Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global energy as a service market size is expected to reach USD 124.10 billion by 2028, exhibiting a CAGR of 9.9% during the forecast period. The growing emphasis on renewable energy sources by governments will have an excellent impact on the market growth, states Fortune Business Insights™, in a report, titled “Energy as a Service Market, 2021-2028.” The market size stood at USD 59.17 billion in 2020.
EaaS is a business model wherein consumers pay for energy service and avoid upfront capital investment. Rapid urbanization and industrialization lead to the adoption of EaaS. Furthermore, concerns regarding the depletion of fossil fuels are likely to bolster the market development. In addition, increasing energy consumption is expected to boost the industry's progress.
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List of Key Companies in Energy as a Service (EaaS) Market:
- ABB (Switzerland)
- Schneider Electric (France)
- Siemens (Germany)
- Engie (France)
- Honeywell (U.S.)
- Veolia (France)
- Enel X (France)
- Ameresco (U.S.)
- EDF (U.K.)
- WGL Energy (U.S.)
- GE (U.S.)
- Ørsted (Denmark)
- Centrica (U.K.)
- Bernhard (U.S.)
- Johnson Controls (Ireland)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 9.9% |
| 2028 Value Projection | USD 124.10 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 59.17 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | Service Type, End-User and Geography |
| Growth Drivers | Rising Energy Consumption to Contribute Massive Growth |
| Increased Renewable Energy Generation to Push Growth in North America | |
| Major Companies Emphasize on Diminishing Maintenance Costs to Boost Market Position |
COVID-19 IMPACT:
The COVID-19 epidemic has had a severe impact on the energy industry. The market has seen a drop in price and demand all around the world. Due to COVID-19, large manufacturing industries are concentrating on critical tasks, causing the installation of electronic components to come to a standstill. The energy industry is being driven by a number of important causes, including rising energy demand and fluctuating power prices. Due to various manufacturing units, there is a steep downfall in the energy as a service market.
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Market Segments:
The 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
Driving Factor:
Rising Energy Consumption to Contribute Massive Growth
As a result of increased industry and urbanization, energy consumption is on the rise. It has become important to create renewable energy on a worldwide scale to meet rising energy demand and the depletion of fossil resources. Solar and wind power plants cover a wide geographic region. In 2018, worldwide investment in renewable capacity was almost three times that of coal and gas-fired generating capacity combined.
Renewables will account for over half of worldwide power generation by 2050, according to the Energy Information Administration (EIA). Global energy consumption is expected to rise as the world's population and urbanization rates rise.
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Regional Insights:
Increased Renewable Energy Generation to Push Growth in North America
Because of the growing need for intelligent buildings and building automation, the energy as a service market share in North America is expected to be the largest, the region held USD 26.30 billion in 2020. The market is expanding due to rising demand for services such as offering demand-energy response solutions and performing energy efficiency projects due to the growing commercial industry. Furthermore, the market in this area is expected to be driven by a growing percentage of renewable energy generation and energy efficiency initiatives. The market for EaaS is booming in North America, thanks to increased government standards and efforts and the growing number of smart cities, smart communities, and electric cars.
Competitive Landscape:
Major Companies Emphasize on Diminishing Maintenance Costs to Boost Market Position
This market's competitive environment is shaped by technology developments targeted at lowering operating and maintenance costs and increasing operational efficiency. The growing use of energy as a service by utilities and commercial sectors to improve efficiency and reliability are the major drivers driving the worldwide market for ABB, Schneider Electric, and Siemens, thereby boosting their market position.
Notable Development:
- July 2021: Ameresco Inc., a leading firm in energy efficiency and renewable energy, signed a contract for a long-term energy-as-a-service agreement with Northwestern University. The company will deliver ongoing energy management and related services and identify and implement energy efficiency upgradation for the campus.
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Major 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, 2017-2028
- 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, 2017-2028
- 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
- Canada Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- U.S. Market Analysis, Insights and Forecast – By End-User
- Europe Energy as a Service (EaaS) Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 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
- UK Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Germany Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- France Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Italy Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Spain Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Russia Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- Rest of Europe Market Analysis, Insights and Forecast – By End-User
- Commercial
- Industrial
- UK Market Analysis, Insights and Forecast – By End-User
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