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- 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 commercia 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. 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 by 2031.
Various microgrid market forecasts underscore the ever-growing need for strengthening utility-based grid infrastructure in the energy sector. Firms thus are geared toward 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 toward renewable microgrids. The increasing trend of electric transmission & distribution systems modernization is fuelling 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.
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Key Findings of Microgrid-as-a-Service Market
- Need for High Performance of Power Grids Propelling Prospects of Monitoring & Optimization Services: 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 proved 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.
Full story available on Benzinga.com
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