Efforts toward decarbonization due to rapid industrialization and the introduction of renewable energy are the major factors driving the market during the forecast period.
According to TechSci Research report, Energy as a Service (EaaS) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, the Global Energy as a Service Market is expected to register robust growth during the forecast period, 2024-2028. Increasing adoption of distributed generation in the commercial and industrial sectors, along with stringent energy efficiency regulations and supportive government initiatives, are expected to drive the market over the forecast period. However, the lack of awareness and the high cost of technology in developing countries are likely to hamper market growth during the forecast period.
Energy as a Service is still in its infancy, especially in poorer countries. However, in developed countries, the service is available on demand. As our population grows, energy demand and conservation are critical to ensuring long-term sustainability. With government support, private companies are focusing on the commercial segment to expand their services in the future. Various energy models, such as Energy as a Service (EaaS), have removed capital barriers and enabled a variety of energy and cost-saving options. Several factors are influencing the market’s growth such as increasing distributed energy resources and decreasing cost of renewable energy generation and storage solutions. An increase in energy consumption should have a positive impact on the market. According to the US Energy Information Administration (EIA), global energy consumption is projected to grow by almost 50% between 2018 and 2050.
Increasing focus on renewable and non-renewable energy sources, mainly supporting renewable energy due to low cost, low carbon footprint, low environmental impact sources coupled with an increase in government investment are likely to drive the commercial segment over the forecast period.
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The Global Energy as a Service Market is segmented into Service Type, and End Users. Based on service type, the market is segmented into Power Generation Services, Energy Efficiency & Optimization Services, and Operational & Maintenance Services. Power Generation Services segment is expected to dominate the market during the forecast period. Consumers are looking for reliable power sources that can function off-grid in the face of rising prices. Additionally, the Energy-as-a-Service model primarily supports renewable energy due to its low cost, low carbon footprint, high energy efficiency, and environmental friendliness. Renewable energy is gaining attention as a variety of energy sources, including biomass, renewable energy, fossil fuels, nuclear power, and biofuels are being used more than ever. Implementing these services will be cost effective in the long run. This is because customers pay for services based on actual energy savings and other device performance metrics, resulting in immediate operational cost savings.
Based on end user, the market is segmented into commercial & industrial. Commercial segment is expected to dominate the market during the forecast period. This sector includes educational institutions, medical institutions, information centers, airports and other institutions. Buildings account for more than 30% of its total consumption in the commercial sector. According to the American Council on Energy Efficiency Economics (ACEEE), these institutions/facilities consume more than 18% of the energy consumed by various sectors in the United States. Moreover, lighting and heating consume half of the energy consumed by the corporate sector. Segment growth can be attributed to multiple causes, including increased occupancy, floor space, service admissions, and increased activities such as Climate and Demographic Changes. The EaaS market allows commercial owners with limited technical skills and financial resources to take energy-saving measures. Among the many types of commercial & industrial buildings, commercial buildings consume the most energy and are expected to contribute to the growth of the market.
Based on region, the market is segmented into North America, APAC, Europe, South America, MEA. North America is expected to dominate the market during the forecast period. Especially in the commercial industry, the region has launched various projects designed to increase energy efficiency and reduce operating costs. The United States has adopted a performance-based system to achieve energy efficiency. It is estimated that this approach can reduce energy consumption by about 15%. This approach has created an opportunity for various energy and utility companies to expand the service lines that can offer power saving services. For example, in California, energy efficiency guidelines require that at least 60% of the savings achieved through mandatory programs must be provided by third-party providers. Therefore, such measurement in this region could help the market grow during the forecast period.
Key market players in the Global Energy as a Service Market: –
- Schneider Electric
- General Electric
- Siemens AG
- Veolia Environment SA
- Alpiq Holding Ltd.
- EDF Renewable Energy,
- Bernhard Energy Solutions
- Johnson Controls
- Engie Group
- WGL Energy
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“APAC holds the key to the growth of Energy as a Service market. Rise in population and disposable income is a major reason why APAC region dominated the market. Increasing number of IT hubs has made this region important. IT & Telecommunication sector holds a good amount of revenue from this sector.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Energy as a Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F. Segmented By Service Type (Power Generation Services, Energy Efficiency & Optimization Services, Operational & Maintenance Services), By End User (Commercial, Industrial) By Region” has evaluated the future growth potential of Global Energy as a Service Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Energy as a Service.
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