Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global energy as a service market size was valued at USD 64.34 billion in 2021. The market is expected to grow from USD 70.46 billion in 2022 to USD 147.56 billion by 2029, exhibiting a CAGR of 11.1% during the forecast period. Reduced energy costs, decreased carbon emissions, and the strong demand for renewable energy resources is likely to enhance the industry's progress. Fortune Business Insights™ presents this information in its report titled “Energy as a Service Market, 2022-2029.”
Companies Enter Agreements to Improve Service Portfolio
Prominent companies operating in the market enter agreements to improve their service portfolio. For example, Rolls-Royce decided to partner with Sustainable Development Capital (SDCL) to offer Energy-as-a-Service (EaaS) solutions capable of accelerating sustainable power uptake in November 2021. The agreement between both companies was signed at the 26th annual submission of the “Conference of the Parties” (COP26). This development may allow the company to improve its product portfolio and enhance its brand image. Furthermore, companies devise mergers, expansions, partnerships, and acquisitions to enhance their overall market position.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 11.1% |
| 2029 Value Projection | USD 147.56 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 64.34 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 198 |
| Segments covered | By Service Type, By End-User and Regional Forecast |
| Growth Drivers | Strong Energy Demand in Several Sectors to Foster Market Progress |
| Energy Supply Service to Dominate the Market Owing to Rising Population and Increasing Consumers |
Driving Factors:
Strong Energy Demand in Several Sectors to Foster Market Progress
Energy as a service includes analytics, energy, and technology sales. The product comprises analytics, energy, technology sales and other personalized services. The strong demand for energy in several sectors is expected to enhance the adoption of energy as a service. Furthermore, the rapid growth of charging stations and rising production rates are likely to enhance energy as a service adoption. Moreover, the expansion of working rates in the automotive sector is expected to enhance the industry's progress. These factors may drive the energy as a service (EaaS) market growth.
However, heavy capital investments for the establishment and the switch to advanced grids are expected to impede industry growth.
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COVID-19 Impact:
Halt on Industrial Operations Negatively Affected Market Growth
This market was negatively affected during the COVID-19 pandemic due to the halt on industrial operations. The alarming spike in COVID patients led to the immediate shutdown of industries and commercial spaces. However, the rising investments in the development of renewable energy resources are likely to enhance the adoption of energy as a service (EaaS). Moreover, the introduction of favorable policies and service models is expected to enhance the industry’s growth.
For example, Centrica Business Solutions (CBS) announced a novel Energy as a Service bundle in June 2020. The bundle is designed especially for investors looking forward to investing in energy-saving technologies. These factors propelled the industry's growth during the pandemic.
List of Key Players Profiled in the Energy as a Service Market Report
- Schneider Electric (France)
- Siemens (Germany)
- Honeywell (U.S.)
- Veolia (France)
- Honeywell (U.S.)
- Enel X (U.S.)
- EDF Renewables North America (U.S.)
- General Electric Company (U.S.)
- ENGIE (France)
- WGL Energy (U.S.)
- Edison Energy (U.S.)
- SmartWatt, Inc. (U.S.)
- Bernhard (U.S.)
- Centrica (U.K.)
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Segmentation:
Energy Supply Service to Dominate the Market Owing to Rising Population and Increasing Consumers
By service type, the market is segmented into energy supply service, operational & maintenance service, and energy optimization & efficiency service.
The energy supply service is expected to dominate the market because of the rising population and increasing consumers in every region. It allows consumers to implement water and energy efficiency projects without upfront capital investments.
Commercial Segment to Dominate Owing to Availability of Commercial Spaces
By end-user, the market is bifurcated into commercial and industrial.
The commercial segment is expected to dominate the market due to commercial spaces' availability. Furthermore, the high electricity consumption is expected to enhance the adoption of energy as a service. These factors may allow for industry growth.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights:
Strong Demand for the Service from the U.S. to Propel Market Growth in North America
North America is expected to dominate the energy as a service (EaaS) market share because of the rising demand for the service from the U.S. The market in North America stood at USD 28.49 billion in 2021 and is expected to witness major growth during the upcoming years. Furthermore, rising renewable energy installations may enhance industry growth.
In Europe, significant power generation technologies installations and favorable organizational and governmental policies is expected to elevate the adoption of energy as a service. Furthermore, developing plans for fortifying and expanding grid infrastructure is likely to enhance EaaS adoption.
In Asia Pacific, rising financial backing by governments, increasing clean energy awareness, and the fulfillment of demand & supply are expected to foster energy as a service adoption. Moreover, rapid commercial and domestic space constructions are likely to enhance energy as a service adoption.
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Key Benefits for Energy as a Service Market:
- The Energy as a Service market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyse the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis is of the Energy as a Service market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Energy as a Service market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Industry Development
- December 2021: Johnson Controls launched OpenBlue Net Zero Buildings as a Service. This launch may allow Johnson Controls to offer companies a one-stop shop to help them achieve renewable energy goals and net-zero carbon.
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Energy as a Service (EaaS) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Energy as a Service (EaaS) Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Energy Supply Service
- Operational & Maintenance Service
- Energy & Optimization & Efficiency Service
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Energy as a Service (EaaS) Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Energy Supply Service
- Operational & Maintenance Service
- Energy & Optimization & Efficiency Service
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country
Continued…
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