Vancouver, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global Energy as a Service market size is expected to reach USD 193.75 Billion in 2032 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for upgradation of existing aging infrastructure used for generating and transmitting power, increasing demand for energy in commercial and industrial sectors due to rapid depletion of fossil fuels, and increasing need to reduce dependence on fossil fuel and to minimize carbon footprint. These factors have been steadily resulting in rising demand for renewable energy sources and supporting demand for and deployment of energy as a service model. Increasing government initiatives encouraging adoption of renewable energy sources and energy as a service model to increase energy efficiency in commercial buildings is expected to further boost global market growth during the forecast period. Increasing deployment of cutting-edge technologies such as Machine Learning (ML), Artificial Intelligence (AI), Cloud, data analytics, robotics and Blockchain, which aid in collecting real-time information and data at a granular level is contributing to further advancements in the global energy as a service market.
Increasing investment in energy management and storage services is augmenting market growth. Corporate, commercial, and industrial energy and sustainability managers are increasingly seeking more cost-effective, comprehensive, and customized energy solutions, which is driving demand for energy as a service model. These include energy management and storage services to improve power quality and reliability.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 55.58 Billion |
| CAGR (2023–2032) | 11.0% |
| Revenue forecast in 2032 | USD 193.75 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in Billion, revenue share (%) and CAGR (%) |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Service type, end-use and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., BENELUX, Italy, Spain, Rest of Europe, China, Japan, South Korea, India, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Rest of MEA |
| Key companies profiled | WGL Energy, ENGIE, Schneider Electric, Siemens, Johnson Controls, General Electric, EDF Renewables, Edison International, Alpiq, and Enel X |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Competitive Landscape
The global Energy as a Service market is consolidated with a limited number of players accounting for majority market share. Companies are focusing on strategic expansions into untapped markets and increasingly investing to develop enhanced energy as a service model in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the Energy as a Service market are:
- WGL Energy
- ENGIE
- Schneider Electric
- Siemens
- Johnson Controls
- General Electric
- EDF Renewables
- Edison International
- Alpiq
- Enel X
Strategic development
In August 2020, Schneider Electric entered into a partnership with Huck Capital to deliver clean energy as a service to industrial and commercial buildings. The partnership is expected to be combination of energy management and microgrid expertise of Schneider Electric and sustainability-focused investment and operational focus of Huck Capital. The combined solution would create an alternative for building owners and operators who want to shift to renewable energy assets and depending on specialists to operate the microgrid.
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Some Key Highlights From the Report
- In April 2019, the Carlyle Group extended its partnership with Schneider Electric to establish critical infrastructure projects to meet the need for sustainable investment in critical assets and services. The partnership builds on and expands existing strategic alliance to widely deploy microgrids through customer adoption of energy as a service offering.
- Energy supply services segment accounted for largest revenue share in 2020. Rising need to improve energy supply is driving adoption of energy supply services, which include common distributed energy generation such as combined heat and power, microturbines, solar PV, diesel, and natural gas gensets, and fuel cells.
- Commercial segment revenue is expected to expand at a rapid CAGR during the forecast period. Enhancement of energy demand responsiveness and rapid advancements such as data mining and AI in the commercial sector is expected to drive growth of the energy as a service market during the forecast period.
- North America accounted for largest revenue share contribution to the global Energy as a Service market in 2020. Presence of federal and state tax incentives for projects based on renewable sources of energy are expected to drive market growth in the region.
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Emergen Research has segmented the global Energy as a Service market on the basis of service type, end-use, and region:
- Service type Outlook (Revenue, USD Billion; 2019–2032)
- Operational and Maintenance Services
- Energy Supply Services
- Energy Efficiency and Optimization Services
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Industrial
- Commercial
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
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