Fort Collins, Colorado, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Energy as a Service Market size was valued at USD 71.3 Billion in 2022 and is expected to grow at CAGR 9.2% and reach USD 169.9 Billion by 2032.
With the global population rising significantly in recent years, the growth of energy and demand has surged across the globe. The organizations are looking for sustainable energy resources, which has resulted in market growth. There are many techniques present currently from which the energies are obtained. Using renewable energies for electricity production is acting as a driver for the market.
The establishment of several industries like manufacturing, automobile, food, and pharmaceuticals all require electricity for smooth functioning, and the rapid expansion of industries across the globe in different countries is driving the market forward. Furthermore, the adoption of microgrid technology in various industries due to their ability to produce solar and wind energy power has also spurred market growth.
Due to their energy and cost-efficiency, the increasing adoption of distributed energy resources (DER) across emerging nations is also a significant factor in driving market growth. In addition, DER reduces the emission intensity and cost of power system augmentation and improves reliability, supporting revenue growth. Moreover, it has a huge application in rooftop solar, biomass generators, electric vehicles, and microturbines, which is expected to drive market growth.
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Segmentation Overview:
The global energy as a service market has been segmented into type, end-user, and region. The increase in efforts and support by the governments to promote renewable energy is propelling the overall energy demand. Also, the increased awareness amongst the audience in recent years about energy savings has pushed the market forward by audience adopting several power-saving techniques to optimize energy use. Europe emerged as the largest consumer share for energy as a service. The regional growth is attributed to the strict implementation of regulatory policies in the consumer and industrial sectors, the development of intelligent manufacturing units, and the deployment of battery energy storage systems and electric automobiles in the region.
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Energy as Service Market Report Highlights:
- The global energy as a service market growth is anticipated at a CAGR of 9.2% by 2032.
- The increase in the usage of renewable energy, price volatility, and rise in energy consumption are some major factors contributing to the market growth.
- The commercial segment dominates the overall market for energy as a service. With the increase in commercial spaces and factories worldwide for production and manufacturing, electricity consumption has steeply increased.
- The supply segment is the largest and is expected to have the fastest-growing CAGR. The main reason behind the dominance of the supply region is the rapid increase in the population, which has increased the number of consumers.
- Some prominent players in the energy service market report include Schneider Electric; Siemens, Engie; Honeywell International Inc.; Veolia; EDF; Johnson Controls; Bernhard; General Electric; Entegrity, Enel SpA, Ørsted A/S, NORESCO, LLC, Centrica plc; and Wendel.
Industry Trends and Insights:
- In 2023, Suzlon, a leading renewable energy solutions provider will be developing a 50.4 MW wind power project for Juniper Green Energy Private Limited.
- IBM and KPMG have recently unveiled their partnerships to expand with innovative services for SAP business transformation in the energy and utilities sector.
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Energy as a Service Market Segmentation:
- By Type: Supply, demand
- By End-user: Commercial, industrial
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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