Microgrid as a Service Market Size To Expand at a Notable CAGR Of 17.27% During 2023 - 2032

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Microgrid as a Service Market.

Overview:

To address the problems associated with power resiliency, alternative energy options such as advanced microgrids are being considered. Microgrids are a distribution network of distributed energy resources (DER) that is capable of islanding regardless of being connected to a traditional utility power grid. Microgrid-as-a-Service (MaaS) or reliability-as-a-service is a new business model which can be used in generating and conserving energy without financial strain. They are a good source of income for consumers owing to its ensured reliability and resilience.

As per the analysis of Market research Future (MRFR), the global Microgrid as a Service (MaaS) market is expected to reach a valuation of USD 7.550136988 Billion at a CAGR of 17.27% over the forecast period of 2023-2032. The global microgrid as a Service market was valued at USD 2.11086 billion in 2023.

Surging cases of widespread power outages caused by natural calamities and aging grid structures have resulted in a pressing need to improve energy output. MaaS offers the advantages of dynamic monitoring and scalability at an affordable rate. Rapid industrialization across the globe, especially in the emerging economies has resulted in the need for an uninterrupted flow of electricity which has further induced greater demand for MaaS. Moreover, the adoption of MaaS eliminates the need to incur upfront costs which bodes well for the market in price sensitive market. MaaS acts as an ideal solution for consumers who are more interested in low-cost, reliable services. Continuous technological advancement in the field of microgrids has also contributed to the growth of the market. Other factors driving the growth of the market include an uptick in consumer demand arising out of severe weather fluctuations, reduction in the price of distributed generation, and state incentive programs. Even though MaaS has entered the mainstream, its rapid dissemination and implementation are still met by challenges related to management struggles, and technical constraints. Segmentation

The global Microgrid as a Service market has been segmented based on grid type, service type, and industry.

By grid type, the global microgrid as a Service market has been segmented into Grid connected and remote/Islanded.

By service type, the global microgrid as a Service market has been segmented into Service, Monitoring & Control Service, and Operation & Maintenance Service.

By industry, the global Microgrid as a Service market has been segmented into Manufacturing, Residential & Commercial, Military, and Utility.

Regional Analysis

By region, the global Microgrid as a Service market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).

APAC is leading the global microgrid as a Service market. Increased demand for power due to rapid industrialization, high penetration of automation across industries in the region. In addition, government initiatives towards the electrification of rural areas in developing countries such as India, China, and Japan generate massive demand for MaaS. Additionally, increasing demand for renewable energy sources acts as a plus for the growth of the market.

North America is a significant market for MaaS which is likely to exhibit substantial growth over the forecast period. Persistent development in the power sector in the region can be credited for the growth of the market. The United States Department of Energy encourages the adoption of microgrid which has resulted in increased adoption of MaaS in various government as well as private projects.

Competitive Landscape

The notable players in the global microgrid as a service market include General Electric (U.S.), Exelon Corp. (U.S.), Eaton Corp. PLC (Ireland), Northern Power Systems Corp. (U.S.), Spirae, Inc. (U.S.), NRG Energy, Inc. (U.S.), Schneider Electric SE (France), ABB Ltd. (Switzerland), Siemens AG (Germany), and Duke Energy Corporation (U.S.).