DUBLIN--(BUSINESS WIRE)--The "Microgrid as a Service (MaaS) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The microgrid as a service (MaaS) market is projected to grow at a CAGR of 17.91% to reach $2,574.636 million by 2026, from $812.571 million in 2019.

A microgrid is a small-scale power system that may function independently of a location's major electrical grid. A microgrid may also be utilized in combination with the main grid, which opens up a slew of new possibilities and opportunities. Small-scale and localized stations can run on their own source of energy and content generating and distribution equipment as long as they follow the regulations set out by the government of the region. A microgrid's principal purpose is to serve as a backup for structures or industries in the event that the primary grid fails, or when the primary grid cannot deliver enough power during peak hours.

Microgrids can also be utilized to reduce an establishment's total power usage from the major electrical grid. This is aided by the fact that microgrids may function on a variety of energy sources, including renewables. Microgrids on a wide scale, managed and controlled by microgrid as a service company can allow businesses across a vast region to minimize their usage of traditional power sources while ramping up their use of renewable energy.

At the same time, most microgrids are modular in structure, allowing them to reduce the likelihood of the primary grid failing altogether in the case of a catastrophic disaster. These modular microgrids may also be updated over time to include more efficient and sustainable power sources, according to MaaS plans. The expanding number of data centers being built as a result of the digital economy's increased penetration, as well as the growing number of urban centers and linked machines, has increased the demands on the aging power grid systems. As a result, the development of microgrids is rising in order to minimize the strain on grid infrastructure and allow for more effective power management, which is boosting the microgrid as a service market.

Growth Factors

Increasing investments in microgrid infrastructure to fuel the market growth

One of the major reasons for the growth of the microgrid as a service market is growing investments in the microgrid infrastructure. The global microgrid as a service (MaaS) market is expected to grow during the forecast period, as the demand for increased resilience prompts large government expenditures in microgrid infrastructure. Remote communities, colleges, and hospitals that want to take advantage of the unrivaled benefits of microgrid infrastructure may increase the need for dependable MaaS.

Furthermore, MaaS end customers are not needed to make large upfront investments, which may help the worldwide industry develop even faster. Operating expenses can be significantly reduced by using a microgrid system. This might persuade most market segments to embrace MaaS. Due to characteristics such as fuel independence, grid resiliency, higher and more reliable power supply quality, and affordable energy expenditure, microgrid technology might be widely implemented. Moreover, the global microgrid as a service (MaaS) market is expected to rise in parallel with the software as a service (SaaS) sector, which aids in the development of more cost-effective, dependable, and secure microgrid systems.

Restraints

Lack of awareness among end-user and the structure complexity is expected to hinder the market growth

A major restraint in the growth of the microgrid as a service (MaaS) market is the lack of awareness among end-users and the growing structure complexity. The micro-grid as a service (MaaS) market is expected to be hampered by the complexity of planning and designing, as well as a lack of public awareness throughout the forecast period. Micro-grid has been regarded as having a complicated design from its start.

Sensors, encoders, communication systems, controllers, motors, resolvers, mechanical structures, and many more components combine to form a complicated system. The automated process is controlled by a programmable logic controller (PLC) system with 1000-5000 lines of ladder logic, six-axis motion controllers, and a DC drive system. Other constraints, such as the strict laws, regulations, and standards governing microgrids, as well as the rising acceptance of customer-owned microgrids, are also impeding the market's adoption of Microgrid as a Service (MaaS).

Market Segmentation:

The microgrid as a service market has been analyzed through the following segments:

By Grid Type

• Grid-Connected Type
• Remote/Islanded Type

By End-User

• Government
• Residential & Commercial
• Industrial
• Military
• Utility

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others

Companies Mentioned

• Tesla, Inc.
• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• Green Energy Corporation
• Eaton Corporation Inc.
• Spirae, Inc.
• Aggreko PLC
• General Electric Company
• Pareto Energy

For more information about this report visit https://www.researchandmarkets.com/r/mp7rah

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900