Grid Connected Microgrid Market Size & Share, By Grid Type (AC, DC, Hybrid), Power Source (Diesel Generators, Natural Gas, Solar PV, CHP), Storage Device (Lithium-ion, Lead Acid, Flow Battery, Flywheels), Application, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Grid Connected Microgrid Market was over USD 13.18 Billion in 2023 and is expected to surpass USD 73.95 Billion by end of the year 2032, witnessing more than 21% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 13.18 Billion
• CAGR (2024-2032): 21%
• Forecast Year Value (2032): USD 73.95 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing investments in renewable energy sources such as solar and wind power are driving the growth of the grid connected microgrid market. This is due to the growing awareness of the environmental impact of traditional energy sources and the benefits of using clean and sustainable energy solutions.

The rising demand for reliable and secure power supply is another major growth driver for the grid connected microgrid market. With the increasing occurrences of power outages and grid failures, businesses and communities are turning to microgrids to ensure continuous power supply and energy security.

Government incentives and policies promoting the adoption of microgrid systems are also contributing to the growth of the market. These incentives include tax credits, rebates, and favorable regulations that encourage the integration of microgrids into the existing energy infrastructure.

Report Scope

Report Coverage	Details
Segments Covered	Grid Type, Power Source, Storage Device, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	ABB, Advanced Energy Industries, Eaton, Emerson, FlexGen, General Electric, Heila Technologies, Hitachi Energy., Lockheed Martin, Princeton Power Systems, PowerSecure, Schneider Electric, S&C Electric Company, Siemens AG, Tesla

Industry Restraints:

One of the major restraints for the grid connected microgrid market is the high initial cost of implementing microgrid systems. The installation and maintenance of microgrids can be expensive, especially for small businesses and communities with limited financial resources.

Another restraint for the market is the lack of standardized regulations and policies governing the integration of microgrids into the existing energy infrastructure. This regulatory uncertainty can hinder the widespread adoption of microgrid systems and create barriers to entry for new market players.

Regional Forecast:

North America:

The grid connected microgrid market in North America is experiencing steady growth, driven by increasing investments in smart grid infrastructure and growing demand for reliable and efficient power supply. The United States and Canada are the major markets in the region, with various government initiatives and incentives supporting the development and adoption of grid connected microgrid systems.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are witnessing significant growth in the grid connected microgrid market. Rapid urbanization, increasing energy consumption, and government focus on reducing carbon emissions are driving the demand for microgrid solutions in these countries. The deployment of grid connected microgrids is expected to increase in the coming years, especially in remote and off-grid areas.

Europe:

In Europe, countries such as the United Kingdom, Germany, and France are leading the grid connected microgrid market. Stringent regulations related to energy efficiency and increasing adoption of renewable energy sources are driving the market growth in these countries. The integration of grid connected microgrids with existing power systems is expected to improve grid stability and reliability in Europe.

Segmentation Analysis:

In terms of segmentation, the global grid connected microgrid market is analyzed on the basis of Grid Type, Power Source, Storage Device, Application

Grid Connected Microgrid Market

AC Grid Type:

- The AC grid type segment of the grid-connected microgrid market is anticipated to witness significant growth due to its compatibility with existing grid infrastructure and ability to support large-scale power distribution.

DC Grid Type:

- The DC grid type segment is expected to show steady growth in the grid-connected microgrid market, as it is well-suited for decentralized power generation and distribution systems.

Hybrid Grid Type:

- The hybrid grid type segment is projected to experience rapid growth in the grid-connected microgrid market, as it offers the advantages of both AC and DC grid types, providing flexibility and reliability to microgrid operations.

Diesel Generators Power Source:

- The diesel generators power source segment is likely to dominate the grid-connected microgrid market, especially in remote areas where access to other power sources is limited.

Natural Gas Power Source:

- The natural gas power source segment is expected to see substantial growth in the grid-connected microgrid market, driven by the increasing availability and affordability of natural gas.

Solar PV Power Source:

- The solar PV power source segment is forecasted to witness significant growth in the grid-connected microgrid market, thanks to falling solar panel costs and government incentives promoting renewable energy.

CHP Power Source:

- The combined heat and power (CHP) power source segment is anticipated to grow steadily in the grid-connected microgrid market, as it offers the benefits of efficient and reliable power generation.

Lithium-ion Storage Device:

- The lithium-ion storage device segment is expected to lead the grid-connected microgrid market, thanks to its high energy density, long cycle life, and fast charging capabilities.

Lead Acid Storage Device:

- The lead-acid storage device segment is likely to maintain a significant market share in the grid-connected microgrid market, particularly in applications where cost-effectiveness is a key factor.

Flow Battery Storage Device:

- The flow battery storage device segment is anticipated to see rapid growth in the grid-connected microgrid market, driven by its ability to store and release electricity efficiently over extended periods.

Flywheels Storage Device:

- The flywheels storage device segment is projected to experience steady growth in the grid-connected microgrid market, as it offers fast response times and high efficiency in energy storage and discharge.

Application:

- The application segment of the grid-connected microgrid market is diverse, with the industrial sector expected to be a significant driver of growth due to its increasing focus on energy efficiency and resilience. Other key applications include commercial buildings, military installations, and rural electrification projects.

Competitive Landscape:

The global grid connected microgrid market is highly competitive with the presence of various key players dominating the market. These include:

1. ABB

2. Siemens

3. General Electric

4. Schneider Electric

5. Honeywell

6. Eaton

7. Hitachi

8. Robert Bosch GmbH

9. Lockheed Martin Corporation

10. Power Analytics