Microgrid-as-a-Service Market to Advance at CAGR of 15.7% from 2022 to 2031: TMR Study

  • Government funding in various countries on grid modernizing programs reinforcing adoption of monitoring & optimization services, thereby generating revenues in microgrid-as-a-service market; stability and agility benefits of grid connected microgrids to boost demand

  • Rise in commerce and industrial applications to invigorate promising opportunities especially in Asia Pacific; integration of renewables to expand avenues

WILMINGTON, Del., Aug. 15, 2022 /PRNewswire/ — Recent microgrid market forecast underscores growing investment in power grid modernization as a key pivot for the generation of revenue streams for providers of microgrid-as-a-service. The trend of proliferating distributed energy resources around the world acts as a major anchor for incentivizing stakeholders to step up investments in renewable power penetration through the microgrids. The size of the microgrid-as-a-service market is forecast to reach US$ 7.83 Bn city ​​2031.

Research and Markets Logo

Various microgrid market forecasts underscore the ever-growing need for strengthening utility-based grid infrastructure in the energy sector. Firms thus are geared towards diversifying their operations to capture value from new electrification trends across both industrial and commercial customers. New revenue streams in microgrid-as-a-service market have stridently stemmed from policy push towards renewables microgrids. The increasing trend of electric transmission & distribution systems modernization is fueling demand for microgrid solution for commercial and industrial applications.

Solution providers intend to grow their microgrid as a service market share by offering monitoring & optimization services. Power and utility companies are keen on harnessing these solutions for increasing the economic performance of grid-connected systems, notably garnering gains by tiding over huge transmission losses. The microgrid market in the USA is being enriched by the growing number of projects aimed at modernizing electric transmission and distribution systems.

Request Sample Report at – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=23453

Key Findings of Microgrid-as-a-Service Market

  • Need for High Performance of Power Grids Propelling Prospects of Monitoring & Optimization Services: The need for sustainable power grids is creating demand for microgrid solutions especially for monitoring & optimization. Modernized power grids especially those used for electric transmission and distribution systems present an incredible avenue for players to grow their shares in the microgrid-as-a-service market. Especially in developed nations, such solutions have proven to be instrumental in reducing outage, increasing flexibility, and boosting agility in energy markets. For instance, such solutions assist utility companies to sell the unused energy.

  • Flexibility of Grid-connected Microgrids to Boost Renewable Integration to Steer Market Expansion: Worldwide, emphasis on renewable energy sources penetration to support clean energy initiatives has intensified. This has enriched the value chain of key companies in the microgrid-as-a-service market. The need for stable energy supply is spurring the popularity of grid-connected microgrids, in which fluctuating renewable energy sources such as solar and wind energy can be utilized.

Microgrid-as-a-Service Market: Key Drivers

  • The need for constantly improving the performance of substations and transmission grids is a key driver for the growing market prospects of microgrid-as-a-service. Rapid pace of adoption of smart technologies, smart meters being a notable example, in residential, commercial, and industrial sectors will propel the growth of the microgrid-as-a-service market.

  • Integration of renewables in grids has expanded the canvas for players in the microgrid-as-a-service market considerably over the years, especially in developing and developed nations.

Ask References – https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=23453

Microgrid-as-a-Service Market: Regional Growth Dynamics

  • North America held a major share of the global microgrid-as-a-service market in 2021 amounting to approximately 38%. The region is a lucrative market and will witness substantial profitable avenues.

  • The demand for the services in Asia Pacific is also estimated to create sizable revenue streams during the forecast period. Rising grid modernization initiatives are spurring the demand in residential and commercial applications.

Microgrid-as-a-Service Market: Key Players

Ongoing trends in the microgrid-as-a-service market suggest that players are committing R&D funding on virtual microgrids for catering to innovative energy networks. Prominent companies are keen on unveiling solutions with cutting-edge technologies such as blockchain. Key players are also engaged in capturing stable revenues from the commercialization of microgrid-as-a-services for grid-connected and islanded operations.

Some of the key players in the market are Tech Mahindra, Spirae, LLC, Siemens AG, Schneider Electric, Metco Engineering, Green Energy Corp., General Electric, ENGIE, Eaton, AIO Systems Ltd., Aggreko, and ABB.

Make an Inquiry before Buying – https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=23453

Microgrid-as-a-Service Market Segmentation

Regional

  • North America

  • South America

  • Europe

  • Asia Pacific

  • Middle East & Africa

Countries

  • US

  • Canada

  • The UK

  • Germany

  • France

  • China

  • India

  • Japan

  • South Korea

  • ASEAN

  • GCC

  • South Africa

  • Brazil

Electronics and Semiconductors Research Reports

Smart Water Meter Market – The global smart water meter market is expected to reach US$ 6.29 Bn by the end of 2031, It is estimated to grow at a CAGR of 11.6% from 2022 to 2031

Gas Meters Market – The global gas meter market is expected to reach the US$ 6.17 Bn by the end of 2031, It is estimated to grow at a CAGR of 6.5% from 2022 to 2031

Free Space Optics (FSO) Communication Market – The global free space optics (FSO) communication market is expected to reach US$ 14.3 Bn by the end of 2031, expand at a CAGR of 31.3% from 2022 to 2031

Surge Protection Devices Market – The global surge protection devices market is expected to reach a value of US$ 4.9 Bn by the end of 2031, expand at a CAGR of 5.3% from 2022 to 2031

Substation Automation Market – The global substation automation market is expected to cross the value of US$ 49.3 Bn by the end of 2031, expand at a CAGR of 6.3% from 2022 to 2031

Smart Power Distribution Systems Market – The global smart power distribution systems market is expected to cross the value of US$ 96.1 Bn by the end of 2031, expand at a CAGR of 13.9% from 2021 to 2031

Metrology Services Market – The global metrology services market is expected to cross the value of US$ 1.1 Bn by the end of 2031, expand at a CAGR of 5.7% from 2021 to 2031

Automated Test Equipment (ATE) Market – The global automated test equipment (ATE) market is expected to cross the value of US$ 9.02 Bn by the end of 2031, expand at a CAGR of 3.9% from 2021 to 2031

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact Us:

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTERS DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 United States
Phone:
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg

Cision

Cision

View original content:https://www.prnewswire.com/news-releases/microgrid-as-a-service-market-to-advance-at-cagr-of-15-7-from-2022-to-2031- tmr-study-301605111.html

SOURCE Transparency Market Research

Leave a Comment