India Microgrid Market is Predicted To Grow at a CAGR of 12.50% During 2024-2032

India Microgrid Market Overview

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 India microgrid market 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.

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India Microgrid Market Trends and Drivers:

The rising demand for reliable, decentralized energy solutions as well as the push for sustainable energy development are the factors responsible for the growth of the India microgrid market. Additionally, microgrids, which are localized grids that can operate independently or in conjunction with the central power grid, are becoming increasingly popular in remote and rural areas where the availability of electricity is limited or unreliable.

Initiatives by government authorities such as the National Smart Grid Mission and the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) are promoting the adoption of microgrids to improve energy access and reduce dependency on traditional grid systems. Moreover, the use of renewable energy origins like solar and wind into microgrids is playing a crucial role in advancing renewable energy goals while ensuring a more resilient along with stable power supply, especially in regions prone to grid outages.

The growing focus on clean energy and the increasing adoption of hybrid systems that combine renewable energy with conventional backup sources like diesel generators is augmenting the India microgrid market. In addition to this, technological advancements, including smart grid technologies, energy storage systems, and real-time energy management solutions, are enhancing the efficiency and reliability of microgrids, making them a cost-effective alternative to traditional power infrastructure.

Furthermore, microgrids are playing an essential role in supporting the electrification of off-grid communities, promoting sustainability, and enabling the deployment of electric vehicle (EV) charging infrastructure. As the country continues to pursue its clean energy ambitions and improve energy access, the India microgrid market is expected to witness robust growth in the coming years, driven by government support, renewable energy integration, and advancements in microgrid technologies.

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.

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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.

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