New York, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Energy is utilized in numerous industries, including producing energy, transportation, and satisfying various home and commercial demands. The bulk of contemporary energy sources emit carbon dioxide by burning fossil fuels. “The global energy as a service market size is expected to reach USD 192.6 billion by 2030, growing at a CAGR of 12.65% during the forecast period (2022–2030).” stated by Research Manager at Straits Research P. Ltd. The Energy Information Administration (EIA) estimates that in 2020, the industrial sector will utilize an average of 80,543 kWh of electricity per month. The legislation governing building energy efficiency and expanding customer awareness of the advantages of reducing their capital expenditures for energy production are the main forces driving North America Energy as a service market growth.
Key Drivers
The development of grid infrastructures and the rising demand for clean, highly efficient energy supply drive the EaaS industry. Significant investments in sustainable energy services to the residential, commercial, and public sectors have also contributed to the industry's expansion. The development of the EaaS business is also supported by the increasing focus on creating government regulations and norms to meet the need for energy solutions. The growing usage of distributed energy resources (DER) and the decarburization of the global economy are boosting market shares. Government legislation and increased awareness of its use for power generation have pushed commercial (large and SMEs) and industrial consumers worldwide to install more rooftop and ground-mounted solar PV systems to meet their energy needs.
In the US, solar energy consumption jumped from 79 trillion Btu in 2010 to around 436 trillion Btu in 2020. Thus, it is projected that in the years to come, there will be a rise in the usage of distributed energy generation, notably by C&I users, which will boost the demand for energy management, energy efficiency, demand response, and related solutions from EaaS companies.
Growth Opportunities
Notable market participants enter agreements to increase service offerings and create lucrative opportunities. To develop Energy-as-a-Service (EaaS) solutions that will speed the adoption of sustainable electricity in November 2021, for instance, Rolls-Royce decided to work with Sustainable Development Capital (SDCL). The parties executed their agreement at the 26th Annual Submission of the "Conference of the Parties" (COP26). Companies also plan mergers, expansions, collaborations, and acquisitions to strengthen their overall market position.
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Regional Insights
North America will command the largest market share over the forecast period. The US is anticipated to account for most of the region's demand, resulting in substantial expansion. The United States is the largest EaaS market in North America, followed by Canada, due to demand from the country's commercial and industrial sectors. Several well-known businesses in the region, such as Johnson Control International Plc, Schneider Electric SE, and Honeywell International Inc., provide EaaS.
The industry is expected to proliferate, with most of the demand coming from nations like China, Japan, and India. China, followed by India, is the largest EaaS market in Asia-Pacific due to demand from the corporate and industrial sectors. Johnson Control International Plc, Schneider Electric SE, Engie SA, and Honeywell International Inc. are a few reputable EaaS providers in the area. The legislation governing building energy efficiency and expanding customer awareness of the advantages of reducing their capital expenditures for energy production are the main forces driving the region's EaaS business.
Key Highlights
- The Energy Supply Services section is projected to advance significantly and hold the largest market share.
- By end-user, the global energy as a service market is segmented into Commercial and Industrial. The Commercial section is projected to advance significantly and hold the largest market share over the forecast period.
- By region, the global energy as a service market is analyzed across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America acquires the largest market share.
Competitive Players in the Market
- Schneider Electric SE
- Engie SA
- Honeywell International Inc.
- Veolia Environnement SA
- Electricite de France (EDF) SA
- Johnson Controls International PLC
- Bernhard
- Enel SpA
- Spark Community Investment Co.
Market News
- In 2022, Honeywell International Inc. announced that the company and DENSO are collaborating to develop an electric motor for the Lilium Jet.
- In 2022, Johnson Controls, Inc and Accenture established two new Johnson Controls OpenBlue Innovation Centers, which will foster the development of AI-enabled building control system services and products.
- In 2022, Schneider Electric SE launched its omnichannel retail outreach called Schneider Electric SE Retail Pavilion in India.
Global Energy as a Service Market: Segmentation
By End-user
- Commercial
- Industrial
By Service Type
- Energy Supply Services
- Operational & Maintenance Services
- Energy Efficiency & Optimization Services
By Regions
- North America
- Asia-Pacific
- Europe
- South America
- The Middle East and Africa
About Straits Research Pvt Ltd.
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