The Global Microgrid-as-a-Service Market is expected to foresee significant growth. APAC to lead the growth!

A microgrid is considered as a self-contained network of electricity that allows the generation and flow of electricity. The microgrid could be operated while connected through the utility grid or disconnected island mode. The microgrid could connect, control, and monitor the distributed energy resource while enhancing performance. In recent years, the microgrid-as-a-service market has witnessed significant demand due to the increasing demand for electricity and its ability to optimize energy expenses by reducing operational costs, storage costs, and selling back to the grid during the peak hour of demand. Additionally, the incorporation of greener operations such as on-site renewable energy including solar, and wind is expected to support the market growth for the microgrid-as-a-service market.

The Microgrid-as-a-Service Market is expected to grow at a steady rate of around 15% during the forecast period (2022-2028) owing to the increasing demand from hospitals, universities, and smaller industries coupled with the increasing investment in the energy distribution infrastructure. Major companies in the market are focusing on investment and merger & acquisition to provide the optimized solution. For instance, in June 2019, Saft acquired the microgrid startup Go Electric to strengthen its commercial microgrid segment in the market.

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Based on type, the market is segmented into grid-connected microgrids and islanded microgrids. The islanded or remote microgrids segment is expected to witness a significant CAGR during the forecast period owing to its real-time simulation technology. The islanded microgrids are the collection of microgrids where it is disconnected from the central utility and remain energize and continuously supply the local loads. In an islanded microgrid, the microgrid is responsible for power sharing, balancing, and voltage control.

Based on service, the market is categorized into engineering & design, system operation & maintenance, monitoring & optimization, and software-as-a-service. The software-as-a-service segment is expected to register significant growth during the forecast period due to its better quality, improved grid resiliency, and greater ability to add sustainable power sources at affordable cost and easier maintenance. Also, the software-as-a-service is offering better controllability for smaller power operation locations as well such as universities, municipalities, and industrial & commercial industries.

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For a better understanding of the market adoption of the microgrid-as-a-service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing resilient and uninterrupted electricity demand coupled with the growing electrification rate. Also, the government support for the expansion of the utility-based grid and reduction in the carbon footprint along with the surging investment in renewable energy and green energy is expected to boost the demand in the region. Also, to support the microgrid-as-a-service government provides tax incentives and feed-in tariffs to attract higher investment. Additionally, the increasing population, aging power supply infrastructure, and lack of electricity in the remote area of the region coupled with rapid urbanization and industrialization will require additional infrastructure and leads the microgrid development in the continent.

Some of the major players operating in the market include ABB Ltd., Siemens AG, General Electric, Eaton Corporation Plc, Green Energy Corporation, Schneider Electric SE, ENGIE, Tech Mahindra, AIO Systems Ltd., and Metco Engineering.

Global Microgrid-as-a-Service Market Segmentation

Market Insight, by Type

• Grid-Connected Microgrid
• Islanded Microgrid

Market Insight, by Service

• Engineering & Design
• System Operation & Maintenance
• Monitoring & Optimization
• Software-as-a-Service

Market Insight, by Application

• Industrial
• Residential
• Commercial

Market Insight, by Region

• North America
• The United States
  • Canada
  • Rest of North America
• Europe
• Germany
• The United Kingdom
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• ABB Ltd.
• Siemens AG
• General Electric
• Eaton Corporation Plc
• Green Energy Corporation
• Schneider Electric SE
• ENGIE
• Tech Mahindra
• AIO Systems Ltd.
• Metco Engineering