The Microgrid-As-A-Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microgrid-As-A-Service Global Market Report 2024, The microgrid-as-a-service market size has grown rapidly in recent years. It will grow from $2.12 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing energy demand, grid reliability concerns, rising focus on renewable energy, government initiatives and incentives, growing need for energy resiliency.
The microgrid-as-a-service market size is expected to see rapid growth in the next few years. It will grow to $4.19 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to transition to smart grids, rising demand for distributed energy resources, increasing adoption of electric vehicles, focus on sustainability and carbon reduction, growth in industrial and commercial sectors. Major trends in the forecast period include integration of artificial intelligence in microgrid management, rise of energy-as-a-service models, development of blockchain in energy transactions, emergence of community microgrids, increased use of microgrids in critical infrastructure resilience planning.
The surge in electricity consumption is expected to propel the growth of the microgrid-as-a-service market going forward. Electricity is an electrical current sent through lines and used for heating, lighting, and powering machinery. A surge in electricity consumption is expanding the microgrid-as-a-service by reducing long-term energy expenditures, upgrading essential energy infrastructure without costing money, and enhancing energy dependability. For instance, in April 2023, according to the Energy Information Administration, a US-based primary federal statistical system organization, the overall electricity end-use utilization in the United States in 2022 was around 2.6% higher than in 2021. Similarly, in 2022, industrial sector retail electricity sales increased by roughly 0.7% from 2021. Therefore, the surge in electricity consumption is driving the microgrid-as-a-service market.
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The microgrid-as-a-service market covered in this report is segmented –
1) By Service Type: Engineering And Design Service, Software As A Service, Monitoring And Control Services, Operation And Maintenance Services
2) By Grid Type: Remote Or Islanded Type, Grid-Connected Type
3) By Vertical: Utility, Residential And Commercial, Military, Industrial, Other Verticals
Technological advancements are a key trend gaining recognition in the microgrid-as-a-service market. Major companies operating in the microgrid-as-a-service market are concentrating on creating revolutionary products to improve their market share. For instance, in January 2021, Schneider Electric SE, a France-based microgrid-as-a-service solutions and management company, launched EcoStruxure Microgrid Solution. EcoStruxure Microgrid Solution is a one-stop solution that enables the simple integration of distributed energy resources (DERs) across facilities such as industrial and commercial structures, healthcare establishments, and colleges and universities, providing businesses with increased energy resiliency, reduced utility bills, and a lower environmental impact. It has been developed to assist enterprises in managing the increased grid intricacy that has resulted from the surge in DERs. The notable characteristics are control of grid connections, off-grid mode preparation, and demand fee reduction.
The microgrid-as-a-service market report table of contents includes:
1. Executive Summary
2. Microgrid-As-A-Service Market Characteristics
3. Microgrid-As-A-Service Market Trends And Strategies
4. Microgrid-As-A-Service Market Size And Growth
5. Microgrid-As-A-Service Segmentation
…..
26. Microgrid-As-A-Service Regional And Country Analysis
27. Microgrid-As-A-Service Competitive Landscape And Company Profiles
28. Microgrid-As-A-Service Key Mergers And Acquisitions
29. Microgrid-As-A-Service Future Outlook and Potential Analysis
30. Appendix
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