Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The "Energy as a Service - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Global Energy as a Service Market is expected to grow at a robust pace in the forecast period of 2024-2028.
Energy as a Service is a subscription-based energy service where customers pay for energy services with no upfront investment. This includes third-party providers of niche technology, financing or procurement solutions, utilities, and potential business model disruptors. Energy as a Service comprises energy delivery, energy consumption, technology, analytics, grid access, and personalized services.
Increasing distributed energy resources (DER), tax incentives for energy efficiency projects, new revenue streams for utilities, and lower costs for renewable generation and storage solutions are some factors driving the market's growth.
The market is driven by increasing renewable energy potential, with price volatility and rising energy consumption being other key factors driving the market's growth. Companies are increasingly looking for sustainable energy sources, which are expected to have a positive impact on growth.
Rising Demand Worldwide
Commercial, residential, and industrial buildings require a constant supply of energy to meet the required performance and working hours of their employees.
The industry is seeing investment as there is a growing demand for backup power systems in the event of a mainline failure in data centers in these industries. Energy demand shall increase as cars that currently run-on fossil fuels are switching to full electricity.
New charging stations and high production rates create opportunities in the EaaS market, due to which manufacturing in textiles, chemicals, pharmaceuticals, and other industries is expected to grow at a healthy pace. Over the next few years, production and labor rates in industries such as the automotive sector are expected to increase. A critical factor in the market expansion is the increasing energy consumption worldwide.
A major goal of government agencies around the world is to limit the growth of greenhouse gas (GHG) emissions and energy demand. Installation of renewable energy sources is then expected to increase significantly over the next decade, leading to an increase in market growth.
The market size has been positively impacted by new energy targets introduced by various governments to promote the trend toward sustainable power. Brazil, for example, wants to secure 42.5% of its primary energy supply from renewable sources by the end of 2023. Similarly, t
Germany plans to generate 65% of its energy from renewable sources by 2030. China aims to have 16% of its energy sources from renewable sources by 2030. After national investment and expansion, renewable energy is expected to hold a 26% share and exceed the target set.
High Installation Cost & Lack of Knowledge
First, a smart grid system must be set up to use energy as a service efficiently. Also, if a traditional grid system is already in place, it needs to be converted to an advanced grid system, but the cost of this conversion is very high and is one of the major factors hindering the growth of energy as a service (EaaS) market.
Setting up a smart grid system also requires people with special knowledge and skills, and the lack of this expertise among engineers and electricians also acted as a barrier to the expansion of this industry during the evaluation period.
Latest Market Trends
In California, energy efficiency guidelines require that at least 60% of savings achieved through commitment programs must come from third-party suppliers. Therefore, such measurements in this region could help the market growth during the forecast period.
According to the Institute of Energy Efficiency, there shall be 115 million smart meters installed in the United States by 2021, a 27.7% increase from 2018. Therefore, increased investment in smart meters in the region could drive the market towards a more decentralized and digitized grid network that can support the growth of the EaaS market in the region.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Energy as a Service Market.
- Schneider Electric
- General Electric
- Siemens AG
- Veolia Environment SA
- Alpiq Holding Ltd.
- EDF Renewable Energy
- Bernhard Energy Solutions
- Johnson Controls
- Engie Group
- WGL Energy
Report Scope:
Global Energy as a Service Market, By Service Type:
- Power Generation Services
- Energy Efficiency & Optimization Services
- Operational & Maintenance Services
Global Energy as a Service Market, By End User:
- Commercial
- Industrial
Global Energy as a Service Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- India
- Japan
- South Korea
- Australia
- China
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East
- South Arabia
- South Africa
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/pko9sq
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