INDIA MICROGRID MARKET FORECAST 2022-2028

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.

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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.

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