Microgrid as a Service Market Scenario:
The Microgrid As A Service Market is projected to garner 16% CAGR during the forecast period
the global Microgrid as a Service Industry has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). with increasing demand for reliable energy solutions and rising technological advancements in the domain, the market growth for microgrid as a service is gaining momentum, globally. A microgrid is an energy system which poses as a portable version of traditional power grid systems. Microgrids function independently, as well as, in conjugation with local Distributed Energy Resources (DER). Microgrids aid in better distribution of energy and boosting the power of the main grid system during intervals of peak demand
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Microgrid as a Service Market Segmental Analysis
According to the latest report by Market Research Future (MRFR), the global market for microgrid as a service has been segmented on the basis of grid type, service type, industry, and region. On the basis of grid type, the global market for microgrid as a service has been segmented into grid connected and remote/islanded. Based on service type, the market has been segmented into software as a service, monitoring & control service, and operation & maintenance service. By industry, the global market for microgrid as a service market has been segmented into manufacturing, residential & commercial, military, and utility.
The segment of remote grid is expected to garner healthy growth because of its aid in better management of distributed energy and control. Whereas, among different service types, the segment of software as service is projected to witness prospective growth due to single point of accessibility of the microgrid owners, reducing the risk of project failures.
Microgrid as a Service Market Key Players
Some of the prominent players in the microgrid as a service market include Eaton Corp. PLC (Ireland), General Electric (The U.S.), Schneider Electric SE (France), Siemens AG (Germany), Duke Energy Corporation (The U.S.), ABB Ltd. (Switzerland), Northern Power Systems Corp. (The U.S.), and NRG Energy Inc. (The U.S.).
Microgrid as a Service Market Industry Updates
11th February 2019: ABB Ltd. plans to boost energy storage and microgrid installations with a $113 million fund from Susi Partners. ABB Ltd. shall focus on behind-the-meter and end-of-utility line applications in the United States, Europe and Australia.
4th February 2019: WorleyParsons plans to install a direct current (DC) microgrid in the University of Toronto in Ontario, Canada. This system will be used in conjunction with the university’s research in energy management software for electric vehicle charging.
Microgrid as a Service Market Competitive Analysis
The global market is expected to witness accelerated growth due to rapid industrialization, rising government encouragement in adoption of MaaS technology, rising adoption of energy storage devices, and increasing adoption of renewable energy in the power generation mix. However, the MaaS market is expected to encounter some hinderance in growth due to lack of proper training and awareness among the end users regarding the benefits of MaaS. Moreover, complexities in the design and planning of advanced microgrid systems are projected to stunt the market growth further.
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Microgrid as a Service Market Detailed Regional Analysis
The global market for microgrid as a service has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Asia Pacific (APAC) is projected to lead the microgrid as a service market. Increased demand in the region can be attributed to rapid industrialization and high penetration of automation in the industries. In addition, increasing rural electrification programs in developing countries such as India, China, and Japan are driving further growth to the microgrid as a service market.
North America is also estimated to garner major growth in the microgrid as a service market due to rising production rates, spurt in the demand for high quality power, and safer industrial operations. Moreover, encouragement from The United States Department of Energy to develop and deploy microgrids is propelling growth in microgrid as a service market in the region. Europe is expected to register healthy market growth owing to the factors of increasing requirement of improved electricity infrastructure and government initiatives for renewable energy.
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