Yahoo Finance Energy as a Service Market Size to Grow Worth USD 147.56 Billion at a CAGR of 11.1% by 2029 | Fortune Business Insights
According to Fortune Business Insights, the global energy as a service market size is projected to grow from USD 64.34 billion in 2021 to USD 147.56 billion in 2029, at CAGR of 11.1% during forecast period. Reduced energy costs and decreased carbon emissions of the service to propel market progress.
Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global Energy as a Service market to grow at a CAGR of 11.1% and reach USD 147.56 billion during forecast period of 2021-2029. The market was valued USD 64.34 billion in 2021. The market growth is attributed to factors such as the reduced energy costs, decreased carbon emissions, and strong demand for renewable energy resources are likely to enhance the industry's progress.
Key Industry Development
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.
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.
The US-based EaaS specialist, Budderfly, secured growth equity and project debt funding worth USD 55 million from Balance Point Capital in partnership with Connecticut Innovations. With participation by State of Connecticut, Budderfly will utilize the funding to customer project installations in the state and also expand its product offerings.
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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 2021 | USD 70.46 billion |
Historical Data for | 2018-2020 |
No. of Pages | 198 |
Segments covered | By Service Type, By End-user, and By Region |
Growth Drivers | Rising Energy Consumption to Contribute Massive Growth |
Strong Energy Demand in Several Sectors to Foster Market Progress |
Market Highlights:
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.
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.
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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. DERs offer a variety of energy- and cost-related advantages. For example, installation of DERs can prove to be highly cost-effective as customers can sell power back to the grid system, thereby lowering electricity bills.
Further, these power generation units can be deployed in areas which rely heavily of variable energy resources such as wind and solar to ensure uninterrupted power supply in case of disruptions. These benefits of DER are fueling its adoption in many regions. For example, the Australia Renewable Energy Agency (ARENA) is sanctioning over $12 million to attract investment and ease regulatory norms to boost the installation of DERs in the country.
What does the Report provide?
The global market for energy as a service report provides a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest dynamics and opportunities that will impact the market growth between 2021 and 2029.
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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.
Segmentation | By Service Type, By End-user, and By Region |
By Service Type |
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By End-User |
|
Energy Supply Service to Dominate the Market Owing to Rising Population and Increasing Consumers
By service type, the market is segmented into energy supply service, operational & maintenance service, and energy optimization & efficiency service.
The energy supply service segment is expected to dominate the market due to the rising population and increasing consumers in every region. It allows consumers to implement water and energy efficiency projects without upfront capital investments.
Commercial Segment to Dominate Owing to Availability of Commercial Spaces
By end-user, the market is bifurcated into commercial and industrial.
The commercial segment is expected to dominate the market due to commercial spaces' availability. Furthermore, the high electricity consumption is expected to enhance the adoption of EaaS. These factors may allow for industry growth.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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.
Contractual Partnerships among Players to Fire up the Market Competition
The competitive landscape of this market is highly charged owing to the increasing number of contract-based collaborations among companies operating in the energy as a service sphere. These partnerships are focused on harnessing the innovation capabilities of the stakeholders and coming up with unique, next-gen solutions.
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.
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Regional Analysis
Asia-Pacific to Occupy Commanding Position; North America and Europe to Grow Steadily
With a market size of USD 5.62 billion in 2019, Asia-Pacific is strongly positioned to dominate the energy as a service market share owing to massive investments in the commercial sector and rapid industrialization. Moreover, promising smart city pipeline projects in India and active uptake of green building models in the region will generate multiple growth avenues for the market.
Growing share of renewables in power generation and increasing focus on energy-efficiency of buildings will be the two key factors propelling the market in North America. Similar trends will be observed in Europe where investments in renewable energy are steadily climbing.
List of 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 Content:
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 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 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 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
Canada Market Analysis, Insights and Forecast – By End-User
Commercial
Industrial
Continued...
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