Microgrid-as-a-Service Market to Make Inroads as Legacy Infrastructures Perform Poorly
The microgrid-as-a-service (also known as MaaS) model is marking prodigious growth, which is highly propelled by its economic benefits over traditional models. The underperformance of traditional grids with legacy infrastructures is a key success factor driving governments of numerous countries to undertake initiatives to encourage the deployment of the MaaS model, thereby propelling growth of the microgrid-as-a-service market. The U.S. Department of Energy has come forward with the Smart Grid Investment Grant (SGIG) program to accelerate the gait of the shift from traditional electric transmission systems to modernized systems, with grants from governments.
Profitable opportunities await for players of the microgrid-as-a-service market, as rural electrification projects ongoing in numerous countries of Asia Pacific and the Middle East & Africa are projected to upkeep the adoption rate. On top of that, the demand for electricity during exigencies, ascending from hospitals and the defense sector, is projected to drive the demand for microgrid. However, the inadequacy of skilled labor, on account of lack of proper training programs, is likely to affect the scalability of the MaaS market.
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Technology to Lead the Future Course of the MaaS Market
Numerous technological advancements have been being directed towards improving the performance of battery invertors for ensuring uninterrupted power supply through a microgrid. Manufacturers operating in the microgrid-as-a-service market are looking at the development of battery technology with higher power outputs to further penetrate their models deeper into end-user segments. Initiatives such as the Clean Power Plan (CPP) policy, intended towards shrinking carbon footprints, are paving the way for the development of renewable energy through bio power, wind, and solar energy.
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With the advent of wireless and IoT technologies, the performance of microgrids can be optimized by real-time data streaming, processing, storage, and monitoring infrastructure, which eliminates any human intervention. Manufacturers also leverage the prowess of MaaS to reduce the reliance on long-distance distribution lines, thereby reducing transmission losses. The convergence of Blockchain technology and MaaS will further build trust in the transaction landscape. The integration of this technology with microgrids will assist market players in managing payments in a convenient and secure fashion.
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