- Grid Connected
- Off-Grid Connected
Microgrid Market value is accounted USD 14,370.5 million in 2022 and is expected to grow at a 17.9% from 2023-2029. A microgrid is a self-sufficient energy system that serves a discrete geographic footprint, such as a commercial & industrial, institutes & campuses, utilities, remote areas, healthcare centers, government bodies, and others. Within microgrids are one or more kinds of distributed energy (solar panels, wind turbines, combined heat & power, generators) that produce its power. In addition, many newer microgrids contain energy storage, typically from batteries. Based on connectivity the market has been segmented into grid connected and off-grid connected products. Increasing adoption of grid connected microgrids are mainly due to grid-connected microgrids have the potential to improve grid balance by allowing for a greater penetration of variable renewable energy sources, resulting in cost savings for both end-users and grid operators. Off-grid power networks are in high demand in many parts of the world, especially in sectors such as defense, commerce, data centers, and universities. To make the country's energy infrastructure more resilient, the majority of the countries are planning more off-grid microgrid projects in cities and other key places. In 2021, By Grid type, the DC Microgrids segment accounted for 68% revenue share in global microgrid market and projected to grow at 17.2% CAGR over 2022-2028. Hybrid microgrids segment projected to grow at 18.7% CAGR over 2022 - 2028 to reach USD 8,466.7 Million by 2028. Hybrid ac/dc microgrids are emerging as a promising alternative because they integrate the benefits of both ac and dc networks while requiring minimal changes to the distribution network. They do, however, necessitate more complex control strategies because they must simultaneously control the ac and dc networks as well as the interface power converter.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Microgrid Market is surging owing to frequent acquisitions and launchings by the market players. Strategic alliances by the players such as acquisitions, mergers, expansions and new product launches may enhance the company growth.
The microgrid market is projected to expand at a CAGR of 17.9% during the forecast period.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
ABB, Caterpillar, Lockheed Martin Corporation, Honeywell International Inc, Exelon Corporation.
1. Executive Summary |
2. Global Microgrid Market Introduction |
2.1. Global Microgrid Market Taxonomy |
2.2. Global Microgrid Market Definitions |
2.2.1. Connectivity |
2.2.2. Offering |
2.2.3. Grid Type |
2.2.4. Pattern |
2.2.5. End User |
3. Global Microgrid Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Microgrid Market Dynamic Factors - Impact Analysis |
3.6. Global Microgrid Market Competition Landscape |
4. Global Microgrid Market Analysis,2018 - 2022 and Forecast, 2023 - 2029 |
4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Microgrid Market, By Connectivity, 2018 - 2022and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.1. Grid Connected |
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Off-grid Connected |
5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6. Global Microgrid Market, By Offering, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.1. Hardware |
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Software |
6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Services |
6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
7. Global Microgrid Market Forecast, By Grid Type,2018 - 2022and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.1. AC Microgrids |
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. DC Microgrids |
7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Hybrid |
7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
8. Global Microgrid Market Forecast, By Pattern, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.1. Urban/Metropolitan |
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Semiurban |
8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Rural |
8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
9. Global Microgrid Market, By End User, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.1. Utilities |
9.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Commercial & Industrial |
9.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Institutes & Campuses |
9.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Military |
9.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Remote |
9.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
9.6. Government |
9.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.6.3. Market Opportunity Analysis |
9.7. Healthcare |
9.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.7.3. Market Opportunity Analysis |
9.8. Others |
9.8.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.8.3. Market Opportunity Analysis |
10. Global Microgrid Market Forecast, By Region, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn) |
10.1. North America |
10.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.1.3. Market Opportunity Analysis |
10.2. Europe |
10.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.2.3. Market Opportunity Analysis |
10.3. Asia-Pacific |
10.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.3.3. Market Opportunity Analysis |
10.4. Latin America |
10.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.4.3. Market Opportunity Analysis |
10.5. Middle East and Africa |
10.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.5.3. Market Opportunity Analysis |
10.6. Global Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Region, 2023 - 2029 |
11. North America Microgrid MarketAnalysis,2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn) |
11.1. Connectivity Analysis 2018 - 2022and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Grid Connected |
11.1.2. Off-grid Connected |
11.2. Offering Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.2.1. Hardware |
