The global microgrid market has witnessed strong growth over the past several years. The demand for microgrids is increasing across the globe as they help in providing backup in case of emergencies as well as in harnessing energy from renewable sources.

Microgrids offer several economic and technological benefits such as providing substantial savings, reducing carbon emissions and ensuring the availability of reliable, stable and affordable power supply to regions and communities that are located at distant places or in rural areas.

According to the latest report by IMARC Group, titled “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global microgrid market reached a value of US$ 19 Billion in 2018. A microgrid refers to a modern electric system which can operate autonomously or in parallel with the main power grid.

Source: Global Microgrid Market to Reach US$ 36 Billion by 2024​