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

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