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According to the new market research report, ‘Global Micro Grid as a Service market by Grid type (Grid connected, Remote/Islanded), Service type (Engineering & Design Service, Software As A Service, Monitoring & Control Service and Operation & Maintenance Service)and vertical (Government & Education, Industrial , Military and Utility)- Technologies, Market share and Industry Forecast to 2024’ by Occams Business Research and Consulting, tThe global Micro grid as a service market is expected to grow at a high CAGR of 15.9 % during the forecast period 2017-2024.
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The key driving factor for the global micro grid as a service market are rising investments by government in micro grid infrastructure and rising demand for MAAS from hospitals, defense & remote areas. Moreover, the key opportunities for the global micro grid as a service market are rural electrification in APAC and Africa and increasing use of behind the meter micro grid virtual batteries for energy storage. However, the key restrains for the global micro grid as a service (MaaS) market are stringent regulations, policies and standards, and dominance of customer-owned micro grids.
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Rising government and private player funding in micro grid infrastructure: Key driver
The factor that is positively influencing the micro grid as a service (MaaS) market is rising investments by government in micro grid infrastructure. Although low funding towards micro grid projects are reported, United States has enhanced investments through an increase in government led funding program providing energy providers with loans and grants.
Micro grid as a service market in North America: Dominating Region
Geographically, North America accounted for the largest market share in terms of revenue for the micro grid as a service market in 2016 and is expected to dominate the market during the forecast period. The dominance of North America is witnessed due to on-going changes and developments, especially in the power supply sector. Micro grids are being increasingly deployed for several government programs, private sector and institutions in this region.
Some of the key market players of micro grid as a service market are General Electric (United States), ABB Ltd. (Switzerland), Eaton Corporation PLC (Ireland), Siemens AG (Germany), Solarcity Corporation (United States), Green Energy Corporation (United States), Exelon Corporation (United States), and NRG Energy Inc. (United States). These companies are using various strategies such as expansion, merger & acquisitions, collaboration, partnership and product launch to hold large market share.Don't miss out on business opportunities in Global Micro Grid as a Service market.
Occams Business Research
Market Research,Occams Business Research & Consulting Pvt. Ltd