Global Microgrid Market to Reach US$ 54.1 Billion by 2028, Impelled by Rising Energy Demand

March 08, 2022

According to the latest report by IMARC Group, titled "Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global microgrid market size reached US$ 28.9 Billion in 2022. Microgrid refers to an energy system that is generally used for electricity supply across a discrete geographic footprint. It is considered to be the smaller version of power grids and mainly comprises fuel cells, wind turbine generators and microturbines, battery storage systems and photovoltaic generators. As a result, it helps in improving the operation and stability of the regional electric grid, reducing congestion, fuel utilization and peak loads, and increasing reliability and resilience in an energy-efficient manner. Due to the shifting inclination towards distributed and localized generation systems, there has been a considerable rise in the adoption of microgrids across the globe.

Global Microgrid Market Trends:

The global market is primarily driven by the rising demand for electricity. This is supported by the increasing investments by public and private agencies in infrastructural development projects. Moreover, continual technological advancements, such as the widespread integration of forecasting algorithm with microgrids that helps in predicting the demand of loads and the power generated by the microgrid network, are providing an impetus to the market growth. Along with this, the escalating environmental concerns are favoring the market growth across multiple countries. Also, the rising fundings activities by the governments of several nations for establishing biopower, wind and solar energy farms are positively influencing the market growth. Furthermore, the increasing adoption of microgrids across the defense sector due to the rising incidences of cyber-terrorism is creating a positive outlook for the market. Other factors, including the growing need for rural electrification, rapid industrialization and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 54.1 Billion by 2028, growing at a CAGR of 10.89% during 2023-2028. 

Market Summary:

  • On the basis of the energy source, the market has been segmented into natural gas, combined heat and power, solar photovoltaic (PV), diesel, fuel cell and others. Amongst these, combined heat and power is currently dominating the market segment.
  • Based on the application, the market has been segregated into remote systems, institution and campus, utility/community, defense and others. Currently, remote systems hold the majority of the total market share.
  • On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America. Presently, North America holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Lockheed Martin Corporation, ABB Ltd, General Electric Company (GE), Eaton Corporation PLC, and Siemens AG.

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:

Follow us on twitter: @imarcglobal

Global Microgrid Market to Reach US$ 54.1 Billion by 2028, Impelled by Rising Energy Demand
Select Licence Type

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
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

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