New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Energy as a Service Market Information by Component, End-User, and Region - Forecast till 2030”, Energy as a Service Market could thrive at a rate of 9.20% between 2023 and 2030. The market size will be reaching around USD 125.54 Billion by the end of the year 2030.
Market Synopsis
Energy as a Service (EaaS) is an energy procurement model in which third-party service providers offer energy-related services to clients. EaaS enables businesses and organizations to use energy more efficiently and cost-effectively, while also reducing their environmental impact. The market for EaaS is growing rapidly as more companies seek to transition to renewable energy and reduce their carbon footprint.
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Market Competitive Landscape:
The affluent companies in the Energy as a Service industry include:
- Johnson Controls
- Duke Energy
- EDF Renewable Energy
- Edison International
- Engie
- Southern Company
- Schneider Electric SE
- General Electric
- Siemens AG
- WGL Energy
- Orsted
- Enel X
- SmartWatt
- Bernhard Energy
- Enertika
- Honeywell
- Veolia
- Noresco
- WendelEnergy Services
Energy as a Service Market Report Scope:
| Report Metrics | Details |
| Energy as a Service Market Size by 2030 | USD 125.54 billion |
| Energy as a Service Market CAGR during 2023-2030 | 9.20% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Distributed energy sources Decarbonization of the global economy Manufacturers are shifting their focus on the use of sustainable energy |
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Recent Industry Updates:
May 2022 - GE Digital acquired Opus One Solutions to advance the energy transition. Opus One's DERMS, a distributed energy resource management system, is designed to be an end-to-end modular system that can support utilities in managing their distributed energy resources (DERs) journey, ensuring grid security, safety, and resilience while enabling customer participation and affordability in power generation.
June 2021 - Honeywell launched a battery energy storage system to assist users in optimizing and predicting energy costs, expanding its product portfolio in battery storage, grid stability, and energy resource management.
Market Segmentation:
- By Component - The component in the market includes Solutions and Services.
- By End-User - By End-user the segment includes Residential, Government, and Industrial
Market USP Covered:
Market Drivers:
One driver for the Energy as a Service market is the increasing demand for efficient energy solutions. With growing concerns about climate change and the need to reduce carbon emissions, there has been a shift towards using cleaner and more sustainable energy sources. This has created a demand for energy-efficient solutions that can help businesses reduce their carbon footprint, cut energy costs, and improve overall energy efficiency. Energy as a Service (EaaS) providers offer businesses a variety of options to improve energy efficiency, such as energy audits, renewable energy solutions, and energy management systems.
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Market Restraints:
One restraint for the Energy as a Service market is the lack of awareness and understanding of EaaS among end-users. Many businesses are not aware of the benefits of EaaS and may not fully understand how it works. As a result, they may be hesitant to adopt EaaS solutions and stick with traditional energy management methods. Additionally, some businesses may perceive EaaS solutions as too expensive or complex, which could further deter them from adoption. EaaS providers need to educate businesses about the benefits of their services and work to dispel misconceptions to drive wider adoption of EaaS solutions.
Regional Insights
In North America, the market is driven by the presence of several energy service companies (ESCOs) that provide energy as a service to industrial, commercial, and residential customers. The region's high energy consumption, coupled with the increasing focus on renewable energy sources, is driving the demand for energy as a service solution. Additionally, supportive government policies and initiatives, such as tax incentives and rebate programs, are also driving market growth. Additionally, in Europe, the market is driven by the region's commitment to reducing carbon emissions and transitioning to a more sustainable energy system. The European Union has set ambitious targets for reducing greenhouse gas emissions, increasing renewable energy production, and improving energy efficiency. This has led to the development of energy as a service solution, such as energy performance contracting, which involves ESCOs providing energy-efficient upgrades to buildings in exchange for a share of the cost savings.
Further, in Asia Pacific, the market is driven by the increasing demand for electricity and the need to modernize and upgrade existing energy infrastructure. The region is home to several emerging economies with rapidly growing energy demand, such as China and India. Governments in the region are investing heavily in renewable energy and energy efficiency measures, which is creating opportunities for energy as a service provider.
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COVID 19 Analysis:
The Energy as a Service (EaaS) market has experienced a mixed impact due to COVID-19. On one hand, the pandemic has led to a decrease in energy demand due to the reduced economic activity and industrial output. On the other hand, the shift to remote working has increased the demand for cloud computing services, which in turn has increased the demand for data centers and related infrastructure, leading to increased energy consumption.
Additionally, the pandemic has caused disruptions in the supply chain and project delays, which have adversely affected the growth of the EaaS market. However, governments and companies are increasingly recognizing the need to shift towards cleaner and more sustainable energy sources, and this has led to a growing demand for EaaS solutions.
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