Global Nanogrid Market to Reach US$ 31.3 Billion by 2032, Propelled by Increasing Adoption of Renewable Energy Sources

August 24, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Nanogrid Market by Type (DC Nanogrid, AC Nanogrid), Components (Controller, Gateway, Storage, and Others), Mode of Operation (Island Mode, Grid Connected Mode), Function (Energy Generation, Energy Storage), Energy Source (Solar, Wind, and Others), Application (Residential, Commercial), and Region 2024-2032,” the global nanogrid market size reached US$ 16.2 Billion in 2023. A nanogrid is a localized and small-scale electrical distribution system that operates independently or in conjunction with a larger grid. It is designed to provide electricity to its designated area efficiently and reliably, even during grid outages. It typically serves a smaller area, such as a single building, neighborhood, or cluster of buildings. It integrates various distributed energy resources (DERs) like solar panels, wind turbines, batteries, and other energy storage technologies. It enhances energy efficiency, reliability, and resilience and promotes sustainable energy practices.

Global Nanogrid Market Trends:

The increasing adoption of renewable energy sources like solar panels and wind turbines into the local energy distribution system, which reduces the dependence on fossil fuels, represents one of the major factors catalyzing the demand for nanogrids around the world. Moreover, the rising electricity consumption and power generation worldwide are driving the need for nanogrids to minimize the instances of power failures. In addition, initiatives undertaken by governing agencies of numerous countries for facilitating the supply of electricity in rural areas and remote areas are impelling the market growth. Apart from this, the growing use of nanogrids by various organizations to meet their sustainability goals and demonstrate commitment to environmental responsibility is influencing the market positively. Looking forward, the market value is projected to reach US$ 31.3 Billion by 2032, expanding at a CAGR of 7.4% during 2024-2032.

Market Summary:

  • Based on the type, DC nanogrid dominates the market, followed by AC nanogrid.
  • On the basis of the components, the market has been classified into controller, gateway, storage, and others. Controller currently accounts for the majority of the total market share.
  • Based on the mode of operation, island mode exhibits a clear dominance in the market, followed by grid connected mode.
  • On the basis of the function, energy generation holds the largest market share, followed by energy storage.
  • Based on the energy source, the market has been divided into solar, wind, and others. At present, solar dominates the market.
  • On the basis of the application, the market has been bifurcated into residential and commercial. Residential currently accounts for the biggest share in the market.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Eaton Corporation plc, Emerson Electric Co., and Sunverge Energy Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
 Type Covered DC Nanogrid, AC Nanogrid
Components Covered Controller, Gateway, Storage, Others
Mode of Operation Covered Island Mode, Grid Connected Mode
Function Covered Energy Generation, Energy Storage
Energy Source Covered Solar, Wind, Others
Application Covered Residential, Commercial
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Eaton Corporation plc, Emerson Electric Co., and Sunverge Energy Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +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 Nanogrid Market to Reach US$ 31.3 Billion by 2032, Propelled by Increasing Adoption of Renewable Energy Sources
Purchase options

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