Global Microgrid as a Service (MaaS) Market: Snapshot
A microgrid is a power grid of a smaller level, that can operate on its own and independent of a location’s primary electrical grid. Additionally, a microgrid can be used in conjunction with the primary grid, a factor that opens up a number of possibilities and opportunities. Small-scale and localized stations can be run with their own source of energy and contain generation and distribution equipment, as long as the station adheres to the policies as specified by the region’s government. The core function of a microgrid is to be a fallback for structures or industries in the event of failure of the primary grid, or when the primary grind cannot supply sufficient power during peak hours.
Additionally, microgrids can be used to lower an establishment’s total consumption of power from the primary electrical grid. This can be supplemented by the fact that microgrids can operate using different sources of energy, including renewable ones. The large scale use of microgrids, under management and control by providers of microgrid as a service players, can allow establishments in a sizeable area to both reduce their consumption rates of conventional power sources and ramp up the use of renewable energy. At the same time, most microgrids are designed to be modular in nature, allowing them to make the primary grid less likely to completely fail in the event of a major incident. Under MaaS plans, these modular microgrids can also be upgraded over time to incorporate more efficient and renewable power sources.
The world microgrid as a service (MaaS) market is foreseen to build its growth on the back of software as a service (SaaS) sector which helps in the creation of more cost-efficient, reliable, and safer microgrid systems. The SaaS market could be followed by operation and maintenance service. However, SaaS is prophesied to mark a ruling share in the global MaaS market with vital benefits such as decrease in the risk of failures and delays of projects and a single point of accountability offered to microgrid owners.
Key segmentation areas such as vertical, service type, and grid type are carefully analyzed in the report while taking a radical approach. This will help the interested parties to invest in the right industry spheres and secure a long-lasting growth.
The tailor-made publication prepared on the world MaaS market has followed all the steps recommended for primary and secondary research to make available accurate and reliable information to the buyers.
Global Microgrid as a Service (MaaS) Market: Trends and Opportunities
During the forecast period, the world MaaS market is anticipated to gain strength as the need for enhanced resilience sparks hefty government investments in the field of microgrid infrastructure. The need for reliable MaaS could augment further with remote localities, universities, and hospitals looking to leverage the unequalled benefits of microgrid infrastructure. Besides this, the end users of MaaS are not required to invest heavily upfront, which could boost the growth of the global market even more. By installing a microgrid infrastructure, operational costs can be curbed impressively. This could encourage most regions of the market to adopt MaaS.
The industrial vertical market of MaaS is foreseen to promise a growth that is challenging for other profitable vertical segments such as utility, military, commercial, and residential. The microgrid technology could be adopted at a significant degree, owing to factors such as fuel independence, grid resiliency, better and trustworthy power supply quality, and reasonable energy expenditure.
There is a tough competition expected to be witnessed between islanded or remote grid and grid connected markets, where the previous is predicted to take the leading position in the global industry. Much of the demand for islanded or remote grids is anticipated to arise from their services to meet energy requirements through greater control and allow distributed energy sources to be better managed.
Global Microgrid as a Service (MaaS) Market: Regional Outlook
Out of the top regional markets for MaaS, Asia Pacific is forecasted to exhibit dominance while riding on the dire requirement for electricity with a reliable, constant, and undisturbed supply. Moreover, there is a high degree of investment made more or less on a consistent basis to adequately maintain microgrid infrastructures. As a result, the Asia Pacific MaaS market is prognosticated to record a commanding CAGR throughout the course of the forecast period. More opportunities are expected to emerge from the remarkable rate of power consumption and the application of MaaS in industrial sectors and rural electrification. Market players can expect to take advantage of key opportunities in the developing regions of Asia Pacific witnessing a weighty development in power infrastructure and industrial sectors.
Global Microgrid as a Service (MaaS) Market: Companies Mentioned
Although the standards, regulations, and policies relating to MaaS and the supremacy of customer-owned microgrids could raise a few questions in the minds of the market players, there are some critical strategies they can rely on for growth. Some of these could be pertaining to the widening of their revenue share in the global MaaS market, where product developments and launches, agreements, acquisitions, and strategic partnerships could be the frequently adopted ones. Amongst others, Exelon Corporation, Eaton Corporation PLC, Siemens AG, General Electric, and ABB Ltd. are the top manufacturers operating in the industry.