11.2.2. Software |
11.2.3. Services |
11.3. Grid Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. AC Microgrids |
11.3.2. DC Microgrids |
11.3.3. Hybrid |
11.4. Pattern Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Urban/Metropolitan |
11.4.2. Semiurban |
11.4.3. Rural |
11.5. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.5.1. Utilities |
11.5.2. Commercial & Industrial |
11.5.3. Institutes & Campuses |
11.5.4. Military |
11.5.5. Remote |
11.5.6. Government |
11.5.7. Healthcare |
11.5.8. Others |
11.6. Country Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.6.1. USA |
11.6.2. Canada |
11.7. North America Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2023 - 2029 |
11.8. North America Microgrid Market Dynamics Trends |
12. Europe Microgrid Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn) |
12.1. Connectivity Analysis 2018 - 2022and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Grid Connected |
12.1.2. Off-grid Connected |
12.2. Offering Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.2.1. Hardware |
12.2.2. Software |
12.2.3. Services |
12.3. Grid Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. AC Microgrids |
12.3.2. DC Microgrids |
12.3.3. Hybrid |
12.4. Pattern Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Urban/Metropolitan |
12.4.2. Semiurban |
12.4.3. Rural |
12.5. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.5.1. Utilities |
12.5.2. Commercial & Industrial |
12.5.3. Institutes & Campuses |
12.5.4. Military |
12.5.5. Remote |
12.5.6. Government |
12.5.7. Healthcare |
12.5.8. Others |
12.6. Country Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.6.2. UK |
12.6.3. France |
12.6.4. Spain |
12.6.5. Italy |
12.6.6. Russia |
12.6.7. Poland |
12.6.8. Rest of Europe |
12.7. Europe Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End Userand Country, 2023 - 2029 |
12.8. Europe Microgrid Market Dynamics Trends |
13. Asia-Pacific Microgrid Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
13.1. Connectivity Analysis 2018 - 2022and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Grid Connected |
13.1.2. Off-grid Connected |
13.2. Offering Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.2.1. Hardware |
13.2.2. Software |
13.2.3. Services |
13.3. Grid Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. AC Microgrids |
13.3.2. DC Microgrids |
13.3.3. Hybrid |
13.4. Pattern Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Urban/Metropolitan |
13.4.2. Semiurban |
13.4.3. Rural |
13.5. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.5.1. Utilities |
13.5.2. Commercial & Industrial |
13.5.3. Institutes & Campuses |
13.5.4. Military |
13.5.5. Remote |
13.5.6. Government |
13.5.7. Healthcare |
13.5.8. Others |
13.6. Country Analysis2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.6.1. Japan |
13.6.2. China |
13.6.3. India |
13.6.4. ASEAN |
13.6.5. Australia & New Zealand |
13.6.6. Rest of Asia-Pacific |
13.7. Asia-Pacific Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country,2023 - 2029 |
13.8. Asia-Pacific Microgrid Market Dynamics Trends |
14. Latin America Microgrid Market Analysis,2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
14.1. Connectivity Analysis 2018 - 2022and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
14.1.1. Grid Connected |
14.1.2. Off-grid Connected |
14.2. Offering Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.2.1. Hardware |
14.2.2. Software |
14.2.3. Services |
14.3. Grid Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.3.1. AC Microgrids |
14.3.2. DC Microgrids |
14.3.3. Hybrid |
14.4. Pattern Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.4.1. Urban/Metropolitan |
14.4.2. Semiurban |
14.4.3. Rural |
14.5. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.5.1. Utilities |
14.5.2. Commercial & Industrial |
14.5.3. Institutes & Campuses |
14.5.4. Military |
14.5.5. Remote |
14.5.6. Government |
14.5.7. Healthcare |
14.5.8. Others |
14.6. Country Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
14.6.1. Brazil |
14.6.2. Mexico |
14.6.3. Argentina |
14.6.4. Rest of Latin America |
14.7. Latin America Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2023 - 2029 |
14.8. Latin America Microgrid Market Dynamics Trends |
15. Middle East and Africa Microgrid Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
15.1. Connectivity Analysis 2018 - 2022and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
15.1.1. Grid Connected |
15.1.2. Off-grid Connected |
15.2. Offering Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.2.1. Hardware |
15.2.2. Software |
15.2.3. Services |
15.3. Grid Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.3.1. AC Microgrids |
15.3.2. DC Microgrids |
15.3.3. Hybrid |
15.4. Pattern Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.4.1. Urban/Metropolitan |
15.4.2. Semiurban |
15.4.3. Rural |
15.5. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.5.1. Utilities |
15.5.2. Commercial & Industrial |
15.5.3. Institutes & Campuses |
15.5.4. Military |
15.5.5. Remote |
15.5.6. Government |
15.5.7. Healthcare |
15.5.8. Others |
15.6. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
15.6.1. Gulf Cooperation Council (GCC) Countries |
15.6.2. Israel |
15.6.3. South Africa |
15.6.4. Rest of MEA |
15.7. MEA Microgrid Market - Opportunity Analysis Index, By Connectivity, Offering, Grid Type, Pattern, End User and Country, 2023 - 2029 |
15.8. MEA Microgrid Market Dynamics Trends |
16. Competition Landscape |
16.1. Strategic Dashboard of Top Market Players |
16.2. Company Profiles (Introduction, Financial Analysis, Connectivity& Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
16.2.1. Siemens |
16.2.2. Exelon |
16.2.3. Schneider |
16.2.4. Homer Energy LLC |
16.2.5. ABB |
16.2.6. Lockheed Martin |
16.2.7. Caterpillar |
16.2.8. Honeywell |
16.2.9. Viridity Energy |
16.2.10. EnSync |
16.2.11. Advanced Microgrid Storage |
16.2.12. XENDEE |
16.2.13. ODYSSEY CONSULTANTS LTD. |
17. Research Methodology |
18. Key Assumptions and Acronyms |