The India microgrid market is set to register a CAGR of 12.22% during the forecast period, 2022-2028, and is projected to reach a revenue of $2548.78 million by 2028.

INDIA MICROGRID MARKET FORECAST 2022-2028

India Microgrid Market by Type (Grid Connected, Off-grid) Market by Offering (Hardware, Software, Services) Market by Consumption Pattern (Semi-urban, Urban/Metropolitan, Rural/Island) Market by End-user (Commercial & Industrial, Healthcare, Education, Military, Government & Utilities, Other End-users)

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The India microgrid market is set to register a CAGR of 12.22% during the forecast period, 2022-2028, and is projected to reach a revenue of $2548.78 million by 2028.

The India microgrid market growth is attributed to the government initiatives that encourage the adoption of renewable energy and enhanced energy access, especially for rural areas and the unreliable main utility grids. As per Climatescope, the country ranks second in the list of over 100 countries considered for the assessment of readiness for renewable energy investment. Also, India is moving forward to be the third-largest solar power globally after China and the US.

India Microgrid Market

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In addition, India is developing major waste-to-energy and biomass programs. Accordingly, there are ongoing efforts that entail improving energy access by extending the national grid to remote rural areas. Also, the country is a leading force for renewable energy among developed countries, creating the International Solar Alliance, now serving as the international headquarters for the treaty-based intergovernmental organization that currently encompasses more than 120 nations.

Furthermore, the country has major programs to restrict energy poverty in rural areas. According to sources, connected users do not have a reliable supply. Additionally, the increasing incidences of cyberattacks on energy infrastructures, the growing deployment of microgrids for rural electrification, and the rising demand for clean energy offer growth opportunities for the microgrid market in India. Moreover, the Ministry of New and Renewable Energy (MNRE) launched a program in 2016 to install 1000 mini-grids and microgrids with a total capacity of 500 MW by 2021.

The India microgrid market segmentation includes end-user, consumption pattern, offering, and type. The offering segment entails services, software, and hardware. The hardware sub-segment encompasses energy storage, controllers, and power generators.

The software segment growth is accredited to the financial modeling and numerous advancements in management. Also, corporate energy purchasers are becoming increasingly aware of their potential for active participation in the energy value chain due to the rising analytics and the Internet of Things (IoT). In addition, businesses opt for microgrids to regain control over their energy strategy to avoid risk fluctuations and energy costs.

Besides, microgrid software facilitates minimizing operational expenses for businesses without having to sacrifice productivity. Moreover, it enables better analysis of energy use patterns and swift response for optimizing overall energy expenditure. This is done by using software-enabling new energy technologies like inverters, battery storage, data-driven equipment, and on-site generation sources.

Furthermore, manufacturers are anticipated to benefit considerably from the microgrid software’s growing acceptability across university campuses, industrial & commercial locations, municipalities, and utilities. For instance, in 2020, Sony announced the free availability of its DC microgrid Autonomous Power Interchange System (APIS) software module. It is designed for use in DC microgrids.

Microgrid controllers comprise software and hardware that work together for efficient system operation, energy production, and energy consumption. Microgrids are excellent examples of large-scale innovation, meeting local energy demands as a distributed energy system that benefit consumers.

Some of the leading market players in the India microgrid market include Eaton Corporation Plc, Exelon Corporation, General Electric Company, Hitachi Ltd, etc.

Eaton Corporation PLC is an intelligent power management company that provides lighting products, fire detection, emergency lighting, residential products, wiring devices, electrical and industrial components, power quality, circuit protection, structural support systems, etc. It has operations in 175 countries worldwide, with headquarters in Dublin, Ireland.

One of its key products, POWER XPERT, aids businesses in achieving electrical energy resilience, utility independence, and cost savings. The users gain a cost-effective, scalable, and dependable way to face unanticipated power outages while enhancing cybersecurity through the energy sources combination on a shared grid structure.

Report Synopsis

Report ScopeDetails
Market Forecast Years2022-2028
Base Year2021
Market Historical Years2018-2021
Forecast UnitsRevenue ($ Million)
Segments AnalyzedConsumption Pattern, Offering, Type, End-User
Country AnalyzedIndia
Companies Analyzed

Eaton Corporation Plc, Exelon Corporation, General Electric Company, Hitachi Ltd, Schneider Electric SE, Siemens AG, Toshiba Corporation

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • COUNTRY SNAPSHOT
      • COUNTRY ANALYSIS
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
    3. KEY ANALYTICS
      • IMPACT OF COVID-19 ON MICROGRID MARKET
      • PESTLE ANALYSIS
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
      • KEY BUYING CRITERIA
        • COST EFFICIENCY
        • PRODUCT FEATURES
        • END-USE
      • REGULATORY FRAMEWORK
    4. MARKET BY TYPE
      • GRID CONNECTED
      • OFF-GRID
    5. MARKET BY OFFERING
      • HARDWARE
        • POWER GENERATORS
        • CONTROLLERS
        • ENERGY STORAGE
      • SOFTWARE
      • SERVICES
    6. MARKET BY CONSUMPTION PATTERN
      • SEMI-URBAN
      • URBAN/METROPOLITAN
      • RURAL/ISLAND
    7. MARKET BY END-USER
      • COMMERCIAL & INDUSTRIAL
      • HEALTHCARE
      • EDUCATION
      • MILITARY
      • GOVERNMENT & UTILITIES
      • OTHER END-USERS
    8. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • EATON CORPORATION PLC
        • EXELON CORPORATION
        • GENERAL ELECTRIC COMPANY
        • HITACHI LTD
        • SCHNEIDER ELECTRIC SE
        • SIEMENS AG
        • TOSHIBA CORPORATION

