Global Microgrid Market Growth and Trends 2024-2030
The global microgrid market was valued at USD 76.88 billion in 2023 and is expected to experience a robust growth rate with a compound annual growth rate (CAGR) of 17.1% from 2024 to 2030. This growth is primarily driven by the rising demand for power in developing countries such as Mexico, China, India, and Russia, spurred by the expansion of both household and industrial sectors. As these nations continue to urbanize and industrialize, the demand for reliable, efficient, and decentralized energy solutions is increasing. Market Drivers A microgrid is a localized energy system capable of providing power either in parallel with or independent from the central electric grid. One of the key factors propelling the growth of the microgrid market is the shift from centralized power plants to more distributed and localized energy generation systems. This shift enhances ene...