Press release
Microgrid-As-A-Service Market Trends, Top Companies, Share, Growth And Forecast 2033
Microgrid-As-A-Service Market
The microgrid-as-a-service market size is expected to see rapid growth in the next few years. It will grow to $4.19 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to transition to smart grids, rising demand for distributed energy resources, increasing adoption of electric vehicles, focus on sustainability and carbon reduction, growth in industrial and commercial sectors. Major trends in the forecast period include integration of artificial intelligence in microgrid management, rise of energy-as-a-service models, development of blockchain in energy transactions, emergence of community microgrids, increased use of microgrids in critical infrastructure resilience planning.
Market Overview -
Microgrid-as-a-Service (MaaS) is a financing mechanism that enables organizations to deploy microgrids without any upfront investment. MaaS providers arrange the financing, operation, and maintenance of the microgrid, removing the financial risk and complexity and enabling more microgrids to become a reality. The microgrid-as-a-service model reduces complexity and financial risk, allowing more microgrids to be built.
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Microgrid-As-A-Service Market Surges With Rising Electricity Demand
The surge in electricity consumption is expected to propel the growth of the microgrid-as-a-service market going forward. Electricity is an electrical current sent through lines and used for heating, lighting, and powering machinery. A surge in electricity consumption is expanding the microgrid-as-a-service by reducing long-term energy expenditures, upgrading essential energy infrastructure without costing money, and enhancing energy dependability. For instance, in April 2023, according to the Energy Information Administration, a US-based primary federal statistical system organization, the overall electricity end-use utilization in the United States in 2022 was around 2.6% higher than in 2021. Similarly, in 2022, industrial sector retail electricity sales increased by roughly 0.7% from 2021. Therefore, the surge in electricity consumption is driving the microgrid-as-a-service market.
Competitive Landscape -
Major companies operating in the microgrid-as-a-service market report are Siemens AG, General Electric Company, Caterpillar Inc., Schneider Electric SE, NRG Energy Inc., ABB Ltd., Duke Energy Corp, NextEra Energy Inc., Eaton Corporation plc, Emerson Electric Co., Exelon Corporation, Tech Mahindra Ltd., Aggreko PLC, Solarcity Corporation, Canopy Power Pte Ltd., VECKTA Corporation, Green Energy Corp, Capstone Green Energy Corp, Bboxx Ltd., Northern Power Systems Inc., Pareto Energy Ltd., Honeywell International Inc., AIO Systems Ltd., Primus Power Corp, Spirae Inc., EnSync Energy Inc., LO3 Energy Inc., Metco Engineering Inc., Husk Power Systems Pvt Ltd., Anbaric Development Partners LLC
Technological Advancements Transforming The Microgrid-As-A-Service Landscape
Technological advancements are a key trend gaining recognition in the microgrid-as-a-service market. Major companies operating in the microgrid-as-a-service market are concentrating on creating revolutionary products to improve their market share. For instance, in January 2021, Schneider Electric SE, a France-based microgrid-as-a-service solutions and management company, launched EcoStruxure Microgrid Solution. EcoStruxure Microgrid Solution is a one-stop solution that enables the simple integration of distributed energy resources (DERs) across facilities such as industrial and commercial structures, healthcare establishments, and colleges and universities, providing businesses with increased energy resiliency, reduced utility bills, and a lower environmental impact. It has been developed to assist enterprises in managing the increased grid intricacy that has resulted from the surge in DERs. The notable characteristics are control of grid connections, off-grid mode preparation, and demand fee reduction.
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Key Segments -
The microgrid-as-a-service market covered in this report is segmented -
1) By Service Type: Engineering And Design Service, Software As A Service, Monitoring And Control Services, Operation And Maintenance Services
2) By Grid Type: Remote Or Islanded Type, Grid-Connected Type
3) By Vertical: Utility, Residential And Commercial, Military, Industrial, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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