Pune, India, June 02, 2023 (GLOBE NEWSWIRE) -- According to a report published by Fortune Business Insights, the global energy as a service market size is projected to grow significantly during the forecast period, with the global market size increasing from USD 70.46 billion in 2022 to USD 147.56 billion by 2029, at a CAGR of 11.1%. The market size was valued at USD 64.34 billion in 2021, with North America accounting for USD 28.49 billion. The growth of the industry is expected to be driven by factors such as lower energy costs, reduced carbon emissions, and a growing demand for renewable energy sources. This information is presented by Fortune Business Insights™ in its report titled "Energy as a Service Market, 2022-2029."
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Energy as a Service (EaaS) Market Report Key Insights:
Energy as a Service market research report provides you comprehensive and insightful information about Energy as a Service industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions.
This reports provides you overview of the report's key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market's current state, including its historical performance, current market size, and projected growth prospects.
Energy as a Service Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.
Energy as a Service Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.
Energy as a Service Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market's future.
Energy as a Service Industry SWOT Analysis: Evaluation of the market's strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.
Energy as a Service Market Forecasts: Future projections and estimations regarding the market's growth potential, including revenue forecasts, market size, and growth rate.
Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.
Key Industry Developments:
December 2021: Johnson Controls launched OpenBlue Net Zero Buildings as a Service. This launch may allow Johnson Controls to offer companies a one-stop shop to help them achieve renewable energy goals and net-zero carbon.
July 2019: The German engineering MNC, Man Energy Solutions, and the Hong Kong-based maritime solutions provider, Wallem Group, signed a Global Key Account Management contract. Under the agreement, MAN will supply spares and services to its turbochargers, generators, and engines that are aboard vessels managed by Wallem Group.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 11.1% |
| 2029 Value Projection | USD 147.56 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 70.46 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 198 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Strong Energy Demand in Several Sectors to Foster Market Progress |
| Energy Supply Service to Dominate the Market Owing to Rising Population and Increasing Consumers |
COVID-19 Impact:
Halt on Industrial Operations Negatively Affected Market Growth
This market was negatively affected during the COVID-19 pandemic due to halt on industrial operations. The alarming spike in COVID-19 patients led to the immediate shutdown of industries and commercial spaces. However, the rising investments in the development of renewable energy resources are likely to enhance the adoption of Energy as a Service (EaaS). Moreover, the introduction of favorable policies and service models is expected to enhance the industry’s growth.
For example, Centrica Business Solutions (CBS) announced a novel EaaS bundle in June 2020. The bundle is designed especially for investors looking forward to investing in energy-saving technologies. These factors propelled the industry's growth during the pandemic.
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Market Driving Factors:
Strong Energy Demand in Several Sectors to Foster Market Progress
Energy as a service includes analytics, energy, and technology sales. The product comprises analytics, energy, technology sales, and other personalized services. The strong demand for energy in several sectors is expected to enhance the service adoption. Furthermore, the rapid growth of charging stations and rising production rates are likely to enhance the service adoption. Moreover, the expansion of working rates in the automotive sector is expected to enhance the industry's progress. These factors may drive the energy as a service market growth.
Shifting Preference towards Distributed Energy Resources to Create Novel Opportunities
Distributed energy resources (DER) can be understood as small-sized power generation units at the local level connected to the grid at the distribution level. They include electric vehicles and chargers, tri-generation units, fuel cells, biomass generators, natural gas turbines, wind turbines, and rooftop solar PV.
By Service Model:
- Pay-As-You-Go
- Energy Trading
- Utility
- Others
By Service Type:
- Energy Supply Services
- Operation & Maintenance Services
- Energy Efficiency & Optimization Services
By End-User:
- Commercial
- Industrial
- Residential
By Region:
- North America
- Europe
- Asia-Pacific
- Rest of the World
These segments provide a comprehensive understanding of the market and help in identifying growth opportunities in specific segments.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Strong Demand for the Service from the U.S. to Propel Market Growth in North America
North America is expected to dominate the energy as a service market share due to the rising demand for the service from the U.S. The market in North America stood at USD 28.49 billion in 2021 and is expected to witness major growth during the coming years. Furthermore, rising renewable energy installations may enhance industry growth.
In Europe, significant power generation technologies installations and favorable organizational and governmental policies are expected to elevate the service adoption. Furthermore, developing plans for fortifying and expanding grid infrastructure are likely to enhance EaaS adoption.
Competitive Landscape:
Companies Enter into Agreements to Improve Service Portfolio
Prominent companies operating in the market enter into agreements to improve their service portfolio. For example, Rolls-Royce decided to partner with Sustainable Development Capital (SDCL) to offer EaaS solutions capable of accelerating sustainable power uptake in November 2021. The agreement between both companies was signed at the 26th annual submission of the “Conference of the Parties” (COP26). This development may allow the company to improve its product portfolio and enhance its brand image. Furthermore, companies devise mergers, expansions, partnerships, and acquisitions to enhance their overall market position.
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Key Players Profiled in the Report:
- Schneider Electric (France)
- Siemens (Germany)
- Honeywell (U.S.)
- Veolia (France)
- Honeywell (U.S.)
- Enel X (U.S.)
- EDF Renewables North America (U.S.)
- General Electric Company (U.S.)
- ENGIE (France)
- WGL Energy (U.S.)
- Edison Energy (U.S.)
- SmartWatt, Inc. (U.S.)
- Bernhard (U.S.)
- Centrica (U.K.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Energy as a Service (EaaS) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Energy as a Service (EaaS) Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Energy Supply Service
- Operational & Maintenance Service
- Energy Optimization & Efficiency Service
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Energy as a Service (EaaS) Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Energy Supply Service
- Operational & Maintenance Service
- Energy Optimization & Efficiency Service
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- U.S. Market Analysis, Insights and Forecast – By End-User
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Market Segments:
The energy as a service market is classified into energy supply services, operation & maintenance services, optimization & efficiency services, and others on the basis of service type. The end-user segment is divided into industrial, commercial, and others. The commercial segment is estimated to hold the largest share in the global market, including educational institutions, the healthcare industry, data centers, airports, banks, and others.
Geographically, the market has been analyzed across five major regions: North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The energy as a service market report stresses on:
- Incomparable insights into all developments
- Well-regarded data about eminent players
- Up-and-coming trends and drivers
- Regional analysis
- Notable development
- COVID-19 impact
About Us:
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