NEW YORK, Nov. 29, 2023 /PRNewswire-PRWeb/ — The microgrid as a service market size is expected to grow by USD 6.32 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 14.53% during the forecast period. The market is segmented by Service Type (Software as a service, Monitoring and control services, and Engineering and design services ), Type (Remote, Grid-connected, and Networked ), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The growing demand for microgrids drives growth. Developed countries have well-established power infrastructure. However, these countries face power outages due to aging infrastructure. Developing regions such as Asia and Africa suffer from low electrification rates. Most of the developed and developing regions use traditional systems that follow a hierarchical power structure. The power is generated at a central location and then sent through the transmission line to substations, distribution lines, and finally to the end-users. Any problem in one part of the transmission system can have a domino effect on the overall system, which affects the reliability of the grid. To overcome such challenges, developed and developing countries are adopting microgrids. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the microgrid as a service market: ABB Ltd., Aggreko Plc, AIO Systems Ltd., Anbaric Development Partners LLC, Canopy Power, Capstone Green Energy Corp., Duke Energy Corp., Eaton Corp. Plc, Emerson Electric Co., Enchanted Rock LLC, ENGIE SA, General Electric Co., General MicroGrids, Metco Engineering, NRG Energy Inc., Pareto Energy, Schneider Electric SE, Siemens AG, Spirae LLC, Tech Mahindra Ltd., and Tesla Inc.
- Microgrid as a Service Market is fragmented in nature.
- Market to observe 13.04% YOY growth in 2023.
Market Dynamics:
Trend
- Rapid advances in technology are identified as the key trend.
- Vendors in the market are adopting advanced technologies in the energy generation process.
- This is leading to the development of flexible and scalable microgrids.
- For instance, in February 2020, Canopy Power launched the latest version of its Hornbill technology platform for monitoring and managing remote microgrid systems in Singapore.
Challenge
- Reluctance in the adoption of microgrid technology challenges market growth.
- The decline in the cost of renewables and energy storage technologies is led by a continuous increase in the adoption of energy storage technologies.
- The operation of microgrids is different from that of the traditional business model of electricity generation.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The market growth in the software as a service (SaaS) segment will be significant over the forecast period. The use of SaaS solutions results in a safer, more reliable, and power-efficient microgrid system. It allows microgrid owners to have a single point of accountability and reduced risk of project delays and failures. This makes the management of software easier for microgrid users such as universities, companies, manufacturers, communities, and utilities. Such benefits drive the growth of the software as a service segment during the forecast period. Get a glance at the market contribution of the segments, Request a Sample Report
Related Reports:
The energy storage market for microgrids is estimated to grow at a CAGR of 18.9% between 2022 and 2027. The size of the market is forecast to increase by USD 1,361.05 million.
Microgrid Market size is estimated to grow by USD 25,623.76 million between 2022 and 2027, accelerating at a CAGR of 13.6% during the forecast period.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Service Type
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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