Microgrid as a Service Market by Grid Type, Service Type, Vertical, and Geography - Global Forecast to 2022
NEW YORK, March 15, 2017 /PRNewswire/ --
"The MaaS market is likely to grow at a CAGR of 15.86% during the forecast period"
The microgrid as a service (MaaS) market was valued at USD 774.9 million in 2015 and is expected to reach USD 2,241.6 million by 2022, at a CAGR of 15.86% during the forecast period. The market growth can be attributed to the reduction in operational costs and negligible upfront investments by MaaS end users, rising demand for MaaS from hospitals, universities, and remote regions and high investments by governments in microgrid infrastructure for improved resilience. However, dominance of customer-owned microgrids and policies, regulations, and standards are some of the key challenges in the global MaaS market. Research into standards is also being conducted for the operation of microgrids and a new generation of energy management systems is being designed to meet the challenges, in particular to meet the requirements of International Standard IEC 61970.
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"The software as a service segment is expected to grow at the highest CAGR during the forecast period"
The market for software as a service is expected to grow at the highest CAGR between 2016 and 2022. With software as a service project management services, microgrid owners have a single point of accountability and a reduced risk of project delays and failures. This results in a safer, more reliable, and more cost-efficient microgrid system. Some of the companies such as Siemens AG and Green Energy Corporation have launched a new Microgrid Software as a Service (MaaS) platform designed for smaller power operators such as university campuses, industrial and commercial sites, municipalities, and utilities.
"The market in APAC is expected to grow at the highest rate during the forecast period"
The microgrid as a service market in APAC is currently following a successful growth curve, in terms of electricity consumption, for rural electrification and industrial applications. In APAC, the demand for energy, particularly electricity, is growing rapidly than the rate of expansion of conventional electricity grids in the developed world. The development of industrial sector and power infrastructure in these regions offer many opportunities for market players involved in the market for microgrid as a service. Omnigrid Micropower Company Pvt. Ltd. (India), BYD Company Ltd. (China), ABB India, Schneider Electric India, Azure Power, SELCO India, and Husk Power Systems, among others, are the major players in the ecosystem of the microgrid as a service market in APAC. Moreover, the Americas is expected to be the largest market in 2016 compared to other regions in the MaaS market. The U.S. is considered to be the largest market for microgrids as a service, globally. The market in the U.S. is constantly undergoing changes and developments, especially in the power supply sector. Microgrids are being increasingly deployed for several government programs, private sector, and institutions. The increase in the number of successful deployments of microgrids not only indicates the benefits received over conventional grid systems but also decrease the risk of unexpected power failure.
Below is the breakdown of primary participants profile by different parameters considered:
- By Company Type: Tier 1 - 18%, Tier 2 - 50%, and Tier 3 - 32%
- By Designation: C-Level Executives - 28%, Directors - 25%, and Others - 47%
- By Region: Americas - 44%, Europe - 22%, APAC - 28%, and RoW- 6%
The major companies operating in the global MaaS market include ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Eaton Corp. PLC (Ireland), Exelon Corp. (U.S.), NRG Energy, Inc. (U.S.), Anbaric Transmission (U.S.), Pareto Energy (U.S.), Spirae, Inc. (U.S.), Green Energy Corporation (U.S.), SolarCity Corporation (U.S.), Schneider Electric SE (France), Duke Energy Corporation (U.S.), and Northern Power Systems Corp. (U.S.),among others.
Research Coverage
In this report, various segments such as grid type, service type, vertical, and geography have been covered. It also discusses about the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: the Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The Porter's five forces analysis has been included in the report, along with the description of each of its forces and their impact on the said market.
Reasons to Buy the Report:
- This report includes statistics pertaining to the MaaS market, by grid type, vertical, service type, and geography, along with their respective market size (in terms of value).
- The Porter's five forces analysis, value chain analysis, and key strategies adopted by the market players have been provided for the MaaS market.
- Major drivers, restraints, opportunities and, challenges for the MaaS market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the MaaS market based on its segments and subsegments.
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