DC Microgrid Market Analysis

Connectivity (Grid Connected, Off Grid)

Grid connected segment is anticipated to dominate around 75.1% DC microgrid market share by the end of 2037. Grid connected means the renewable energy source such as the solar system is associated with the local utility’s grid. This connectivity is often employed by the residential sector where solar panels produce varying energy (over or low), where the utility system acts as an effective battery space. The grid-connected DC microgrids also reduce the need for conversion, which leads to low energy losses and high system efficiency. Furthermore, as the need for renewable energy generation increases, the demand for grid-connected systems that can seamlessly connect to and manage these sources rises.

Storage Device (Lithium-ion, Lead Acid, Flow Battery, Flywheels, Others)

Flow battery segment in the DC microgrid market is set to observe more than 23.5% growth through 2037. The growing deployment of high-efficiency power generation sources such as solar and wind drives a high need for energy storage systems to address intermittency. DC microgrid flow batteries are effective in storing and dispatching energy, which highlights them as a reliable and grid stable energy storage system for high-efficiency power generation sources. Ongoing technological advancements are enhancing the performance of DC microgrid flow batteries and leading to cost reduction due to scalability, modularity, and lower maintenance.

Vanadium redox flow batteries are one of the most employed flow batteries owing to their high performance. For instance, in October 2023, i-Battery Energy Technology Co., Ltd announced the launch of its first next-gen Vanadium Redox Flow battery production line in Suzhou, China. The growing popularity of vanadium redox flow batteries is expected to aid this company in earning more through the launch.

Our in-depth analysis of the global DC microgrid market includes the following segments: