Rockville, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global energy-as-a-service market reached US$ 64 billion in 2022. Worldwide demand for energy-as-a-service is anticipated to reach a market valuation of US$ 179 billion by 2033.
Energy-as-a-service is a newly developed and swiftly growing model that provides several energy optimization solutions for large, medium, and small businesses. Further, it also helps in a significant increase in the installation of various distributed energy generation resources.
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Increasing use of renewable energy sources to generate energy and a growing number of energy efficiency activities in various end-use industries are driving market expansion. Rising adoption of renewable energy sources and the installation of smart grids are expected to create lucrative opportunities for players in the market.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 179 Billion |
| Growth Rate (2023-2033) | 9.8% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- The global energy-as-a-service market was valued at US$ 64 billion in 2022.
- Worldwide demand for energy-as-a-service models stands at a market value of US$ 70.2 billion in 2023.
- The global market is forecasted to expand at a high-value CAGR of 9.8% from 2023 to 2033.
- Sales of energy-as-a-service systems are projected to reach US$ 179 billion by the end of 2033.
- Demand for energy supply services is predicted to increase at a CAGR of 8.5% and reach US$ 55 billion by 2033-end.
- The United States market was sized at US$ 25 billion in 2022.
- The market in Japan is forecasted to expand at a CAGR of 8.4% through 2033.
“The global market is being driven by several factors, including significant increase in the production of power using renewable energy sources, rising adoption of renewable energy across industries, increasing smart grid installations, and increasing energy efficiency activities,” says a Fact.MR analyst.
High Demand for Renewables Due to Their Economic & Environmental Advantages
Government bodies around the world are aiming to reduce greenhouse gas emissions and meet the increased demand for energy.
Introduction of new energy targets by various governments to promote sustainable power is expected to have a positive impact on market growth.
For instance:
- The government of the United Kingdom is aiming to have around half of its electricity sources renewable by 2025, as per the carbon brief analysis, published in April 2019.
Increased Requirement for Electric-powered Heavy Manufacturing & Transportation Equipment
Demand for energy supply services is predicted to increase at an 8.5% CAGR and reach a valuation of US$ 55 billion by 2033. This is in turn attributed to the increasing demand for heavy manufacturing and transportation equipment operated by electricity.
Winning Strategies
Market players are entering into partnerships, collaborations, etc. to expand their footprints while adding new products to their existing product portfolio.
For instance:
- Honeywell, in June 2021, launched a platform for battery energy storage systems to assist end users to forecast as well as optimize the cost of energy. This newly launched product is predicted to expand the company’s portfolio in battery storage for energy resource management and grid stability.
Major Players:-
- Capstone Green Energy Corporation,
- General Electric Company,
- Honeywell International, Inc.,
- Enel SpA,
- Aggreko PLC,
- Ameresco, Inc.,
- Commonwealth Edison Company (ComEd),
- INPEX Corporation,
- ENGIE SA,
- ENN Energy Holdings Co., Ltd.,
- Alpiq Holding AG,
- Future Energy Solutions,
- Jakson Group,
- Alpiq Holdings AG,
- Budderfly,
- Jakon Group, and China Yangtze Power
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Segmentation of Energy-as-a-Service Industry Research Report
- By Service:
- Energy Supply
- Operation & Maintenance
- Energy Efficiency & Optimization
- By End Use:
- Industrial
- Commercial
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the energy-as-a-service market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on service (energy supply, operation & maintenance, energy efficiency & optimization) and end use (industrial, commercial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
Explore More Related Studies Published by Fact.MR Research:
Energy Storage Systems Market: The global energy storage systems market stands at US$ 45.1 billion in 2022, and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Distributed Energy Storage System Market: Valuation of the global distributed energy storage system market has reached US$ 4.2 billion in 2022 and is expected to increase rapidly at a CAGR of 9.6% to end up at US$ 10.6 billion by 2032.
Residential Energy Storage Market: The global residential energy storage market is valued at US$ 12.2 billion in 2023 and is predicted to jump to US$ 90 billion by 2033-end, expanding at a high-value CAGR of 22% over the decade.
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