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Microgrid as a Service Market Growth due to Technical Advancements Which is Expected at 17.27% till 2030

Market Overview

The market size of Microgrid as a service market is expected to reach 5.63 billion dollars by the end of 2030. The growth is expected to be at a CAGR or Compound Annual Growth Rate of 17.27% during the forecast period of 2020 to 2030 which analysts say are good numbers. Microgrids are autonomous and localised systems of energy. They are self-reliant and act as electrical islands. They are environmental solutions that do not require centralised grids. They are placed in building complexes and help create an efficient and environmental system of energy that can also predict the cost of energy in the long term. Microgrids are very useful as they are self-sufficient and specific to the environment that they are working in.

The market for microgrid as a service is boosting due to these advantages of microgrids. They are essential in the development of true smart cities. IoT or Information of Things has been seen a rise in adoption. There is also a need for sustainable energy systems with no waste and error in calculation. Microgrids serve these purposes and are designed specifically for a particular complex based on its needs. The digitization and advancement in technology in all areas such as healthcare, government, industrial or commercial which are the end users of microgrids, has boosted the microgrid as a service market.

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Market Segmentation

The market of Microgrid as a service market is segmented on the grounds of Service type as well as on the grounds of Grid Type. On the grounds of grid type the segments are islanded and grid connected. On the other hand, the classification on the grounds of service type includes the segments of maintenance and operation service, software as a service as well as Control and Monitoring service.

Regional Classification

The regional classification includes Europe, Latin America, Africa and Middle East, Asia Pacific and North America. Out of these regional segments, North America has seen the largest market share in previous years. During the projected period of 2020 to 2030, North America is expected to continue dominating the market share in Microgrid as a service market. There are many service providers of microgrid that are responsible for boosting the market in North America. There has also been an increase in outages of electric power. The APAC is expected o grow at the highest rate in the projected period of 2020 to 2030. This can be credited to the rise in electrical systems in rural areas such as those of Philippines, Malaysia and India. This also reduces carbon emissions and emissions of other greenhouse gases. In Europe, governments and organisations are seeking to reduce carbon emissions and hence microgrids as services are much needed. Thus, the market is also growing rapidly in Europe.

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Industry News

The main players of the industry of microgrid as a service are many. These include Duke Energy Corporation, ABB Ltd, NRG Energy Inc., Northern Power Systems Corporation, Exelon Corporation, General Electric, Eaton Corporation PLC, Spirae Inc., Schneider Electric SE and Siemens AG among several others.

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