Emphasis on Type (Grid-Connected Microgrids and Islanded Microgrids); Service (Engineering & Design, System Operation & Maintenance, Monitoring & Optimization, and Software-as-a-Service); Application (Industrial, Residential, and Commercial); and Region/Country
Global Microgrid-as-a-Service Market is expected to grow at a significant rate of around 15% during the forecast period. 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. The microgrid is able to co-locate electricity generation & consumption and for electricity generation, the microgrid uses renewable energy resources and a diesel generator as a backup combination. 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.
ABB Ltd., Siemens AG, General Electric, Eaton Corporation Plc, Green Energy Corporation, Schneider Electric SE, ENGIE, Tech Mahindra, AIO Systems Ltd., and Metco Engineering are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, islanded microgrid-as-a-services category to witness higher CAGR during the forecast period”
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. As a voltage controller, it provides advantages over grid-connected microgrids such as ensuring the same load according to their rating and ensuring the availability of power from the energy source.
“Amongst service, the 4WD to hold a significant share in the market in 2020”
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. Moreover, increasing investment, technological advancement, and new product launches are expected to propel the market. For instance, Siemens launches a remotely hosted spectrum powerTM MGMS (Microgrid Management System) which offers control distribution of energy and is integrated with weather and load forecasting.
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific held a significant share of the global microgrid-as-a-service market. 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.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Microgrid-as-a-service Market
6. Global Microgrid-as-a-service Market Revenue (usd Bn), 2020-2028f
7. Market Insights By Type
8. Market Insights By Service
9. Market Insights By Application
10. Market Insights By Region
11. Microgrid-as-a-service Market Dynamics
12. Microgrid-as-a-service Market Opportunities
13. Microgrid-as-a-service Market Trends & Insights
14. Demand And Supply Side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Microgrid-as-a-Service Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global microgrid-as-a-service market were the three major steps undertaken to create and analyze the adoption of microgrid-as-a-services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global microgrid-as-a-service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the microgrid-as-a-service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the microgrid-as-a-service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, service, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the microgrid-as-a-service market. Further, we conducted factor analysis using dependent and independent variables such as various types, services, and applications of microgrid-as-a-services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the microgrid-as-a-service market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global microgrid-as-a-service market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global microgrid-as-a-service market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, service, and application in the global microgrid-as-a-service market.
The main objective of the Global Microgrid-as-a-Service Market Study
The current & future market trends of the global microgrid-as-a-service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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