Microgrid-As-A-Service Market
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What Will the Microgrid-As-A-Service Industry Market Size Be by 2025?
The market size for microgrid-as-a-service has expanded swiftly over the past few years. The market, which is expected to rise from $2.41 billion in 2024 to approximately $2.73 billion by 2025, has a predicted compound annual growth rate (CAGR) of 13.4%. This historical growth can be traced back to factors such as the surge in energy demand, concerns about grid reliability, an increased emphasis on renewable energy, governmental initiatives and incentives, along with a heightened need for energy resiliency.
What’s the Long-Term Growth Forecast for the Microgrid-As-A-Service Market Size Through 2029?
The market size of microgrid-as-a-service is predicted to experience significant expansion in the coming years, reaching $4.89 billion in 2029 with a compound annual growth rate (CAGR) of 15.7%. This growth during the forecast period can be ascribed to the shift towards smart grids, a heightened demand for distributed energy resources, a surge in electric vehicle adoption, an emphasis on sustainability and carbon reduction, as well as growth in the industrial and commercial sectors. Key trends anticipated within the forecast period include the integration of artificial intelligence into microgrid management, the emergence of energy-as-a-service models, the incorporation of blockchain in energy transactions, the development of community microgrids, and the enhanced employment of microgrids in critical infrastructure resilience planning.
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What Are the Key Growth Drivers Fueling the Microgrid-As-A-Service Market Expansion?
The microgrid-as-a-service market is anticipated to grow substantially due to a rise in electricity consumption. Electricity, which is an electrical current transmitted via lines for heating, illuminating, and operating equipment, is increasingly being consumed. This growing consumption is escalating the microgrid-as-a-service industry by lowering long-term energy costs, modernizing critical energy infrastructure without incurring additional expenses, and increasing energy reliability. To illustrate, the Energy Information Administration, the principal statistical agency of the US government, reported in April 2023 that total electric end-use consumption in the US in 2022 was approximately 2.6% more than in 2021. Likewise, 2022 witnessed about a 0.7% rise in industrial sector retail electricity sales compared to 2021. Consequently, the boost in electricity consumption is propelling the microgrid-as-a-service market.
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What Are the Key Trends Driving Microgrid-As-A-Service Market Growth?
Major firms in the microgrid as a service market are focusing on developing groundbreaking goods to enhance their stake in the market. This emphasis on innovation is motivated by the growing necessity for sustainable energy strategies and stronger energy systems in response to climate change. For example, Schneider Electric, a multinational corporation based in France, entered into a partnership with GreenYellow, another France-based firm, in April 2023. They aim to provide innovative commercial and industrial microgrid solutions across Europe through this alliance. The partnership aims to improve energy management and sustainability for companies by utilising Schneider Electric’s expertise in energy management and automation and GreenYellow’s renewable energy solutions capabilities. Their joint plan is to supply integrated microgrid systems that are capable of enhancing energy efficiency, lowering operational costs, and aiding the shift to renewable energy sources.
How Is the Microgrid-As-A-Service Market Segmented?
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
Subsegments:
1) By Engineering And Design Service: System Design And Planning, Feasibility Studies, Customization Services
2) By Software As A Service (SaaS): Energy Management Software, Data Analytics Platforms, Integration Solutions
3) By Monitoring And Control Services: Real-Time Monitoring, Performance Optimization, Remote Control Services
4) By Operation And Maintenance Services: Routine Maintenance, Troubleshooting And Repairs, Performance Audits
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Which Companies Are Leading the Charge in Microgrid-As-A-Service Market Innovation?
Major companies operating in the microgrid-as-a-service market include 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
Which Regions Are Leading the Global Microgrid-As-A-Service Market in Revenue?
North America was the largest region in the microgrid-as-a-service market in 2024. 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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