Microgrid Market Size, Share, Growth Analysis, By Connectivity(Grid connected, Off-Grid Connected), By Type(AC microgrids, DC microgrids, Hybrid Microgrids), By End User(Commercial & Industrial, Government, Healthcare, Remote), By Region - Industry Forecast 2024-2031

Global Microgrid Market size was valued at USD 54.41 Billion in 2022 poised to grow from USD 63.28 Billion in 2023 to USD 211.79 Billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).

A microgrid can be defined as a small-structured autonomous energy system that supplies power to specific places like hospitals or university campuses or commercial establishments. It doesn’t require help from centralized grid for its independent function. Besides running on its own, a smart microgrid can also connect to the main grid and become an electrical island when it is offline. An increase in efficiency, predictable energy prices over time, and the effective use of renewable resources are achieved through lower emissions of harmful substances. Small investments in development, research and testing would bring modest revenue for the global microgrid market within the next few years.

Growth in the global microgrid market is anticipated to be fueled by government attempts to minimize carbon emissions and the growing demand for a secure and dependable power supply in the commercial and industrial sectors on a global scale. A further factor anticipated to propel the market during the forecast period is the quick uptake of software across a range of end-user industries, including commercial, industrial, government, and healthcare, for managing and controlling distributed energy resources with integrated weather and load forecasting. It is anticipated that major participants in the microgrid market will see a little increase in revenue in the upcoming years as the sector approaches maturity.

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