Global Microgrid Market to Reach US$ 54.1 Billion by 2028, Strengthened by Escalating Demand for Remote Off-Grid Power Networks

March 06, 2023 | Energy & Mining

IMARC Group’s latest report, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global microgrid market size reached US$ 28.9 Billion in 2022. Microgrids are self-sufficient localized grids that serve a discrete geographic footprint and can operate parallelly or independently from the primary power grid. They generally consist of fuel cells, battery storage systems, wind turbine generators and microturbines, and photovoltaic generators to supply electricity to consumers. Since they are more efficient and considered the smaller version of traditional power grids, they can be combined with different renewable sources, including solar, wind power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. They aid in enhancing the operation and stability of the electric grid, improving reliability, and decreasing congestion, fuel consumption, and peak loads. Over the years, microgrids have gained immense traction across the globe as they can strengthen grid resilience, help mitigate grid disturbances, and serve as a grid resource for faster system response and recovery.

Global Microgrid Market Trends:

The escalating demand for remote off-grid power networks, especially from the defense sector, islands, data centers, and industrial mines, represents the primary factor driving the market growth. This is further strengthened by the growing need for clean energy generation and a self-sufficient source of power generation during a crisis or grid disconnection. In addition, governments of various nations are taking favorable initiatives to establish biopower, solar, and wind energy farms due to rising environmental concerns. Along with this, the shifting focus toward rural electrification and decarbonization has augmented the demand for microgrids for reliable and uninterrupted power supply. Moreover, there is a significant rise in electricity consumption owing to the increasing residential and commercial construction activities. In line with this, extensive investments by public and private agencies in infrastructure development projects have catalyzed market growth. Furthermore, numerous technological advancements, such as the integration of forecasting algorithm with microgrids that helps predict the load demand and the power generated by the microgrid network have propelled the market growth. Other factors, including the development of smart cities, rising incidences of cyberattacks on energy infrastructures, rapid industrialization, and ongoing research and development (R&D) activities, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 54.1 Billion by 2028, expanding at a CAGR of 10.89% during 2023-2028.

Market Summary:

  • Based on the energy source, the market has been classified into natural gas, combined heat and power, solar photovoltaic (PV), diesel, fuel cell, and others. Currently, combined heat and power represent the largest market segment.
  • On the basis of the application, the market has been divided into remote systems, institution and campus, utility/community, defense, and others. Amongst these, remote systems account for the majority of the market share.
  • Region-wise, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Lockheed Martin Corporation, ABB Ltd, General Electric Company (GE), Eaton Corporation PLC, and Siemens AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Energy Source, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Lockheed Martin Corporation, ABB Ltd, General Electric Company (GE), Eaton Corporation PLC and Siemens AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N A
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Microgrid Market to Reach US$ 54.1 Billion by 2028, Strengthened by Escalating Demand for Remote Off-Grid Power Networks
Purchase options Year End sale

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More