From GlobeNewswire: 2024-07-09 08:00:00

The global microgrid market is expected to grow from USD 37.6 billion in 2024 to USD 87.8 billion by 2029, with a 18.5% CAGR. Major growth factors include digitalization, smart grid integration, rising cyberattacks on energy infrastructures, and the need to electrify rural areas. Grid-connected microgrids are projected to lead the market due to cost-effectiveness and reliability.

In the microgrid market, hardware components such as power generators and energy storage systems are driving growth, fueled by declining energy storage costs and government initiatives promoting clean energy. Commercial and industrial buildings are expected to show the highest growth rate, with a focus on ensuring uninterrupted operations and reducing greenhouse gas emissions. The 1 MW to 5 MW power segment is likely to dominate the market, especially in commercial and industrial applications.

Asia Pacific is set to experience the highest growth in the microgrid market due to the increasing demand for reliable power supply, emphasis on renewable energy sources, smart grid technologies, and supportive governmental policies. Countries in the region are vulnerable to natural disasters, making a dependable power supply crucial for resilience.



Read more at GlobeNewswire: Microgrid Market by Connectivity, Offering, End User, Power