New York, May 16, 2023 (GLOBE NEWSWIRE) -- The Microgrid as a Service Market revenue was estimated at US$ 2.4 billion in 2022 and is anticipated to surge at a CAGR of 11.1% from 2022 to 2032, according to a recently published Persistence Market Research (PMR) report.
By the end of 2032, microgrid as a service industry is expected to reach a valuation of US$ 7 billion. Software as a service in microgrid service dominated with a CAGR of 14.0% from 2017 to 2021.
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Investment in Renewable Sources to Drive the Microgrid as a Service Market
A microgrid is a compact energy system that works both independently and in conjunction with a larger power grid. It is made up of distributed energy resources (DERs) such as solar panels, wind turbines, batteries, and generators. It can also integrate with intelligent control systems that optimize energy generation and consumption.
Microgrids are designed to provide consistent, resilient, and cost-effective energy to a specific geographic area. A university campus, military installation, or industrial park are examples of these. They have the potential to boost energy efficiency and security while also lowering greenhouse gas emissions.
The market for microgrid as a service is likely to grow for a variety of reasons. Increased interest in renewable energy sources such as solar and wind power as a means of decreasing carbon emissions and addressing climate change is one such crucial reason.
As microgrids can be used to integrate various sources into the electrical mix, they are an attractive solution for organisations looking to reduce their carbon footprint.
Microgrids offer backup power during outages and other situations, giving them a dependable energy source for vital facilities such as hospitals, data centers, and military sites. Microgrids provide a decentralized approach to power generation and delivery, increasing energy security and lowering the danger of centralized grid failures.
The key players include Northern Power Systems Corp., Pareto Energy, Anbaric Transmission, Siemens AG, Eaton Corp. PLC, Spirae, General Electric, ABB Ltd, Aggreko, Caterpillar Inc., Schneider Electric.
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Key Takeaways from the Microgrid as a Service Market Report:
- Global demand for microgrid as a service is projected to increase at 11.1% CAGR from 2022 to 2032.
- Based on grid type, remote/islanded segment is forecast to exhibit a CAGR of 11% through 2032.
- By service type, software as a service (SaaS) segment is expected to progress at 10.9% CAGR during the next ten years.
- The United States microgrid as a service market size is anticipated to reach US$ 1 billion by 2032.
- Demand in China is likely to surge at 12.6% CAGR during 2022 and 2032.
- UK is expected to exceed a valuation of US$ 169.6 million by 2032.
“Increasing requirement for renewable energy is anticipated to be the primary cause for growth across several countries and sectors. Governments now offer incentives to companies that operate microgrids within their regulatory framework to push sustainable infrastructure, presenting significant scope for growth.” – says a lead analyst at Persistence Market Research (PMR)
Competitive Analysis:
The market players are investing heavily in expanding their presence and product portfolios around the world. The companies are likewise focusing on partnerships and collaborations to augment their market positions.
For instance:
In November 2019, Siemens announced a partnership with Juwi. Both companies aim to focus on the mining industry microgrids. These firms are planning to roll out and continuously develop superior microgrid control systems. These allow seamless integration of renewable energy power to a mine's off-grid power supply.
In April 2019, Rolls-Royce Power Systems collaborated with ABB to enhance microgrid technologies and sophisticated automation. Both companies aim to offer an energy-efficient microgrid solution for commercial and industrial businesses.
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More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the microgrid as a service market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals segments segmented in terms of grid type (remote/island type and grid connected type) service type (engineering &design services, monitoring& control services, software as a service), vertical (utility, residential & commercial, military, and industrial), and Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2022 to 2032.
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