Microgrid-as-a-Service Market: Current Analysis and Forecast (2022-2028)

Global Microgrid-as-a-Service Market is expected to grow at a significant rate of around 15% during the forecast period. A microgrid is considered as a self-contained network of electricity that allows the generation and flow of electricity. The microgrid could be operated while connected through the utility grid or disconnected island mode. The microgrid could connect, control, and monitor the distributed energy resource while enhancing performance. The microgrid is able to co-locate electricity generation & consumption and for electricity generation, the microgrid uses renewable energy resources and a diesel generator as a backup combination. In recent years, the microgrid-as-a-service market has witnessed significant demand due to the increasing demand for electricity and its ability to optimize energy expenses by reducing operational costs, storage costs, and selling back to the grid during the peak hour of demand. Additionally, the incorporation of greener operations such as on-site renewable energy including solar and wind is expected to support the market growth for the microgrid-as-a-service market.

ABB Ltd., Siemens AG, General Electric, Eaton Corporation Plc, Green Energy Corporation, Schneider Electric SE, ENGIE, Tech Mahindra, AIO Systems Ltd., and Metco Engineering are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst type, islanded microgrid-as-a-services category to witness higher CAGR during the forecast period"

Based on type, the market is segmented into grid-connected microgrids and islanded microgrids. The islanded or remote microgrids segment is expected to witness a significant CAGR during the forecast period owing to its real-time simulation technology. The islanded microgrids are the collection of microgrids where it is disconnected from the central utility and remain energize and continuously supply the local loads. In an islanded microgrid, the microgrid is responsible for power sharing, balancing, and voltage control. As a voltage controller, it provides advantages over grid-connected microgrids such as ensuring the same load according to their rating and ensuring the availability of power from the energy source.

"Amongst service, the 4WD to hold a significant share in the market in 2020"

Based on service, the market is categorized into engineering & design, system operation & maintenance, monitoring & optimization, and software-as-a-service. The software-as-a-service segment is expected to register significant growth during the forecast period due to its better quality, improved grid resiliency, and greater ability to add sustainable power sources at affordable cost and easier maintenance. Also, the software-as-a-service is offering better controllability for smaller power operation locations as well such as universities, municipalities, and industrial & commercial industries. Moreover, increasing investment, technological advancement, and new product launches are expected to propel the market. For instance, Siemens launches a remotely hosted spectrum powerTM MGMS (Microgrid Management System) which offers control distribution of energy and is integrated with weather and load forecasting.

"Asia-Pacific to hold a significant share in the market"

In 2020, Asia-Pacific held a significant share of the global microgrid-as-a-service market. This is mainly due to the increasing resilient and uninterrupted electricity demand coupled with the growing electrification rate. Also, the government support for the expansion of the utility-based grid and reduction in the carbon footprint along with the surging investment in renewable energy and green energy is expected to boost the demand in the region. Also, to support the microgrid-as-a-service government provides tax incentives and feed-in tariffs to attract higher investment. Additionally, the increasing population, aging power supply infrastructure, and lack of electricity in the remote area of the region coupled with rapid urbanization and industrialization will require additional infrastructure and leads the microgrid development in the continent.  

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