Global Energy as a Service Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- January 4, 2022
- ENERGY & POWER, NEWS
- Energy as a Service Market, Energy as a Service Market growth, Energy as a Service Market share, Energy as a Service Market size
- 0 Comments
Global Energy as a Service market was stood around US$82.68 bn in 2020 and is likely to showcase a robust growth of 13.44% during the forecast period (2021-2027). It is mainly owing to growing installation of distributed electricity generation and storage technologies, along with the widespread availability of “smart” devices has provided the basis for the development of new energy-related services.
Energy-as-a-Service (EaaS) is a delivery model that combines hardware, software, and service whereby a service provider (either traditional ESPs or new ones, such as information and communications technology (ICT) companies) offers various energy-related services rather than only supplying electricity. The rising problem from carbon emission can only be tackled by renewables and energy as a service has escalated the opportunity for decentralized energy distribution option.
The outbreak of COVID-19 had adverse impact on the Energy as a Service market. Severe health crisis across the world and several casualties that led to lockdown across the globe. Hence, disrupted the installation of smart meter in developing regions coupled with the health emergency across the globe has impacted the nations financially as well that reduces the funds from investing in upgradation of smart grids. Hence, decrease the adoption of Energy as a Service in various end-user industries.
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Based on service type, the energy as a service market is segmented into energy supply service, energy demand service, and energy efficiency optimization service. The energy supply services captured significant share in the market owing to the increasing electricity prices, the consumers are looking to procure resilient energy supply to ensure that they can operate without the grid. As energy as a service model mainly supports renewable energy and gives the consumers the flexibility of choice on ownership, pricing, and financing.
Based on end-user, the energy as a service market is classified into Industrial, commercial, and residential. The commercial segment is expected to hold the extensive market share and the fastest growing market with energy service implementations being mandated across global regions in the commercial sector. This is mainly because of significant structural impacts, namely, economic growth. Furthermore, commercial consumers will have access to their energy efficiency through energy as a service that will, in turn, help them improve their energy consumption on multiple uses.
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For a better understanding of the market dynamics of the global energy as a service market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the significant market shares. The regional energy consumption is growing rapidly due to urbanization and industrialization as a result companies are trying to innovate by adopting smart energy using new models, grid, and equipment to name some. Further, region countries like China, India, and Japan are investing huge capital in renewable energy in order to increase the renewable energy mix in the energy generation. Tax benefits by the government for energy efficiency projects and decreasing the cost of renewable power generation is also significantly accelerating the growth of the market. Further developments in sustainable energy sources and adoption of approaches such as pay-for-use in major economies of the region are expected to create lucrative opportunities in the market during the forecast period.
Global Energy as a Service Market Segmentation
Market Insight, by Service Type
- Energy Supply Service
- Energy Demand Service
- Energy Efficiency Optimization Service
Market Insight, by End-User
Market Insight, by Region
- North America Energy as a Service Market
- United States
- Rest of North America
- Europe Energy as a Service Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Energy as a Service Market
- Rest of Asia-Pacific
- Rest of World Energy as a Service Market
Top Company Profiles
- Schneider Electric
- EDF Renewable Energy
- WGL Energy
- Johnson Control
- General Electric