Global Microgrid Market Size, Share, Growth Analysis, By Power Source(Natural Gas, CHP), By Product(Remote, Grid Connected), By Application(Government, Education) - Industry Forecast 2024-2031

Global Microgrid Market size was valued at USD 54.41  billion in 2022 and is poised to grow from USD 63.28 billion in 2023 to USD 211.79 Billion by 2031, at a CAGR of 16.3% during the forecast period (2023-2031).

The rise of the home and industrial sectors is anticipated to be a major driving factor in developing nations like Mexico, China, India, and Russia, as well as in China. It is anticipated that the market growth is significantly impacted by the trend away from remote central station power plants towards more localized and distributed generation for improved reliability, resilience and vitality in towns, neighborhoods, and universities.

These electrical distribution services are utilized to improve the regional electric grid's operation and stability as well as local resilience. Furthermore, it is anticipated that in the near future the demands for microgrids will increase as a result of the use of renewable resources for power generation. 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. In addition, rising public awareness of power generation from alternative renewable sources including hydrogen, solar, and wind is anticipated to benefit market expansion.

Governments of various nations have increased their spending on infrastructure development over the past few years due to population expansion and urbanization in rising economies like Mexico, China, and India. Therefore, it is anticipated that rising construction spending in the aforementioned nations will play a significant role in fostering power demand, thereby fostering the expansion of the microgrid industry. The Galvin Project Inc.'s implementation of the Galvin Energy Initiative is intended to result in increased investment on the creation of fresh prototypes for intelligent microgrids and open up new markets. In addition, the development of the United States and Canada as centers for shale gas production as a result of the widespread use of hydraulic fracturing technology is anticipated to guarantee that consumers will have access to power sources.

US Microgrid Market is poised to grow at a sustainable CAGR for the next forecast year.