Overview and Scope
Microgrid-as-a-Service (MaaS) is a financing mechanism that enables organizations to deploy microgrids without any upfront investment. MaaS providers arrange the financing, operation, and maintenance of the microgrid, removing the financial risk and complexity and enabling more microgrids to become a reality. The microgrid-as-a-service model reduces complexity and financial risk, allowing more microgrids to be built.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the microgrid-as-a-service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microgrid-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the microgrid-as-a-service market report are Siemens AG, General Electric Company, Caterpillar Inc., Schneider Electric SE, NRG Energy Inc., ABB Ltd., Duke Energy Corp, NextEra Energy Inc., Eaton Corporation PLC, Emerson Electric Co., Exelon Corporation, Tech Mahindra Ltd., Aggreko PLC, Solarcity Corporation, Canopy Power Pte Ltd., VECKTA Corporation, Green Energy Corp, Capstone Green Energy Corp, Bboxx Ltd., Northern Power Systems Inc., Pareto Energy Ltd., Honeywell International Inc., AIO Systems Ltd., Primus Power Corp, Spirae Inc., EnSync Energy Inc., LO3 Energy Inc., Metco Engineering Inc., Husk Power Systems Pvt Ltd., Anbaric Development Partners LLC
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 – Macro Economic Scenario
5. Global Microgrid-As-A-Service Market Size and Growth
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31. Microgrid-As-A-Service Market Other Major And Innovative Companies
32. Global Microgrid-As-A-Service Market Competitive Benchmarking
33. Global Microgrid-As-A-Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Microgrid-As-A-Service Market
35. Microgrid-As-A-Service Market Future Outlook and Potential Analysis
36.Appendix
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