As per the research by Market research Future (MRFR), the global Microgrid as a Service Market is estimated to attain a value of USD 2201 Mn at a CAGR of 16% during the review period from 2016 to 2022. The global microgrid as a Service market was valued at USD 772 Mn in 2015. Rising cases of widespread power outages due to natural calamities and traditional old grid structures have led to an urgent requirement to improve energy output is driving the global microgrid as a service market 2020.
Microgrid as a Service proposes the benefits of excellent scalability and monitoring at an affordable rate. Robust industrialization across the world, particularly in developing economies has led to the requirement for a continuous flow of electricity which has ahead generated greater demand for Microgrid as a Service. Furthermore, the adoption of eradicates the need to incur upfront expenses which bodes well for the market in price-sensitive markets. Microgrid as a Service acts as a perfect solution for customers who are inclined in pocket-friendly, reliable services. Persistent technological developments in the field of microgrids have also participated in the expansion of the market. Other factors affecting the expansion of the market comprise of an uptick in consumer demand generating out of bad weather conditions, lessened price of distributed production, and state incentive programs. Even though Microgrid as a Service has entered the mainstream, its robust distribution and integration are still met by obstacles related to technical restrictions and management issues.
Key Players in microgrid as a service market
The distinguished competitors in the worldwide microgrid as a service market include General Electric (U.S.), Siemens AG (Germany), Exelon Corp. (U.S.), Schneider Electric SE (France), Northern Power Systems Corp. (U.S.), Spirae, Inc. (U.S.), NRG Energy, Inc. (U.S.), Eaton Corp. PLC (Ireland), ABB Ltd. (Switzerland), and Duke Energy Corporation (U.S.).
Microgrid as a Service Market Segmentation
The MaaS market can be segregated on the basis of industry, service type, grid type, and region.
On the basis of industry, the global Microgrid as a Service market has been divided into Military, Utility and Manufacturing, Residential & Commercial.
On the basis of service type, the global microgrid as a Service market has been classified into Monitoring & Control Service, Service, and Operation & Maintenance Service.
On the basis of grid type, the global microgrid as a Service market has been classified into remote/Islanded and Grid-connected.
On the basis of region, the global Microgrid as a Service market has been classified into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
Global Microgrid as a Service Market Regional Analysis
On the basis of geography, the global Microgrid as a Service market has been classified into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
The Asia Pacific acquires the maximum microgrid as a Service market share. There has been a rise in demand for power owing to robust industrialization, higher penetration of automation across several verticals in the region. Moreover, the initiatives taken by the government towards the electrification of rural areas in emerging economies such as China, India, and Japan produce a great demand for microgrid as a service market. Furthermore, increasing demand for renewable energy sources is another act as another important factor that aids in the expansion of the market.
North America is a potent market for microgrid as a service market which is estimated to witness notable growth during the assessment period. Continuous advancement in the power sector in the region can be accredited for the expansion of the market. The United States Department of Energy motivates the adoption of a microgrid which has led to increased adoption of the microgrid as a service market in several governments as well as in private organizations.
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