How Has The Microgrid-As-A-Service Market Size Evolved In Recent Years?
The microgrid-as-a-service market has seen considerable growth due to a variety of factors.
•In recent times, the size of the microgrid-as-a-service market has been expanding rapidly. It is projected to increase from a worth of $2.41 billion in 2024 to about $2.73 billion in 2025, boasting a compound annual growth rate (CAGR) of 13.4%.
This surge in the previous period can be ascribed to escalated energy requirements, concerns about grid reliability, increased emphasis on renewable energy, governmental schemes and incentives, along with a proliferating demand for energy resilience.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Microgrid-As-A-Service Market?
The microgrid-as-a-service market is expected to maintain its strong growth trajectory in upcoming years.
• A significant surge is predicted in the size of the microgrid-as-a-service market over the ensuing years, with an anticipated worth of $4.89 billion by 2029, advancing at a 15.7% compound annual growth rate (CAGR).
The progression during the projected time frame is ascribed to the shift towards smart grids, escalating demand for distributed energy sources, escalating electric vehicles adoption, emphasis on sustainability and carbon reduction, and expansion in industrial and commercial sectors. The forecasted period will witness prominent trends such as the incorporation of artificial intelligence into microgrid administration, the growth of energy-as-a-service models, the evolution of blockchain in energy transactions, establishment of community microgrids, and the heightened use of microgrids in the planning of crucial infrastructure resilience.
Which Drivers Are Accelerating Growth In The Microgrid-As-A-Service Market?
The anticipated uptick in electricity usage is predicted to stimulate growth in the microgrid-as-a-service market. Electricity, a power current delivered through lines for applications like heating, lighting, and powering machinery, is contributing to the expansion of the microgrid-as-a-service market by cutting down on long-term energy costs, modernizing critical energy infrastructure without added expense, and improving energy reliability. For instance, statistics from the Energy Information Administration, a leading federal statistical organization based in the US, reveal that total end-use electricity consumption in the US in 2022 was about 2.6% higher than in 2021. Similarly, retail electricity sales in the industrial sector in 2022 saw a roughly 0.7% rise from 2021. As a result, the uptick in electricity usage is propelling the microgrid-as-a-service market.
What Are The Core Segments Of The Global Microgrid-As-A-Service Market?
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
Subsegments:
1) By Engineering And Design Service: System Design And Planning, Feasibility Studies, Customization Services
2) By Software As A Service (SaaS): Energy Management Software, Data Analytics Platforms, Integration Solutions
3) By Monitoring And Control Services: Real-Time Monitoring, Performance Optimization, Remote Control Services
4) By Operation And Maintenance Services: Routine Maintenance, Troubleshooting And Repairs, Performance Audits
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Which Emerging Trends Are Reshaping The Microgrid-As-A-Service Market Size?
Leading companies in the microgrid as a service market are focusing on the development of pioneering products to extend their market presence. The surge in demand for eco-friendly energy answers and the necessity for more durable energy structures amidst climate change propels this innovation-forward strategy. For example, in April 2023, Schneider Electric, a global corporation based in France, joined forces with GreenYellow, also a French company. Their mutual aim is to produce avant-garde commercial and industrial microgrid solutions throughout Europe. This cooperative effort aims to boost energy management and sustainability in businesses by capitalizing on Schneider Electric's proficiency in energy management and automation and GreenYellow's competence in renewable energy solutions. The plan is to bring together these strengths and provide comprehensive microgrid systems that can better energy efficiency, cut down operating expenses, and aid in the shift towards renewable energy resources.
Who Are the Key Players in the Microgrid-As-A-Service Market?
Major companies operating in the microgrid-as-a-service market include:
• 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
What are the Regional Insights into the Microgrid-As-A-Service Market?
North America was the largest region in the microgrid-as-a-service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microgrid-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
