Dublin, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The "Microgrid as a Service (MaaS) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The microgrid as a service (MaaS) market is projected to grow at a CAGR of 17.91% to reach US$2,574.636 million by 2026, from US$812.571 million in 2019.
A microgrid is a small-scale power system that may function independently of a location's major electrical grid. A microgrid may also be utilized in combination with the main grid, which opens up a slew of new possibilities and opportunities. Small-scale and localized stations can run on their own source of energy and content generating and distribution equipment as long as they follow the regulations set out by the government of the region. A microgrid's principal purpose is to serve as a backup for structures or industries in the event that the primary grid fails, or when the primary grid cannot deliver enough power during peak hours.
Microgrids can also be utilized to reduce an establishment's total power usage from the major electrical grid. This is aided by the fact that microgrids may function on a variety of energy sources, including renewables. Microgrids on a wide scale, managed and controlled by microgrid as a service company can allow businesses across a vast region to minimize their usage of traditional power sources while ramping up their use of renewable energy.
At the same time, most microgrids are modular in structure, allowing them to reduce the likelihood of the primary grid failing altogether in the case of a catastrophic disaster. These modular microgrids may also be updated over time to include more efficient and sustainable power sources, according to MaaS plans. The expanding number of data centers being built as a result of the digital economy's increased penetration, as well as the growing number of urban centers and linked machines, has increased the demands on the aging power grid systems. As a result, the development of microgrids is rising in order to minimize the strain on grid infrastructure and allow for more effective power management, which is boosting the microgrid as a service market.
The Asia Pacific is expected to dominate the top regional microgrid as a service (MaaS) market, riding on the desperate need for energy with a stable, steady, and uninterrupted supply. Furthermore, there is a significant amount of investment made on a regular basis to appropriately maintain microgrid systems. As a consequence, the Asia Pacific MaaS market is expected to grow at a rapid rate throughout the projected period. The impressive pace of power consumption, as well as the use of MaaS in industrial sectors and rural electrification, are projected to provide further opportunities.
Market participants may anticipate profit from important prospects in Asia Pacific's emerging areas, which are seeing significant growth in the power infrastructure and industrial sectors. Furthermore, during the projection period, the North American area is estimated to increase at a significant rate. The United States is the world's largest market for microgrids as a service. The market in the United States is continuously changing and evolving, particularly in the electricity supply sector. Microgrids are rapidly being used for a variety of government projects, as well as the commercial sector and institutions. The growing number of successful microgrid installations not only demonstrates the advantages of microgrids over traditional grid systems but also lowers the danger of unplanned power outages.
Growth Factors
Increasing investments in microgrid infrastructure to fuel the market growth
One of the major reasons for the growth of the microgrid as a service market is growing investments in the microgrid infrastructure. The global microgrid as a service (MaaS) market is expected to grow during the forecast period, as the demand for increased resilience prompts large government expenditures in microgrid infrastructure. Remote communities, colleges, and hospitals that want to take advantage of the unrivaled benefits of microgrid infrastructure may increase the need for dependable MaaS.
Furthermore, MaaS end customers are not needed to make large upfront investments, which may help the worldwide industry develop even faster. Operating expenses can be significantly reduced by using a microgrid system. This might persuade most market segments to embrace MaaS. Due to characteristics such as fuel independence, grid resiliency, higher and more reliable power supply quality, and affordable energy expenditure, microgrid technology might be widely implemented. Moreover, the global microgrid as a service (MaaS) market is expected to rise in parallel with the software as a service (SaaS) sector, which aids in the development of more cost-effective, dependable, and secure microgrid systems.
Restraints
Lack of awareness among end-user and the structure complexity is expected to hinder the market growth
A major restraint in the growth of the microgrid as a service (MaaS) market is the lack of awareness among end-users and the growing structure complexity. The micro-grid as a service (MaaS) market is expected to be hampered by the complexity of planning and designing, as well as a lack of public awareness throughout the forecast period. Micro-grid has been regarded as having a complicated design from its start.
Sensors, encoders, communication systems, controllers, motors, resolvers, mechanical structures, and many more components combine to form a complicated system. The automated process is controlled by a programmable logic controller (PLC) system with 1000-5000 lines of ladder logic, six-axis motion controllers, and a DC drive system. Other constraints, such as the strict laws, regulations, and standards governing microgrids, as well as the rising acceptance of customer-owned microgrids, are also impeding the market's adoption of Microgrid as a Service (MaaS).
Impact of COVID-19 on the Microgrid as a Service (MaaS) Market
The COVID-19 pandemic has had a wide range of unintended consequences on the global economy. A significant reduction in demand (and associated price) for oil was one of the most apparent effects on the energy industry, aside from a shock to business as usual that reverberated across the global economy. There are short- and long-term implications, but despite a severe global crisis, discernible evidence leads to overall double-digit growth in microgrid as a service.
However, unequal impacts on different market sectors and the acceptability of various distributed energy resources (DER) solutions will define that expansion. Furthermore, while project delays in 2020 are expected to stretch into 2021, the longer-term outlook for microgrid as a service is likely to gain from COVID-19. Climate change (and the associated extreme weather), wildfires, and rising terrorist assaults on public infrastructure are among the expanding list of worldwide disruptions to business as usual.
Key Topics Covered:
1. Introduction
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Microgrid as a Service (MaaS) Market Analysis, by Grid Type
5.1. Introduction
5.2. Grid Connected
5.3. Remote/Islanded
6. Microgrid as a Service (MaaS) Market Analysis, by Service Type
6.1. Introduction
6.2. Software as a Service (SaaS)
6.3. Engineering & Design
6.4. Monitoring & Control
6.5. Operation & Maintenance
7. Microgrid as a Service (MaaS) Market Analysis, by End-User Industry
7.1. Introduction
7.2. Industrial
7.3. Residential & Commercial
7.4. Defense
7.5. Government
7.6. Utility
8. Microgrid as a Service (MaaS) Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. UK
8.4.4. Italy
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. South Africa
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. India
8.6.3. Japan
8.6.4. South Korea
8.6.5. Taiwan
8.6.6. Thailand
8.6.7. Indonesia
8.6.8. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Tesla, Inc.
10.2. ABB Ltd.
10.3. Schneider Electric SE
10.4. Siemens AG
10.5. Green Energy Corporation
10.6. Eaton Corporation Inc.
10.7. Spirae, Inc.
10.8. Aggreko PLC
10.9. General Electric Company
10.10. Pareto Energy
For more information about this report visit https://www.researchandmarkets.com/r/7bybn0
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