DUBAI, UAE, Feb. 9, 2024 /PRNewswire/ -- According to the recent report published by Kings Research, the global Energy as a Service Market size was recorded at USD 63.62 billion in 2022 and is estimated to grow to USD 135.22 billion by 2030, exhibiting a robust 10.12% CAGR over the forecast period of 2023-2030. Energy as a service (EaaS) is an innovative approach in the energy sector that offers comprehensive energy solutions to customers, encompassing supply, administration, efficacy, and frequently renewable resources. This model is propelled by several factors, including sustainability, financial advantages, and advancements in technology.
Energy as a service (EaaS) is a customer-oriented strategy within the energy sector that offers customers holistic energy solutions rather than solely selling energy. EaaS encompasses different elements such as energy provision, administration, funding, monitoring, and sustainability. The main goal of EaaS is to streamline energy management, improve efficiency, lower expenses, and facilitate the widespread use of renewable energy technologies. EaaS empowers customers by providing a comprehensive range of energy-related services. This allows them to concentrate on their primary business functions while entrusting the intricacies of energy management to a service provider. By adopting this approach, customers not only save significant time and resources but also gain the ability to make more precise and informed decisions based on data.
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Competitive Landscape
Leading companies in the global energy as a service market are increasingly focusing on strategic partnerships in order to expand their business in the worldwide marketplace. For instance, in August 2022, Schneider Electric, a global corporation, forged a significant alliance with Tietoevry in order to enhance its website's search capabilities worldwide. This partnership aims to provide a cohesive user experience across all of Schneider Electric's subsidiary brands, aligning with their objective of achieving a first-rate browsing experience.
Prominent participants in the energy as a service market include:
- Schneider Electric
- Siemens
- Engie
- Honeywell International Inc.
- Veolia
- Johnson Controls
- Bernhard
- General Electric
- Entegrity
- Centrica plc.
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Trending Now: Pexapark's Series C Funding Round Nets €20M for Enhanced Renewable Energy Solutions
In September 2023, Zurich-based energy investment platform Pexapark secured €20 million in a Telstra Ventures-led Series C funding round. The funds were to support market expansion and enhance PPA transaction advisory services. With a focus on post subsidy renewable energy sales as well as risk management, Pexapark set out to establish price transparency to 19 global markets.
The A&G Energy Transition Tech Fund and Swisscom Ventures also contributed to the round. The company's software and advisory services have been utilized by over 200 renewable energy firms, including Statkraft, Octopus Energy Generation, EDF Renewables, BP, and Covestro, facilitating over 30GW of PPA deals until now.
Rising Demand for Energy Supply Services to Aid Energy as a Service Market Growth
Based on service type, the energy supply service segment is likely to experience substantial growth in the forthcoming years, accounting for a market share of 34.46% by 2030. The rise in the demand for reliable and eco-friendly energy sources is the key driving force behind this significant expansion.
Energy supply services bring a multitude of advantages, including uninterrupted power, improved energy efficiency, and cost savings. These benefits are propelling the adoption of such services across various industries. Furthermore, technological advancements and the incorporation of renewable energy sources are playing a significant role in fostering the growth of the energy supply service segment.
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Growing Use of Energy Management Systems in Commercial Sectors to Augment Energy as a Service Market Revenue
By end-user, the commercial segment is expected to lead the market over the review period, registering revenue of USD 79.38 billion by 2030. The substantial expansion of this segment is primarily fueled by the growing utilization of energy management systems and the rising need for environmentally friendly and effective energy solutions in commercial structures.
Moreover, the expansion of the commercial sector in the energy as a service market is being propelled by government regulations and initiatives aimed at promoting energy efficiency and reducing carbon emissions. As businesses become increasingly aware of the potential for cost savings and the environmental advantages of outsourcing their energy requirements, the commercial segment is projected to experience substantial growth in the foreseeable future.
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Increasing Adoption of Distributed Energy Sources to Drive Energy as a Service Market Expansion
The increasing adoption of distributed energy resources and electric vehicles has led to a growing need for advanced grid management and demand response services. EaaS providers can assist businesses in effectively managing their energy consumption and taking part in demand response programs to receive incentives. They offer sophisticated software solutions and real-time monitoring systems that empower businesses to optimize their energy usage and decrease expenses.
Moreover, through the integration of renewable energy sources and energy storage, EaaS providers can bolster the stability and resilience of the power grid. By leveraging their knowledge and advanced technology, businesses have the opportunity to actively contribute toward establishing a more sustainable and efficient energy infrastructure, all while reaping the advantages of increased energy savings and enhanced flexibility.
North America to Dominate Energy as a Service Market Due to Government Efforts to Promote Clean Energy Solutions
North America is projected to lead the global energy as a service market in the foreseeable future, growing at a robust 7.26% CAGR from 2023 to 2030. The significant expansion of the regional market is the result of the growing acceptance of renewable energy sources and government efforts to encourage the use of clean energy solutions. Furthermore, North America's leading market players and advanced technological infrastructure play a pivotal role in establishing its prominence in the global energy as a service industry. Moreover, the increasing demand for energy-efficient solutions and the imperative to decrease carbon emissions within the region are projected to propel the growth of the domestic market.
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Key Points from TOC:
1 Introduction of the Global Energy as a Service Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Energy as a Service Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Energy as a Service Market, By Service Type
7 Global Energy as a Service Market, By End-User
8 Global Energy as a Service Market, By Geography
9 North America
10 Europe
11 Asia Pacific
12 Middle East & Africa
13 Latin America
14 GLOBAL ENERGY AS A SERVICE MARKET COMPETITIVE LANDSCAPE
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
15 Company Profiles
15.1 Schneider Electric
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Siemens
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Engie
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Honeywell International Inc
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Veolia
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
Continued…………
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