Microgrid as a Service Market – Rising Demand For Low Cost Power Distribution Systems Drives Demand
Microgrid is a portable version of the traditional power grid system that can operate either independently or in conjugation with a locality’s main electric grid system. Microgrids are majorly installed with the primary objective of providing backup power or to boost the power of main grid during peak demand. The global microgrid as a service (MaaS) market is anticipated to witness a robust growth rate during the forecast period from 2017 to 2025 owing to its increasing demand from remote areas to maintain reliable supply of energy.
The global Microgrid as a Service market is expected to witness a progressive growth in the coming years due to rising demand for efficient energy transmission coupled with increasing demand for renewable energy across various industrial, residential and commercial sectors among others. Microgrid as a service provides electricity at a reasonable rate due to the usage of renewable energy sources and helps in reducing the financial losses that takes place from electricity outages in case of emergency situation. Rising demand for low cost power distribution systems is one of the most important factors anticipated to accelerate the demand for microgrids during the forecast period from 2017 to 2025. In addition, initiatives taken by government across different parts of the world under its SGIG (Smart Grid Investment Grant) program to encourage the modernization of nation’s electric distribution and transmission system is also predicted to boost the demand of microgrids in the coming years.
However, lack of proper training program and awareness among various end user segment about the benefits of MaaS coupled with complexity involved in design and planning of technologically advanced microgrid system is predicted to inhibit its adoption rate to some extent in the coming eight years.
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For the purpose of providing detailed research report, the global Microgrid as a Service market is segmented on the basis of grid type, service type, end user and geography. On the basis of grid type the market is segmented into grid connected type and remote grid type. Among the different types of Maas available in the market, the remote grid is expected to grow at a higher rate owing to its facilities to manage the distributed energy better and achieve greater control in meeting energy demands as compared to remote grid type.
On the other hand, based on service type, the market has been classified into operation and maintenance service, engineering and design, monitoring and control and software as a service. The software as a service is expected to witness the most prospective growth rate during the forecast period due to single point of accessibility of the microgrid owners that reduces the risk of project failures which results in safer, cost efficient and more reliable microgrid system.
MaaS also finds its application across various end user segments including residential, commercial, industrial, government and education and others. Among various end user segment, the industrial sector is expected to grow at a highest CAGR during the forecast period. Attributes such as better and reliable power supply, lower energy cost, fuel independence are some of the primary factor that have increased the adoption of microgrid as a service in the industrial sector.