Washington, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Top-rated IT research, review, and rating company and globally trusted B2B listing platform GoodFirms recently published its latest research report- “Energy-as-a-Service: Current Market Demands and Future Growth.” This in-depth survey explains EaaS as a concept, highlighting the current EaaS market trends, demands, and future growth prospects.
The report emphasizes that despite the setback due to the global pandemic, the EaaS market is anticipated to boost significantly in the near future, with North America and Europe becoming the dominant players in this sector. One of the critical factors that have led to the considerable growth of EaaS is the increase in demand for renewable and sustainable energy sources.
The report further indicates that companies plan to invest in and adopt next-generation technologies like virtual power plants, distributed energy generation, offshore wind power, the emergence of Energy Storage-as-a-Service, and customer-centric models. According to this survey, the major EaaS model challenges are rising costs, increased energy requirements, energy losses, downtime maintenance, and others.
The research report points out the key advantages of the EaaS model, such as no upfront costs and increased savings. It also mentions two energy management services revenue models; subscription-based and performance-based.
The survey also highlights the major obstacles related to adopting the EaaS model 55.7% of participants reported not requiring it, while 41.2% think that EaaS is costlier than the traditional methods of energy generation, 37.4% are concerned about security issues, and 81.5% feel it only fits the requirements of large organizations. Implementation and agreement complexities further add to the concerns.
GoodFirms concludes that the Energy-as-a-Service market will further elevate with several factors coming into play. These include getting access to real-time data on energy consumption and monitoring demand-side flexibility. Also, transformative technologies like AI, IoT, machine learning, and advanced metering systems will improve EaaS models and help the Distributed Energy Resources market thrive.
Key Findings:
- Energy-as-a-Service is an advanced business model primarily based on three core services - Energy Consulting, Installation, and Energy Management.
- 39.2% of respondents are planning to adopt the Energy-as-a-Service model, whereas 31.6% of companies have already started the process of adopting the EaaS. 22.8% of respondents are not at all interested in adopting the EaaS model.
- 71.6% of participants consider an increase in costs, 58.2% of organizations consider rising energy requirements, and 44.5% of surveyors think energy loss is their major concern regarding the EaaS model.
- According to the GoodFirms survey, 44.5% of participants consider renewable energy resources, 37.6% of respondents consider energy-dependent devices, and 36.3% of surveyees hold energy efficiency responsible for the growth of the EaaS industry.
- The subscription-based EaaS model has an upper hand over the performance-based model with 81.6% of surveyed organizations voting for it.
- 63.3% of participants feel that adopting EaaS will save energy consumption, while 81.5% think that the EaaS model is only suitable for large organizations.
About Research:
GoodFirms Survey “Energy-as-a-Service: Current Market Demands and Future Growth.” presents a detailed survey of the Energy-as-a-Service industry where our expert research team shortlisted selected participants and queried them about their plans to adopt the EaaS model, core challenges, and their views on key driving factors for EaaS growth.
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About GoodFirms:
GoodFirms is a Washington D.C.-based IT research and review platform that helps businesses accelerate their digital journeys, allowing them to reap the maximum value of next-generation technologies. Software vendors and service providers can look to bolster their customer relationships and enhance their base. Service seekers, on the other hand, get access to thousands of authentic reviews that help them choose the right vendor to boost their business prospects.
