According to this market research report "Microgrid as a Service (MaaS) Market by Grid Type (Grid Connected, and Remote or Islanded), Service Type (Engineering & Design, SAAS, Monitoring & Control, and Operation & Maintenance), Vertical, and Geography - Global Forecast to 2022", 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.
Factors such as reduction in operational costs and requirement of negligible upfront investments by MaaS users, rising demand for MaaS from hospitals, universities, and remote areas, and high investments by governments in microgrid infrastructure are driving the growth of the microgrid as a service (MaaS) market. The market growth is further driven by levelized cost of electricity (LCOE) for wind and solar PV systems in the last few years.
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Grid connected type expected to hold the largest market share during the forecast period
A microgrid either can be connected to a large power grid or can operate on its own. A grid-connected microgrid is a set of distributed energy resources, and interconnected loads use to supply or draw power to the main grid or utility grid. Various end users of grid-connected microgrids include large campuses and military bases, among others. The grid connected type held the largest share of the MaaS market in 2015. This demand is mainly attributed due to the presence of factors such as maximized safety, drop in energy costs, reliability, efficiency, and sustainability, among others in grid connected microgrids.
The software as a service (SaaS) market expected to grow at the highest CAGR between 2016 and 2022.
The major reason driving the growth of the software as a service market is its high adoption across low power using verticals such as university campuses, industrial and commercial sites, municipalities, and utilities. The Software as a service platform allows microgrid operators to dynamically manage and control distributed energy resources with integrated weather and load forecasting.
The MaaS market in APAC likely to grow at the highest CAGR during forecast period
APAC is the rapidly growing market for microgrid as a service. This market is expected to grow at the highest rate during the forecast period. The implementation of instrumentation and industrial automation is on the rise in the APAC region due to rising necessity for increased production rates, high-quality products, and safe industrial operations. With rising industrial sector, countries such as China, Japan, India, and South Korea are gaining substantial market share of the MaaS market. The increasing demand for rural electrification projects and investments made by both national and international companies such as ABB, Siemens, GE, and Schneider Electric, among others in this region are some of the key reasons contributing toward the growth of the microgrid as a service market in the APAC region.
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Major players 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.