Energy as a Service Market to Surge Exponentially; Robust Demand for Renewable Energy to Foster Industry Progress: Fortune Business Insights™

India, Pune, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global Energy as a Service Market size was valued at USD 64.34 billion in 2021 and is expected to touch USD 70.46 billion by 2022. The market size touched USD 147.56 billion by 2029, exhibiting a CAGR of 11.1% during the forecast period. Reduced energy costs, decreased carbon emissions, and strong demand for renewable energy resources are likely to enhance the industry's progress. Fortune Business Insights™ presents this information in its report titled “Energy as a Service Market, 2022-2029.”

Key Industry Development

December 2021: 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.

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Report Highlights:

Driving Factors

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.

However, heavy capital investments for the establishment and the switch to advanced grids are expected to impede industry growth.

COVID-19 Impact

Halt on Industrial Operations Negatively Affected Market Growth

This market was negatively affected during the COVID-19 pandemic due to halt on industrial operations. The alarming spike in COVID-19 patients led to the immediate shutdown of industries and commercial spaces. However, the rising investments in the development of renewable energy resources are likely to enhance the adoption of Energy as a Service (EaaS). Moreover, the introduction of favorable policies and service models is expected to enhance the industry’s growth. For example, Centrica Business Solutions (CBS) announced a novel EaaS bundle in June 2020. The bundle is designed especially for investors looking forward to investing in energy-saving technologies. These factors propelled the industry's growth during the pandemic.

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Segments

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.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

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Regional Insights

Strong Demand for the Service from the U.S. to Propel Market Growth in North America

North America is expected to dominate the energy as a service market share due to the rising demand for the service from the U.S. The market in North America stood at USD 28.49 billion in 2021 and is expected to witness major growth during the coming years. Furthermore, rising renewable energy installations may enhance industry growth.

In Europe, significant power generation technologies installations and favorable organizational and governmental policies are expected to elevate the service adoption. Furthermore, developing plans for fortifying and expanding grid infrastructure are likely to enhance EaaS adoption.

In Asia Pacific, rising financial backing by governments, increasing clean energy awareness, and the fulfillment of demand & supply are expected to foster EaaS adoption. Moreover, rapid commercial and domestic space constructions are likely to enhance EaaS adoption.

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.

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.)

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Table of Contents

• Introduction

• Executive Summary

• Market Dynamics

• Key Insights

• Qualitative Analysis – Impact of COVID-19

• Global Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• North America Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• Europe Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• Asia Pacific Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• Latin America Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• Middle East & Africa Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2018-2029

• Competitive Analysis

List of Figures

• Global Energy as a Service Market Revenue Breakdown (USD Billion, %) by Region, 2021 & 2029

• Global Energy as a Service Market Value Share (%), By Service Type, 2021 & 2029

• Global Energy as a Service Market Forecast (USD Billion), by Energy Supply Service, 2018-2029

• Global Energy as a Service Market Forecast (USD Billion), by Operational & Maintenance Service, 2018-2029

• Global Energy as a Service Market Forecast (USD Billion), by Energy Optimization & Energy Efficiency Service, 2018-2029

• Global Energy as a Service Market Value Share (%), By End-User, 2021 & 2029

• Global Energy as a Service Market Forecast (USD Billion), by Industrial, 2018-2029

• Global Energy as a Service Market Forecast (USD Billion), by Commercial, 2018-2029

• Global Energy as a Service Market Value Share (%), By Region, 2021 & 2029

• North America Energy as a Service Market Value Share (%), By Service Type, 2021 & 2029

• North America Energy as a Service Market Forecast (USD Billion), by Energy Supply Service, 2018-2029

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