Global microgrid as a service market is expected to grow at a CAGR of 16.1% during forecast period (2022-2030). Global microgrid as a service market is primarily driven by decreasing cost of electricity for wind and solar PV systems. Thus, decreasing levelised cost of electricity generation using renewable sources of energy such as solar and wind is expected boost the adoption coupled with storage system (microgrid) for efficient storage and transmission.
Government & Education segment in microgrid as a service market accounts the largest share in vertical segment and is projected to grow with CAGR of 15.8% during the forecasted period 2022-2030. Government & Education segment in microgrid as a service market is to be driven by growing initiatives of government of different countries for electrification and increasing adoption of microgrid by institutions. For instance, as per International Energy Agency (France), 1.1 billion population were living without electricity access in 2016. However, the numbers are expected to decrease to 674 million by 2030 owing to several initiatives. Developing countries such as India, Indonesia, Africa and others are adopting off-grid, microgrid solution for achieving electrification rate in their country. As per the report, two-third of the rural areas that gets access to electricity would be using decentralized solution (minigrids, microgrids). Thus, growing deployment of microgrids by government of different countries is expected to boost services related to microgrids. Further, growing adoption of microgrids by institutions as a power backup source is also adding value to the market.
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Grid-connected segment accounts the largest share in microgrid as a service market and is projected to grow with a CAGR of 15.7% during the forecasted period 2022-2030. Grid-connected segment is primarily driven by dominance and deployment of grid-connected microgrid across various regions creating a demand for its services. Software as a service in microgrid as a service market is projected to grow fastest in market at CAGR of 17.0%. Software as a service in microgrid as a service market is primarily driven by technological advancement for monitoring and controlling the microgrid operations efficiently and on real-time. Software adoption lead to reduce in project delays and failures and offers a platform with single point access to microgrid operations. Companies operating in the market are focusing on developing advanced software to increase the accessibility and operation to be controlled and monitored.
Global Microgrid as a Service Market is Segmented into:
Partnership & Collaboration is the primary strategy adopted by companies in global micro grid as a service market. Deployment & Expansion is the secondary strategy adopted by companies in global micro grid as a service market. Intensity of competitive rivalry of global microgrid as service market is expected to remain at high level over the forecast period 2022-2030. Presence of considerable number of companies in the market makes it highly competitive. Companies operating in the market are trying various strategies such as merger & acquisitions, product launch, advancing technologies and others to maintain their market share. Top companies in this market include GE Electric, Siemens AG, Eaton, ABB Ltd, Schneider Electric and others.
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