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – MICROGRID

    TABLE 2: REGULATORY FRAMEWORK

    TABLE 3: INDIA MICROGRID MARKET, BY TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 4: INDIA MICROGRID MARKET, BY TYPE, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 5: INDIA MICROGRID MARKET, BY OFFERING, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 6: INDIA MICROGRID MARKET, BY OFFERING, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 7: INDIA MICROGRID MARKET, BY HARDWARE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 8: INDIA MICROGRID MARKET, BY HARDWARE, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 9: INDIA MICROGRID MARKET, BY CONSUMPTION PATTERN, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 10: INDIA MICROGRID MARKET, BY CONSUMPTION PATTERN, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 11: INDIA MICROGRID MARKET, BY END-USER, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 12: INDIA MICROGRID MARKET, BY END-USER, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 13: LIST OF MERGERS & ACQUISITIONS

    TABLE 14: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 15: LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 16: LIST OF BUSINESS EXPANSIONS & DIVESTITURES          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: RENEWABLE ELECTRICITY GENERATION, BY SOURCE, 2018-2020

    FIGURE 3: PESTLE ANALYSIS

    FIGURE 4: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 5: OPPORTUNITY MATRIX

    FIGURE 6: VENDOR LANDSCAPE

    FIGURE 7: VALUE CHAIN ANALYSIS

    FIGURE 8: KEY BUYING CRITERIA

    FIGURE 9: INDIA MICROGRID MARKET, GROWTH POTENTIAL, BY TYPE, IN 2021

    FIGURE 10: INDIA MICROGRID MARKET, BY GRID CONNECTED, 2022-2028 (IN $ MILLION)

    FIGURE 11: INDIA MICROGRID MARKET, BY OFF-GRID, 2022-2028 (IN $ MILLION)

    FIGURE 12: INDIA MICROGRID MARKET, GROWTH POTENTIAL, BY OFFERING, IN 2021

    FIGURE 13: INDIA MICROGRID MARKET, BY HARDWARE, 2022-2028 (IN $ MILLION)

    FIGURE 14: INDIA MICROGRID MARKET, GROWTH POTENTIAL, BY HARDWARE, IN 2021

    FIGURE 15: INDIA MICROGRID MARKET, BY POWER GENERATORS, 2022-2028 (IN $ MILLION)

    FIGURE 16: INDIA MICROGRID MARKET, BY CONTROLLERS, 2022-2028 (IN $ MILLION)

    FIGURE 17: INDIA MICROGRID MARKET, BY ENERGY STORAGE, 2022-2028 (IN $ MILLION)

    FIGURE 18: INDIA MICROGRID MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)

    FIGURE 19: INDIA MICROGRID MARKET, BY SERVICES, 2022-2028 (IN $ MILLION)

    FIGURE 20: INDIA MICROGRID MARKET, GROWTH POTENTIAL, BY CONSUMPTION PATTERN, IN 2021

    FIGURE 21: INDIA MICROGRID MARKET, BY SEMI-URBAN, 2022-2028 (IN $ MILLION)

    FIGURE 22: INDIA MICROGRID MARKET, BY URBAN/METROPOLITAN, 2022-2028 (IN $ MILLION)

    FIGURE 23: INDIA MICROGRID MARKET, BY RURAL/ISLAND, 2022-2028 (IN $ MILLION)

    FIGURE 24: INDIA MICROGRID MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    FIGURE 25: INDIA MICROGRID MARKET, BY COMMERCIAL & INDUSTRIAL, 2022-2028 (IN $ MILLION)

    FIGURE 26: INDIA MICROGRID MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)

    FIGURE 27: INDIA MICROGRID MARKET, BY EDUCATION, 2022-2028 (IN $ MILLION)

    FIGURE 28: INDIA MICROGRID MARKET, BY MILITARY, 2022-2028 (IN $ MILLION)

    FIGURE 29: INDIA MICROGRID MARKET, BY GOVERNMENT & UTILITIES, 2022-2028 (IN $ MILLION)

    FIGURE 30: INDIA MICROGRID MARKET, BY OTHER END-USERS, 2022-2028 (IN $ MILLION)       

    1. MARKET BY TYPE
      • GRID CONNECTED
      • OFF-GRID
    2. MARKET BY OFFERING
      • HARDWARE
        • POWER GENERATORS
        • CONTROLLERS
        • ENERGY STORAGE
      • SOFTWARE
      • SERVICES
    3. MARKET BY CONSUMPTION PATTERN
      • SEMI-URBAN
      • URBAN/METROPOLITAN
      • RURAL/ISLAND
    4. MARKET BY END-USER
      • COMMERCIAL & INDUSTRIAL
      • HEALTHCARE
      • EDUCATION
      • MILITARY
      • GOVERNMENT & UTILITIES
      • OTHER END-USERS

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