India Microgrid Market is Expected to Register a Steady CAGR During the Forecast Period
The growing
demand for renewable energy is expected to propel the growth of the India
microgrid market between 2025 and 2029.
According to
TechSci Research report, “The India Microgrid Market by Region, Competition,
Forecast and Opportunities, 2029”, the India microgrid market is growing
owing to rapid growth in the demand for renewable energy, increasing
digitalization, and growing adoption of advanced technologies by enterprises to
meet the need for growing business along with the development of more
electronic data and combination of smart manufacturing. The components of
general microgrids include small wind turbine (SWT) groups, solar photovoltaic
(PV) panels, a hydrokinetic water turbine, battery storage, and a converter.
The microgrid is a distributed generation system that includes clean and
efficient fossil-fuel technologies (such as micro turbines) and ecologically
friendly renewable-energy technologies such as photovoltaic (PV) systems, fuel
cells, wind, biogas, and hydro. The technological advancement in control
systems and advancement in energy storage technologies along with the
increasing electricity demand in remote and rural regions are the primary
reasons that are expected to dramatically increase the demand for microgrids in
India during the forecast period.
Consumers
intention toward smart microgrids and an increase in the need for environmental
sustainability is driving the construction of several renewable energy and
electric vehicle power station infrastructure setup, thereby increasing the
demand for microgrids in the market. India's microgrid industry is expanding
rapidly in the age of digitization. The nation is ideally positioned to serve
as a major player for green energy generation while aspiring others not only to
attain energy security but also to begin supplying renewable power to
neighboring nations. Furthermore, rising government support and programs in
electricity, increasing smart meters, estimation target of 5 million tons in
green hydrogen generation by 2030, and establishment of 10,000 renewable-based
microgrids by 2023 is predicted to drive market expansion. Measures taken by
the government, such as the National Smart Grid Mission and Infrastructure
Vision 2025, are likely to generate attractive prospects for market growth
through 2029.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on the “India Microgrid Market”
The India
microgrid market is divided into connectivity, type, pattern, offering, and end
user industries. Based on connectivity, the market is divided into grid
connectivity and off-grid connectivity. Based on type, the market is segmented
into AC microgrids, DC microgrids, and hybrid. Based on pattern, the market is
bifurcated into urban, semiurban, and rural. Based on offering, the market is
divided into hardware and software & service. The hardware segment is
further bifurcated into power generator, energy storage systems, and
controllers. Based on end-user industries, the market is divided into
government, utilities, military, healthcare, commercial & industrial, and
others.
Based on
connectivity, the off-grid connectivity segment is expected to be the dominant
segment in India microgrid market during the projection period, owing to the
rising adoption of microgrids in remote areas of India. Off-grid connectivity
is India's best microgrid because it is more resilient and reliable. This makes
it easier to integrate in remote areas and can provide long-term backup
solutions to avoid major issues in the future.
In terms of end
users, the utility segment dominates the India microgrid market because
infrastructure is expected to grow at the highest CAGR during the forecast
period. Moreover, increasing government investments on utility infrastructure are
anticipated to promote segment growth as the Government of India has started
increasing the energy capacity of the country after the COVID-19 pandemic.
Key market
players in the India microgrid market include:
- Exelon
Corporation
- Hitachi Ltd
- Eaton
Corporation Plc
- Siemens India
Private Limited
- General
Electric Company
- Schneider
Electric SE
- Toshiba India
Pvt Ltd.
- Mera Gao Micro
Grid Power Pvt. Ltd.
- Gram Power
India Pvt Ltd
-
Greenpeace foundation
Customers
can also request for 10% free customization on this report.
“South, being
the largest Information Technology region holds the largest market share of
microgrids, benefiting from the presence of several wind and solar power plants
establishment holding more than 50% of the country’s total installed solar
capacity in the India microgrid market. West region ranks the second of the
total microgrid market in India. The introduction of large-scale hydrogen
energy storage projects and the deployment of solar-storage remote microgrids
in Baikampady Mangalore, Neelakantarayanagaddi Village, Mendare Village, and
Kalkeri Sangeet Vidyalaya in Karnataka to provide energy access is
strengthening the region's energy connectivity. For instance, in December 2021,
India’s first and one of the world’s largest green hydrogen microgrid projects
was setup by National Thermal Power Corporation Limited (NTPC) in the region of
Simhadri near Visakhapatnam. In addition, numerous construction activities,
rising urbanization and the adoption of electric vehicles are further
attributing the market growth. Moreover, the implementation of several
government programs such as national smart grid program and National Renewable
Energy Program (NREP) that enables the acceleration of microgrids in India, has
been a key element in the growth of the India microgrid market” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
India
Microgrid Market - Segmented By Connectivity (Grid Connectivity, Off-Grid
Connectivity), By Type (AC Microgrids, DC Microgrids, Hybrid), By Pattern
(Urban, Semiurban, Rural), By Offering (Hardware (Power Generator, Energy
Storage Systems, Controllers), Software & Service), By End User
(Government, Utilities, Military, Healthcare, Commercial & Industrial,
Others) By Region, Competition, Forecast & Opportunities, 2028F has evaluated the future growth
potential of the India microgrid market and provides statistics &
information on market size, structure, and future market growth. The report's
goal is to give current market knowledge and assist decision makers in making
informed investment decisions. Furthermore, the study identifies and analyzes
emerging trends, as well as key drivers, challenges, and opportunities in the
India microgrid market.
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