The global microgrids market is estimated to be valued at $30bn in 2022, growing at a compound annual growth rate (CAGR) of 15%. Despite the slowdown in the market, compared to the 23% growth during the 2013-2017 period, it is expected to showcase a healthy growth, mainly attributed to trends in the Asia-Pacific region.
Americas will continue to be the largest market, reaching $18bn in 2022, underpinned by movements in the US market. The Asia-Pacific market is expected to grow with a CAGR of 18%, making it the fastest growing market during the forecast period.
Globally, there is an increasing demand for electricity. In addition, the global power market is in a transition phase, supporting the expansion of distributed generation to circumvent volatile fossil fuel costs and supply market risks.