe Market Value Share, By Connectivity, 2023 (E)

Figure 34: Europe Market Value Share, By End Use, 2023 (E)

Figure 35: Europe Market Value Share, By Country, 2023 (E)

Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022

Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033

Figure 38: Europe Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 39: Europe Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033

Figure 41: South Asia Market Value Share, By Connectivity, 2023 (E)

Figure 42: South Asia Market Value Share, By End Use, 2023 (E)

Figure 43: South Asia Market Value Share, By Country, 2023 (E)

Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022

Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033

Figure 46: South Asia Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 47: South Asia Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033

Figure 49: East Asia Market Value Share, By Connectivity, 2023 (E)

Figure 50: East Asia Market Value Share, By End Use, 2023 (E)

Figure 51: East Asia Market Value Share, By Country, 2023 (E)

Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022

Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033

Figure 54: East Asia Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 55: East Asia Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033

Figure 57: Oceania Market Value Share, By Connectivity, 2023 (E)

Figure 58: Oceania Market Value Share, By End Use, 2023 (E)

Figure 59: Oceania Market Value Share, By Country, 2023 (E)

Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022

Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033

Figure 62: Oceania Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 63: Oceania Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033

Figure 65: Middle East and Africa Market Value Share, By Connectivity, 2023 (E)

Figure 66: Middle East and Africa Market Value Share, By End Use, 2023 (E)

Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)

Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022

Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033

Figure 70: Middle East and Africa Market Attractiveness Analysis by Connectivity, 2023 to 2033

Figure 71: Middle East and Africa Market Attractiveness Analysis by End Use, 2023 to 2033

Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033

Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033

Figure 74: UNITED STATES Market Value Share, By Connectivity, 2023 (E)

Figure 75: UNITED STATES Market Value Share, By End Use, 2023 (E)

Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033

Figure 77: Canada Market Value Share, By Connectivity, 2023 (E)

Figure 78: Canada Market Value Share, By End Use, 2023 (E)

Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033

Figure 80: Mexico Market Value Share, By Connectivity, 2023 (E)

Figure 81: Mexico Market Value Share, By End Use, 2023 (E)

Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033

Figure 83: Brazil Market Value Share, By Connectivity, 2023 (E)

Figure 84: Brazil Market Value Share, By End Use, 2023 (E)

Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033

Figure 86: UNITED KINGDOM Market Value Share, By Connectivity, 2023 (E)

Figure 87: UNITED KINGDOM Market Value Share, By End Use, 2023 (E)

Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033

Figure 89: Germany Market Value Share, By Connectivity, 2023 (E)

Figure 90: Germany Market Value Share, By End Use, 2023 (E)

Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033

Figure 92: France Market Value Share, By Connectivity, 2023 (E)

Figure 93: France Market Value Share, By End Use, 2023 (E)

Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033

Figure 95: Italy Market Value Share, By Connectivity, 2023 (E)

Figure 96: Italy Market Value Share, By End Use, 2023 (E)

Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033

Figure 98: Spain Market Value Share, By Connectivity, 2023 (E)

Figure 99: Spain Market Value Share, By End Use, 2023 (E)

Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033

Figure 101: Russia Market Value Share, By Connectivity, 2023 (E)

Figure 102: Russia Market Value Share, By End Use, 2023 (E)

Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033

Figure 104: China Market Value Share, By Connectivity, 2023 (E)

Figure 105: China Market Value Share, By End Use, 2023 (E)

Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033

Figure 107: Japan Market Value Share, By Connectivity, 2023 (E)

Figure 108: Japan Market Value Share, By End Use, 2023 (E)

Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033

Figure 110: South Korea Market Value Share, By Connectivity, 2023 (E)

Figure 111: South Korea Market Value Share, By End Use, 2023 (E)

Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033

Figure 113: India Market Value Share, By Connectivity, 2023 (E)

Figure 114: India Market Value Share, By End Use, 2023 (E)

Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033

Figure 116: ASEAN Market Value Share, By Connectivity, 2023 (E)

Figure 117: ASEAN Market Value Share, By End Use, 2023 (E)

Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033

Figure 119: Australia Market Value Share, By Connectivity, 2023 (E)

Figure 120: Australia Market Value Share, By End Use, 2023 (E)

Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033

Figure 122: New Zealand Market Value Share, By Connectivity, 2023 (E)

Figure 123: New Zealand Market Value Share, By End Use, 2023 (E)

Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033

Figure 125: GCC Countries Market Value Share, By Connectivity, 2023 (E)

Figure 126: GCC Countries Market Value Share, By End Use, 2023 (E)

Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033

Figure 128: Turkey Market Value Share, By Connectivity, 2023 (E)

Figure 129: Turkey Market Value Share, By End Use, 2023 (E)

Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033

Figure 131: South Africa Market Value Share, By Connectivity, 2023 (E)

Figure 132: South Africa Market Value Share, By End Use, 2023 (E)

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

- FAQs -

How much is the microgrids market currently valued?

The global microgrids market is valued at US$ 24 billion in 2023.

What is the estimated size of the market for microgrids by 2033?

Worldwide demand for microgrids is forecasted to reach a market value of US$ 98 billion by 2033.

At what pace will global microgrid demand rise?

The market for microgrids is estimated to surge at a CAGR of 15% through 2033.

What is the estimated growth rate for the market in Canada?

The market in Canada is set to increase at a CAGR of 13% from 2023 to 2033.

Who are the top manufacturers of microgrids?

General Microgrids, Honeywell International Inc., and Lockheed Martin Corporation are key suppliers of microgrids.

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