USD 60.3 billion
Report ID: SQMIG55C2007 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 59 | Figures: 75
Global Energy As A Service Market size was valued at USD 60.3 billion in 2021 and is poised to grow from USD 60.9 billion in 2022 to USD 112.05 billion by 2030, growing at a CAGR of 9.10% during the forecast period (2023-2030).
The energy industry is undergoing a paradigm shift, and the growth of the Energy as a Service (EaaS) market is being driven by a combination of factors. These include the increasing adoption of Distributed Energy Resources (DER), tax incentives for energy efficiency projects, new revenue streams for utilities, and a decrease in the cost of renewable power generation and storage solutions. Furthermore, rising energy consumption, price volatility, and the potential of renewable energy are other significant factors driving market growth. As a result, organizations are increasingly seeking sustainable energy sources, and this trend is expected to positively impact the market. Many energy providers are choosing to partner and collaborate with other companies to attract more customers. Developed countries like the U.S. and Canada have established policies and regulatory standards to encourage EaaS adoption. The market growth is projected to be driven by increasing government investments in supporting renewable sources, as well as the flexibility and customization offered by EaaS. EaaS enables customers to have more choices regarding pricing and ownership, while operators can customize energy generation projects to meet the specific power requirements of their customers. Additionally, EaaS makes it easy to integrate energy storage assets with a distributed generation system, providing greater efficiency and reliability.
Global Market Size
USD 60.3 billion
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Global Energy As A Service market is segmented by type, application, and region. Based on type, the market can be segmented into energy supply and energy storage. Based on application, the market is segmented into commercial and industrial and residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Energy As A Service Market Analysis by Type
By type, the market can be segmented into energy supply and energy storage. Energy supply refers to the provision of electricity, natural gas, and other fuels to end-users. The energy supply segment dominated the energy as a service market, as it is the most basic and essential service required by all end-users, including residential, commercial, and industrial users. The demand for energy supply services is driven by factors such as population growth, urbanization, and economic development. Furthermore, the increasing focus on the adoption of renewable energy sources is also contributing to the growth of the renewable energy supply segment.
Energy storage refers to the ability to store excess energy for later use. The energy storage segment is the fastest-growing segment in the energy as a service market, driven by factors such as the increasing adoption of renewable energy sources, the need for grid stability, and the rising demand for energy storage solutions. The demand for energy storage services is particularly high in regions with high penetration of renewable energy sources such as solar and wind power. Moreover, the growing popularity of electric vehicles is also driving the demand for energy storage solutions, as they require a significant amount of energy storage capacity to operate efficiently.
Global Energy As A Service Market Analysis by Application
By application, the market can be segmented into commercial and industrial and residential. The commercial and industrial segment dominated the energy as a service market, as these sectors are the largest consumers of energy. The demand for energy as a service in the commercial and industrial sectors is driven by factors such as increasing industrialization, population growth, and urbanization. Moreover, the increasing focus on energy efficiency and the adoption of renewable energy sources are also contributing to the growth of this segment. The commercial and industrial segment is expected to dominate the energy as a service market due to the growing demand for energy-efficient solutions and the need to reduce energy costs.
The residential segment is the fastest-growing segment in the energy as a service market, driven by factors such as increasing population, rising urbanization, and the growing demand for energy-efficient solutions in households. The residential segment is expected to grow due to the increasing adoption of smart homes and the need for energy-efficient appliances and lighting solutions. Furthermore, the rising awareness about the environmental impact of energy consumption and the need to reduce carbon emissions are also contributing to the growth of the residential segment.
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North America dominated the EaaS market due to the increasing adoption of renewable energy sources, growing demand for energy-efficient solutions, and favorable government initiatives. Additionally, the region has well-established energy infrastructure, which provides a conducive environment for the growth of the EaaS market.
During the forecast period, Asia Pacific is anticipated to experience the quickest growth rate. The need to minimise carbon emissions, the expanding acceptance of renewable energy sources, and the growing demand for energy-efficient solutions are all factors that have contributed to the region's growth. Additionally, it is anticipated that the rising industrialization and urbanisation of nations like China and India will accelerate regional market expansion.
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Global Energy As A Service Market Drivers
Increasing adoption of renewable energy sources
Global Energy As A Service Market Restraints
Lack of awareness and understanding among end-users
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The global energy as a service (EaaS) market is highly competitive, with several regional and global players offering a range of services and solutions. The market players are focusing on strategic partnerships, collaborations, and mergers & acquisitions to expand their market presence and gain a competitive edge. Additionally, the players are investing in research and development activities to develop innovative solutions and cater to the evolving demands of the end-users. Furthermore, the market players are also focusing on providing customized solutions to differentiate themselves from their competitors and gain a competitive advantage.
Top Player’s Company Profiles in Global Energy As A Service Market
Global Energy As A Service Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global energy as a service (EaaS) market analysis, the market is driven by growing focus on renewable and non-renewable energy sources that mainly support renewable energy due to their lower costs, reduced carbon footprint, and energy efficiency. Government investments in sponsoring renewable sources and favorable policies and regulations drive market growth. However, the market faces several restraints, including the lack of awareness and understanding among end-users, high initial investment costs, and technological limitations. Key market trends include the adoption of digital technologies, the demand for decentralized and renewable energy solutions, and the trend towards customized and flexible EaaS solutions.
|Market size value in 2021
|USD 60.3 billion
|Market size value in 2030
|USD 60.9 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Energy As A Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Energy As A Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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