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Solar PV Microgrid Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
Market Report I 2024-10-18 I 80 Pages I Global Market Insights
The Global Solar PV Microgrid Market was valued at USD 2.5 billion in 2023 and is projected to experience remarkable growth, with an estimated CAGR of 21.6% from 2024 to 2032. A solar PV microgrid is a localized energy system that harnesses photovoltaic panels to convert sunlight into electricity. These systems can operate autonomously or in tandem with the main power grid, incorporating components such as solar panels, inverters, and energy storage solutions like batteries. This setup allows for the storage and distribution of excess energy, making microgrids particularly advantageous in remote or off-grid locations, where they provide a reliable and renewable energy source. The increasing global emphasis on renewable energy to combat climate change and achieve carbon reduction targets is set to significantly enhance the integration of these resources into existing power systems, thereby fostering market growth.
Continuous technological innovations-including more efficient inverters, battery energy storage systems (BESS), and innovative control systems-will further drive the adoption of microgrid solutions, enhancing their reliability and efficiency. Within the market, the hybrid segment is expected to exceed USD 2.2 billion by 2032. This growth can be attributed to the rising need for energy security and reliability. The demand for cost-effective and fuel-efficient grid solutions, especially in remote regions, will support this trend. Additionally, the increasing pressure on industries, governments, and communities to meet sustainability goals is anticipated to boost the adoption of hybrid microgrids, which help lower emissions while ensuring grid stability.
Technological innovations aimed at improving the efficiency, affordability, and scalability of energy storage systems will also contribute to market expansion. The grid-connected segment is forecasted to grow at a CAGR of over 22% through 2032, primarily due to its enhanced energy security and stability. There is a rising demand for connectivity solutions that offer significant cost savings through lower energy bills and improved energy management. The integration of advanced energy storage systems into grid-connected microgrids will enhance their reliability and flexibility, further promoting market penetration.
Rapid urbanization in various regions drives energy demand, making traditional grids increasingly inclined to overload and outages, thus propelling industry growth. In the Asia Pacific region, the solar PV microgrid market is projected to surpass USD 8.6 billion by 2032. The rapid urbanization across several countries creates a pressing need for sustainable energy solutions, fueling product demand. Additionally, supportive government policies and incentives aimed at promoting renewable energy adoption will enrich the market landscape. The shift towards decentralized energy generation is particularly crucial in rural areas, where extending traditional grid infrastructure is often economically unfeasible, thereby supporting the growth of solar PV microgrids.
Report Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market Definitions
Chapter 2 Executive Summary
2.1 Industry 360synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Chapter 4 Competitive landscape, 2024
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation & sustainability landscape
Chapter 5 Market Size and Forecast, By Connectivity, 2021 - 2032 (USD Billion & MW)
5.1 Key trends
5.2 Grid connected
5.3 Off grid
Chapter 6 Market Size and Forecast, By Application, 2021 - 2032 (USD Billion & MW)
6.1 Key trends
6.2 Healthcare
6.3 Educational institutes
6.4 Military
6.5 Utility
6.6 Industrial/ Commercial
6.7 Remote
6.8 Others
Chapter 7 Market Size and Forecast, By Storage Device, 2021 - 2032 (USD Billion & MW)
7.1 Key trends
7.2 Lithium-ion
7.3 Lead acid
7.4 Flow battery
7.5 Flywheels
7.6 Others
Chapter 8 Market Size and Forecast, By Grid Type, 2021 - 2032 (USD Billion & MW)
8.1 Key trends
8.2 AC
8.3 DC
8.4 Hybrid
Chapter 9 Market Size and Forecast, By Region, 2021 - 2032 (USD Billion & MW)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Russia
9.3.5 Spain
9.3.6 Italy
9.3.7 Denmark
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 South Korea
9.4.4 India
9.4.5 Australia
9.4.6 Malaysia
9.4.7 Indonesia
9.5 Middle East and Africa
9.5.1 Saudi Arabia
9.5.2 UAE
9.5.3 South Africa
9.5.4 Iran
9.5.5 Nigeria
9.6 Latin America
9.6.1 Brazil
9.6.2 Argentina
9.6.3 Chile
Chapter 10 Company Profiles
10.1 BoxPower
10.2 Caterpillar
10.3 Coldwell Solar
10.4 EnSync Energy Systems
10.5 G&W Electric
10.6 Megamax Solar
10.7 Schneider Electric
10.8 SepiSolar
10.9 Tata Group
10.10 Team Sustain
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