Global Nanogrid Market By Product (Nanogrid and Microgrid), By Type (DC Nanogrid and AC Nanogrid), By Function (Energy Generation and Energy Storage), By Energy Source (Solar, Wind, and Energy Sources), By Application (Residential, Commercial, Industrial, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2022, the Global Nanogrid Market was valued at USD 14.4 Billion, This market is estimated to reach USD 43.9 Billion in 2032 and from 2023 to 2032, this market is estimated to register a CAGR of 11.8%.

Nanogrids are small-scale electric grids that can be used to electricity small groups, houses, or corporations. They are usually designed to be used alongside renewable energy sources, which include solar, wind, or hydropower, and they offer a range of blessings over traditional electrical grids.

The important gain of nanogrids is their potential to provide reliable and inexpensive strength in regions wherein traditional electrical grids are not available or are unreliable. This makes them mainly attractive in developing countries, in which getting admission to energy may be a primary venture.

Nanogrids can also assist in lessening power costs for homes and businesses, specifically in regions where strength fees are high.

Key Factors

By Product, Nanogrids Account for the largest market share of 55% because of the increased demand for products attributed to the storage of energy in buildings

By Type, the DC Nanogrid is the dominant segment and holds the largest share of 59% because DC Nanogrid uses direct current to distribute strength.

By function, the Energy Generation Segment holds the largest market share of the Nanogrid Market because of the falling cost of renewable electricity technologies.

By Application, the Solar Segment Dominates the Global Nanogrid Market and holds a share of 39% because Solar is Cost Effectiveness.

The North American market for nanogrids is projected to maintain its dominance over the forecast period, accounting for 61% of the global market, largely due to favorable government guidelines, strong renewable energy targets, and a focus on grid resilience.

Advances in technology and the development and demand for new and innovative Nanogrid solutions are creating an opportunity for the Global Nanogrid Market.

Actual Numbers Might Vary in the final report

Market Scope

Product Analysis

Nanogrids Account for the largest market share because of the increased demand for products attributed to the storage of energy in buildings.

Based on product, the global nanogrid market is segmented into nanogrid and microgrid; among these, nanogrid is the dominant segment and holds the largest market share of 55 % due to the increased demand attributed to its utilization in the production and storage of energy within the buildings, the nanogrid enterprise represents a hastily developing sector within the renewable power enterprise, centered on supplying decentralized energy solutions to satisfy the evolving electricity needs of numerous applications.

Nanogrids are small-scale, localized power grids that integrate renewable electricity sources, electricity storage structures, and clever controls to deliver dependable and green power to precise locations. These innovative structures are gaining traction as they offer numerous blessings, consisting of extended electricity independence, decreased carbon emissions, superior resilience, and fee financial savings.

Type Analysis

The DC Nanogrid is the dominant segment and holds the largest segment because DC Nanogrid uses direct current to distribute strength.

Based on the type, the global nanogrid market is segmented into DC nanogrid and AC nanogrid; among these, the DC nanogrid section is anticipated to grow the fastest in the global nanogrid market during the forecast period and owns 59 % of the market share because DC nanogrids use direct current (DC) to distribute strength while AC nanogrids use alternating modern (AC).

DC nanogrids are usually more efficient than AC nanogrids, as they require less power conversion and feature lower transmission losses. They are also nicely suitable for packages that require a low voltage, together with lights and electronics, as the effectiveness of a DC nanogrid has been demonstrated to be higher than that of an AC nanogrid, which is attributed to a reduction in cable losses.

Function Analysis

The Energy Generation Segment holds the largest market share of the Nanogrid Market because of the falling cost of renewable electricity technologies.

Based on function, the global nanogrid market is segmented into energy generation and energy storage; among these, the energy generation segment is anticipated to hold the largest share of the global nanogrid market because of factors including government rules and policies selling the usage of renewable electricity, falling costs of renewable electricity technologies, and developing cognizance about the environmental impact of non-renewable power resources.

The energy generation phase of the nanogrid market consists of renewable and non-renewable strength resources. Renewable power resources, which include sun, wind, and hydropower, are getting increasingly popular due to their low environmental effect and cost-effectiveness. Non-renewable energy resources consisting of diesel generators are nonetheless utilized in certain programs where renewable electricity sources aren’t viable.

Energy Source Analysis

The Solar Segment Dominates the Global Nanogrid Market because Solar is Cost Effective.

Based on energy sources, the global nanogrid market consists of solar, wind, and other energy sources. Among these, the solar segment dominates the nanogrid market.

It consists share of 39% of the Nanogrid Market because nanogrids that use solar energy offer elevated strength, excellent power quality, and reliability, which is beneficial for residential, industrial, and commercial applications as solar power is a cost-effective supply of electricity and nanogrids that use solar energy strength can keep clean energy at an effective cost price.

Also, the sharply falling value of solar and wind energy is fueling the growing use of renewable strength at remote, off-grid websites and areas.

Application Analysis

Based on the application, the global nanogrid market consists of residential, commercial, industrial, and other applications. Among these, the residential segment holds the largest market because the residential segment of the nanogrid market is growing due to the increasing demand for reliable and low-priced electrical solutions.

Residential nanogrids are small-scale power systems that are designed to offer energy to homes or small communities. These structures usually include renewable power resources, which include solar panels or wind turbines, alongside strength storage solutions, including batteries, to ensure a constant delivery of energy.

The key benefits for the residential segment include decreased electricity prices, improved strength independence, and progressed environmental sustainability.

