Microgrid-as-a-Service Market - Competitive Insight, Forecast by 2031

The global microgrid-as-a-service market is expected to reach US$ 7.83 Bn by the end of 2031

Companies operating in the microgrid-as-a-service market are focused on business expansion in commercial, industrial, residential, and other high-growth sectors to enhance their share post COVID-19 pandemic. Surge in consumption of electricity and adoption of solar- and wind-based energy is expected to boost the demand for microgrid systems across the globe.

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Key players operating in the energy sector are focused on the diversification of utility-based grid infrastructure to drive growth inside and outside the energy sector. The market has witnessed extensive deployment of renewable energy solutions to cater to consumer demand and comply with regulatory guidelines. The microgrid market forecast also suggests higher electricity delivery costs as compared to the cost of production and local storage. Thus, players in the market may focus on enhancement of microgrid infrastructure, primarily to minimize reliance on long-distance distribution lines in order to reduce transmission losses.

Microgrid-as-a-Service (MaaS) is a cutting-edge financing method that enables businesses to deploy microgrid control systems with no upfront costs. The microgrid-as-a-service model reduces complexity and financial risk, enabling more microgrids to be built. In solar energy, microgrid controllers regulate energy generation when the loads or battery system are unable to absorb power.

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Currently, conventional centralized grids experience frequent instability, outages, and uncertainty. Particularly, the outages deprive numerous customers of electricity for hours, days, or even weeks. In extreme circumstances, such as natural disasters that disrupt the grid and the supply chain, the situation is even worse. Institutions, businesses, and other organizations rely on microgrid solutions to address frequent power outages.

Government initiatives such as feed-in tariffs, tax breaks, and investment subsidies are expected to boost the adoption of renewable microgrids. For instance, the U.S Department of Energy's Smart Grid Investment Grant (SGIG) Program is focused on acceleration of the modernization of the country's electric transmission and distribution systems. The American Recovery and Reinvestment Act of 2009 provided US$ 4.5 Bn in funds to modernize the electric power grid. The Smart Grid Investment Grant program, DOE, and the electricity industry represent a total of US$ 8 Bn in investment to empower the electricity delivery system in the country. Such investments are expected to fuel the microgrid market in the U.S.

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Several developing countries have deployed smart meters in residential, commercial, and industrial sectors. The number of substations and transmission grids has also increased significantly in these countries. Use of innovative technologies, equipment, and controls in these grids has greatly minimized power outages, reduced storm impacts, and restored services faster when outages occur. Thus, a surge in adoption of smart devices is expected to propel the global microgrid-as-a-services market.

Microgrid solution for commercial and industrial applications also provide various benefits such as improved security, robust integration of renewables in grids, reduced peak loads, and minimized operational costs. However, factors such as absence of adequate training programs and low awareness about advantages of a microgrid-as-a-service are expected to hinder the market.

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