Global Energy as a Service Market
Global Energy as a Service (EaaS) Market Size Set to Touch USD 133.26 Billion by 2028
Published | 21 November 2022
Global Energy as a Service (EaaS) Market is flourishing because of an increasing adoption of Distributed Energy Resources (DER), growing revenue streams for utilities and reduced costs for renewable energy generation and storage solutions, and tax incentives for energy efficiency initiatives.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Energy as a Service (EaaS) Market size at USD 62.48 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global energy as a service (EaaS) market to grow at a significant CAGR of 11.5% reaching a value of USD 133.26 billion by 2028. Global energy as a service (EaaS) market expansion is driven by Rising renewable energy potential, price fluctuations, greater energy usage, and expanding revenue streams for utilities. The growing emphasis on renewable and non-renewable energy sources, which primarily support renewable energy due to its lower costs, reduced carbon footprint, low environmental impact, and energy efficiency, combined with rising government investments in promoting renewable energy sources, are expected to drive market growth over the forecast period. The booming worldwide transportation sectors as well as the proliferation of electric vehicles (EVs) are predicted to drive the global EaaS market during the forecast period. However, increasing deployment costs of upgrading the existing utility infrastructure is anticipated to impede the growth of global EaaS market during the period in analysis.
Global Energy as a Service (EaaS) Market – Overview
Energy as a service (EaaS) is a subscription-based energy service in which consumers pay for energy without making any initial capital expense. It is composed of third-party vendors, utility service providers, and possible business model disruptors who provide specialty technical, finance, or procurement solutions. Energy as a Service encompasses energy supply, energy use, technology, analytics, grid access, and personalized services. EaaS is a delivery paradigm that combines hardware, software, and services. Solutions should integrate demand management and energy efficiency services, increase access to renewables and other decentralized supply sources, and optimize the demand-supply balance. The simplicity of an incredibly advanced service offering benefits the consumer the most. Due to the requirement physical, digital, and communications infrastructure, utilities, industrial firms, tech companies, oil and gas majors, specialised renewable suppliers, telecommunications, and start-ups can all compete in the Energy-as-a-Service market.
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Global Energy as a Service (EaaS) Market – By Service Type
Based on service type, global energy as a service (EaaS) market is divided into Energy Supply Services, Operational and Maintenance, and Efficiency and Optimization segments. The energy supply services segment is expected to dominate the market due to rapid population resulting in an increased number of customers in each region. As energy prices climb, consumers are looking for a reliable energy supply to ensure that they can operate without depending on the grid. Renewable energy is primarily supported by the energy as a service model since it decreases energy prices, decreases carbon emissions, maintains high energy efficiency, and is environmentally friendly. In addition, it provides customers with more ownership, price, and financing options.
Global Energy as a Service (EaaS) Market – By Region
Global energy as a service (EaaS) market has North America, Europe, Asia Pacific, Latin America, and Middle East and Africa region. North America is expected to hold the highest market share due to increasing demand for greener, affordable, and reliable energy. Companies are increasingly interested in paying a fixed payment price for a variety of items, ranging from efficiency upgrades to their full energy package. Due to the expanding power sector trend toward energy as a service, private utility models have evolved. For example, in a long-term energy services agreement, utilities help consumers to essentially build their own resource mix while also ensuring no outages.
Impact of COVID-19 on Global Energy as a Service (EaaS) Market
COVID-19 pandemic had a detrimental effect on several industry’s including EaaS market due to imposition of lockdown resulting in supply chain disruptions such as manufacturing, development, production, and logistics units came to a halt. Demand and prices for energy as a service have plummeted all around the world. Due to the pandemic, most industries are focusing primarily on vital operations, leading the deployment of electric components to be halted for an extended length of time. Increased energy use and fluctuating pricing, as well as the shutdown of major enterprises and manufacturing units, have all contributed to a substantial decline in energy demand.
Major players operating in energy as a service (EaaS) market include Alpiq, Bernhard Energy Solutions, Centrica, EDF Renewable Energy, Edison, Enel X, Enertika, Engie, Entegrity, Honeywell, Johnson Controls, Noresco, Orsted, Schneider Electric, Siemens Energy, Smartwatt, Veolia, and WGL Energy. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Energy as a Service (EaaS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Energy as a Service (EaaS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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