Key Market Segments

By Product

• Nanogrid
• Microgrid

By Type

• AC Nanogrid
• DC Nanogrid

By Function

• Energy Generation
• Energy Storage

By Energy Source

• Solar
• Wind
• Other Energy Sources

By Application

• Residential
• Commercial
• Industrial
• Other Application

Drivers

Energy resilience and security are the driving factors of the nanogrid market.

Nanogrids provide more desirable energy resilience and security via decreasing dependence on centralized strength grids. They provide localized electricity solutions that can be especially treasured in faraway or underserved regions in which grid infrastructure is insufficient or unreliable.

Nanogrids allow those areas to have a more reliable and resilient strength delivery, lowering the threat of energy outages and enhancing energy safety.

Technological Advancements

Advancements in the renewable electricity era, energy storage, and control systems are large drivers of the Nanogrid market. These technological improvements have improved the overall performance, efficiency, and affordability of Nanogrid additives.

For instance, the growing performance and decreasing prices of solar panels and electricity garage systems make Nanogrids extra economically feasible. Similarly, improvements in clever controls and strength management systems allow better monitoring, control, and optimization of Nanogrid operations, ensuring optimal energy usage and improved normal overall performance.

Restraints

Initial High Investment Cost May Hinder the Growth of Nanogrid Market

Nanogrids require sizable premature investment expenses, which can be a barrier to adoption, especially in developing international locations or far-off regions. This can make it tough for governments and personal traders to justify the initial funding expenses, which could sluggish the growth of the Nanogrid Market.

Nanogrids require normal preservation and monitoring to ensure they’re operating efficiently. In a few far-off regions, it can be tough to get entry to these systems, which can cause technical difficulties and upkeep challenges.

Opportunity

Advances in technology and the development and demand for new and innovative Nanogrid solutions are creating an opportunity for the Global Nanogrid Market.

Technological advancements are helping make nanogrids extra efficient, dependable, and price-powerful, and their adoption is in an extensive range of packages. With growing concerns about climate change and power security, there may be a growing demand for a power-efficient nanogrid.

Nanogrids offer a more green way of handing over strength to houses, corporations, and groups, as they may be designed to be more decentralized and can operate independently of the primary grid. This allows for more efficient use of energy and might help to reduce electricity charges.

In many components of the arena, the right entry to electricity is a main undertaking. Nanogrids provide reliable and low-cost strength in far-off or off-grid regions, supporting the enhancement of the quality of life for millions of human beings.

Trends

The Increasing use of Hybrid Nanogrid

A hybrid Nanogrid is a form of nanogrid that makes use of both AC and DC electricity assets to deliver the weight. A hybrid nanogrid system can cause sustainable improvement of electrical structures and help cutting-edge and destiny generations gain admission to the blessings of energy.

Hybrid nano grids can boost the strength performance of homes, resulting in financial savings and decreased carbon emissions, as the direct connection between all the additives of the hybrid nano grid topology permits immediate management implementation and instantaneous system expertise. Hybrid nanogrids are a brand new ray of hope for human beings residing in far-flung remote locations where electricity supply reliability is negative.

2023 Recession Analysis

Reduced Demand –  During the recession, individuals and organizations have also had to lessen their spending, leading to lower demand for Nanogrid products and services. Owing to the fluctuant renewable technology and energy demand, the strength surplus or deficit in each Nanogrid is embodied in another way throughout time. This may make it difficult for clients to depend on Nanogrids for a consistent energy supply. The recession has had a huge impact on the Nanogrid Industry.

Funding challenges – Nanogrid organizations may additionally face challenges in securing funding for their tasks as investors grow to be more chance-averse in the recession. Investors may also turn out to be more chance-averse, leading to a reduction in investment for Nanogrid tasks. High in advance fees: Nanogrids require huge premature funding, which may additionally make it hard for agencies to steady funding for their mission.

Regional Analysis

North America Holds Region Accounted Significant Share of the Global Nanogrid Market

North American market for nanogrid is estimated to maintain the biggest percentage over the forecast duration. It has the largest share of 61% of the Global Nanogrid Market. Several factors contribute to the region’s dominance, together with favorable government guidelines, robust renewable energy targets, and a focal point on grid resilience.

The United States and Canada, mainly, have seen giant growth inside the Nanogrid Market. The vicinity’s big landmass, various climate situations, and remote communities create a want for decentralized energy answers. Nanogrids provide dependable energy, get entry to off-grid regions, enhance electricity resilience, and integrate renewable electricity resources.

Moreover, supportive rules, which include internet metering, tax incentives, and offers, inspire the adoption of nanogrids in residential, industrial, and commercial sectors.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Eaton Corporation, Power Generation Services, Moixa Technology, Odyne Systems, Sunverge Energy Inc., Robert Bosch GmbH, and Eaton Corporation are some of the leading players in the nanogrid market who are involved with the development, production, and marketing of nanogrid systems.

The market is highly competitive, and the key players have their business models and approaches to enter the market. Manufacturers can maintain their competitive edge by improving extraction efficiency or developing new applications.

Top Key Players

• Eaton Corporation
• Siemens
• Power Generation Services
• Moixa Technology
• Odyne Systems
• Sunverge Energy Inc.
• Robert Bosch GmbH
• Greensmith Energy Management Systems
• Eaton Corporation
• Emerson Network Power
• Flexenclosure AB
• Ideal Power Inc
• Sol Lux Alpha
• Other Key Players

Recent Development

In March 2023: Mobile Nanogrids Can Provide Electricity, Clean Water During a Disaster. A single Nanogrid from Sesame Solar can power up to six homes.

In June 2022: Sesame Solar Opens With ‘World’s First 100% Renewable Mobile Nanogrids’

In April 2021, Purdue House will run entirely on DC power. Solar panels, batteries, or local utilities can power an efficient nano-grid.

Report Scope