The Microgrids as a Service Market is registering healthy growth due to various benefits offered by Microgrids such highly reliability, economical & efficient energy power, enhancement of renewable energy sources and smart grid integration among others. The autonomous working nature of Microgrid provides great benefits to communities that have no access to electricity.
Microgrid as a solution combines solar panels, batteries and controllable load in order to meet the requirements of industrial, residential or consumer loads anywhere in the world. The Solution also provides dynamic monitoring, scalability, and control to improve energy output. Microgrid as a solution offers electricity at affordable rate and helps in reducing the economic losses from electricity outages in emergency situation.
Some of major key players in Microgrid as a Service Market such as ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Eaton Corp. PLC (Ireland), Schneider Electric SE (France) among others are investing in renewable energy solution such as Microgrid thus supporting the market of Microgrid as a Service.
In November, 2016, American Electric Power (AEP) announced to invest around 52$ million to build utility Microgrids as part of a smart city design for Columbus, Ohio.
Global Microgrid as a Service Market has been valued at US $772 million in the year 2015 which is expect to grow at US $~2.2 billion by the end of forecasted period with CAGR of approx. ~16%.
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Microgrid as a Service Market:
The Microgrid as a Service Market is having significant growth in many area where continuous power is must such as industries, remote areas, hospitals and universities among others. Many government and private agencies are investing in Microgrid as a service solution to provide quality energy and to utilize the renewable energy resources.
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The Major Key players of Microgrid as a Service Market are: ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Eaton Corp. PLC (Ireland), Schneider Electric SE (France), Duke Energy Corporation (U.S.), Northern Power Systems Corp. (U.S.) Exelon Corp. (U.S.), NRG Energy, Inc. (U.S.), Spirae, Inc. (U.S.) and among others.
Market Research Analysis:
Market Research Future Analysis shows that Microgrid as a Service Market is growing rapidly and during the forecast period, it is expected to grow at CAGR of ~16%.
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