Microgrid Market - India

Market Statistics

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 12.50% (2024-2032)

Market Size in 2023: USD 1.1 Billion

Market Size in 2032: USD 3.1 Billion

The microgrid market in India is growing rapidly, driven by renewable energy demand and rural electrification efforts. According to the latest report by IMARC Group, the market reached USD 1.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 3.1 Billion by 2032, exhibiting a growth rate (CAGR) of 12.50% during 2024-2032.

India Microgrid Market Trends and Drivers:

• Rising Demand for Decentralized and Sustainable Energy Solutions

  • Growing need for reliable, decentralized energy solutions
  • Push for sustainable energy development

• Popularity of Microgrids in Remote and Rural Areas

  • Microgrids operate independently or alongside the central power grid
  • Increasing demand in areas with limited or unreliable electricity availability

• Government Initiatives Promoting Microgrid Adoption

  • National Smart Grid Mission
  • Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya)
  • Aimed at improving energy access and reducing dependency on traditional grids

• Renewable Energy Integration

  • Use of solar, wind, and other renewable sources in microgrids
  • Helps advance renewable energy goals and ensures stable power in grid outage-prone regions

• Growing Focus on Clean Energy and Hybrid Systems

  • Increased adoption of hybrid systems combining renewable energy and conventional backup sources like diesel generators
  • Strengthening market growth by enhancing energy resilience

• Technological Advancements in Microgrid Efficiency

  • Introduction of smart grid technologies
  • Implementation of energy storage systems and real-time energy management solutions
  • Boosting efficiency, reliability, and cost-effectiveness

• Support for Off-Grid Electrification and EV Infrastructure

  • Microgrids aid in electrification of off-grid communities
  • Promote sustainability and support the development of electric vehicle (EV) charging infrastructure

• Robust Future Growth Expected

  • Government support, renewable energy integration, and technological advancements will drive future market growth
  • Alignment with clean energy goals and expanded energy access will fuel long-term market expansion.

Request to Get the Sample Report: https://www.imarcgroup.com/india-microgrid-market/requestsample

India Microgrid Industry Segmentation:

The report has segmented the market into the following categories:

Energy Source Insights:

• Natural Gas
• Combined Heat and Power
• Solar Photovoltaic (PV)
• Diesel
• Fuel Cell
• Others

Application Insights:

• Remote Systems
• Institution and Campus
• Utility/Community
• Defence
• Others

Regional Insights:

• North India
• West and Central India
• South India
• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=21811&flag=C

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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