New York, United States, April 12, 2024 (GLOBE NEWSWIRE) -- The Global Energy as a Service Market Size is to Grow from USD 75.60 Billion in 2023 to USD 201.50 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.30% during the projected period.
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Energy as a service refers to the business model that offers end-to-end energy solutions to consumers. The demand response, energy management systems, energy integration from renewable sources, energy supply, and energy efficiency measures are included in the energy services. Solar and wind are the renewable sources considered to be good examples of the “Energy as a Service” model. The prevailing trends of energy like decarbonization, electrification, urbanization, and digitalization encourage energy as a service model. A photovoltaic cell is one of the examples of energy as a service that generates electric energy from sunlight energy. The energy landscape is rapidly evolving, and businesses are seeking innovative solutions to meet their energy needs. The decarbonization efforts are influencing the market opportunities for EaaS. The tremendous growth of renewable energy sources installation and increasing demand for energy sources in various sectors are expanding the market growth of energy as a service. The introduction of electric vehicles and increasing charging points for charging vehicles are likely to rise the market demand. On the contrary, the high capital investment for the production of energy is the major factor responsible for restraining the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Energy as a Service Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Energy Supply Service, Operational & Maintenance Service, and Energy Optimization & Efficiency Service), By Components (Solutions, and Services), By End-user (Commercial and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The energy supply segment dominates the market with the largest revenue share through the forecast period.
Based on service type, the global energy as a service market is segmented into energy supply service, operational & maintenance service, and energy optimization & efficiency service. Among these, the energy supply segment is dominating the market with the largest revenue share through the forecast period. The rising population leads to an increasing number of customers ultimately leading to drive the market in this segment. Energy optimization & efficiency-as-a-service is a pay-for-performance, off-balance sheet financing solution that leads to the establishment of energy and water efficiency projects which is economical resulting in reduced operating expenses.
The service segment is witnessing significant CAGR growth through the forecast period.
Based on the components, the global energy as a service market is segmented into solutions, and services. Among these, the service segment is witnessing significant growth through the forecast period. The growing awareness through government initiatives about energy conservation and usage of renewable energy is likely to propel the market. The production of an energy portfolio combined with different energy sources is also promoting the market demand.
The commercial segment is witnessing significant CAGR growth through the forecast period.
Based on the end-user, the global energy as a service market is segmented into commercial and industrial. Among these, the commercial segment is witnessing significant growth through the forecast period. The establishment of healthcare, educational institutions, airports, data centers, and others propelling the market demand in this segment. The prices of the commercial sector are higher than in the industrial sector thus it helps to implement energy-efficiency projects with no capital expenditure and validate energy savings. The significant number of commercial spaces and high electric consumption are likely to grow the market in the commercial segment.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing development of artificial and data analytics in the region is likely to expand the market. Furthermore, the major operational transformations like decentralization, digitization, and decarbonization increase the utilization of energy in the region which is expected to drive the market growth in the region. The increasing demand for energy in the industrial and residential sectors will boost the energy as a service market in the region.
Europe region is expected to grow the fastest during the forecast period. The implementation of green energy solutions and critical installation of power generation technologies in the Europe region via the support of government and institutional political framework is likely to drive the market. German energy as a service market held the largest market share, and the UK energy as a service market was the fastest growing market in the European region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Energy as a service market are Siemens AG, Honeywell, Edison International, Schneider Electric SE, Johnson Controls, Duke Energy, SmartWatt, Inc, WGL Energy, ENGIE, EDF Renewables North America, General Electric Company, Enel X, Edison International, Orsted, Bernhard Energy, and Others Key Players.
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Recent Developments
- In October 2023, Lithuanian renewables developer Green Genius packed up financing for an energy-as-a-service (EaaS) project that involved the installation of 6.5 MW of solar power and 6MWh of battery energy storage systems (BESS) for a Carlsberg A/S (CPH: CARL-B) brewery in Lithuania.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global energy as a service market based on the below-mentioned segments:
Global Energy as a Service Market, Service Analysis
- Energy Supply Service
- Operational & Maintenance Service
- Energy Optimization & Efficiency Service
Global Energy as a Service Market, Components Analysis
- Solutions
- Services
Global Energy as a Service Market, End-user Analysis
- Commercial
- Industrial
Global Energy as a Service Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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