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India Microgrid (CHP, Natural Gas, Solar PV, Diesel, Fuel Cell, Remote, Grid Connected, Hybrid) Market Size, Share & Trends Analysis Report 2024-2030
Indian Microgrid Market
Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "India Microgrid Market Size, Share & Trends Analysis Report by Power Source (CHP, Natural Gas, Solar PV, Diesel, Fuel Cell) By Connection Type (Remote, Grid Connected, Hybrid), End-use, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The India microgrid market size is anticipated to reach USD 8.01 billion by 2030 and is anticipated to grow at a CAGR of 19.4% from 2024 to 2030
One of the key factors propelling the market expansion includes the increasing demand for reliable and uninterrupted power supply, especially in remote and rural areas where grid connectivity is limited or unreliable.
Furthermore, government initiatives and policies promoting renewable energy sources and enhancing energy security significantly drive market growth. For instance, The Ministry of New and Renewable Energy in India aims to achieve 500 GW of installed electricity capacity from non-fossil sources by 2030, highlighting the significance of integrating and managing renewable energy through microgrids.
This ambitious goal underscores India's commitment to transitioning towards cleaner energy sources and reducing dependence on fossil fuels. India's focus on renewable energy development, including microgrids, aligns with global trends towards sustainable energy practices and underscores the country's efforts to address energy challenges while promoting environmental sustainability. In addition, the Indian government has introduced policies supporting clean energy and grid modernization, particularly in rural areas, to boost the adoption of microgrid solutions.
These policies create a favorable environment for deploying microgrids in the energy infrastructure. Moreover, technological advancements in smart grid technologies, IoT integration, and digitalization are accelerating the adoption of microgrids in India. These innovations enable efficient monitoring, control, and optimization of microgrid operations, improving performance and cost-effectiveness.
Integrating advanced communication and control systems enhances grid resilience and flexibility, making microgrids an attractive option for utilities and end-users. Furthermore, increasing focus on energy independence and resilience against grid disruptions drives the interest in microgrid solutions among commercial and industrial sectors in India.
Businesses recognize the benefits of having a reliable backup power source to ensure uninterrupted operations during grid outages or emergencies. Microgrids offer a viable alternative to traditional backup generators by providing cleaner energy options and enabling better management of energy resources. These driving factors collectively contribute to market expansion, offering sustainable energy solutions that cater to diverse energy needs across the country.
India Microgrid Market Report Highlights
The CHP segment dominated the market and accounted for a share of over 43% in 2023 owing to the shift from conventional Separate Heat and Power (SHP) setups to utilizing a single fuel source for energy generation, underscoring the efficiency and cost-effectiveness of CHP systems in powering microgrids
Based on the connection type, the grid-connected segment led the market with a share of around 65% in 2023 as they utilize multiple generators, distribution networks, and advanced controls, enhancing grid resiliency, electricity quality, and reducing carbon footprint. These systems provide various benefits, leading to increased demand and market dominance
The education end-use segment dominated the market in 2023 owing to the increased government spending on education infrastructure and extensive power supply requirements in this sector
In December 2021, NTPC Ltd., India's largest power-generating company, announced its first green hydrogen microgrid project for its Simhadri plant in Andhra Pradesh, India. This project is a significant step towards India's commitment to achieving its climate goals and underscores NTPC's dedication to sustainable energy solutions
Company Profiles
Eaton Corporation Plc
Exelon Corporation
General Electric Company
Gram Power India Pvt Ltd
Greenpeace Foundation
Hitachi Ltd
Regain Paradise
Schneider Electric SE
Siemens India Private Limited
Toshiba India Pvt Ltd
Key Attributes:
Report Attribute | Details |
No. of Pages | 70 |
Forecast Period | 2023 - 2030 |
Estimated Market Value (USD) in 2023 | $2.38 Billion |
Forecasted Market Value (USD) by 2030 | $8.01 Billion |
Compound Annual Growth Rate | 19.4% |
Regions Covered | India |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. India Microgrid Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.3. India Microgrid Market Analysis Tools
3.3.1. Industry Analysis - Porter's
3.3.2. PESTEL Analysis
Chapter 4. India Microgrid Market: Power Source Estimates & Trend Analysis
4.1. Power Source Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. India Microgrid Market by Power Source Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
4.4.1. CHP
4.4.1.1. Market Estimates and Forecasts 2018 to 2030 (USD Million) (MW)
4.4.2. Natural Gas
4.4.3. Solar PV
4.4.4. Diesel
4.4.5. Fuel Cell
Chapter 5. India Microgrid Market: Connection Type Estimates & Trend Analysis
5.1. Connection Type Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. India Microgrid Market by Connection Type Outlook
5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
5.4.1. Remote
5.4.1.1. Market Estimates and Forecasts 2018 to 2030 (USD Million) (MW)
5.4.2. Grid Connected
5.4.3. Hybrid
Chapter 6. India Microgrid Market: End-use Estimates & Trend Analysis
6.1. End-use Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. India Microgrid Market by End-use Outlook
6.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030
6.4.1. Government
6.4.1.1. Market Estimates and Forecasts 2018 to 2030 (USD Million) (MW)
6.4.2. Education
6.4.3. Commercial
6.4.4. Utility
6.4.5. Defense
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, by Key Market Participants
7.2. Company/Competition Categorization
7.3. Vendor Landscape
7.3.1. List of Key Distributors and Channel Partners
7.3.2. Key Customers
7.3.3. Key Company Heat Map Analysis, 2023
For more information about this report visit https://www.researchandmarkets.com/r/c9zuyi
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