Energy As A Service Market Size, Share, Growth Analysis, By Type(Energy Supply and Energy Storage), By Application(Commercial & Industrial and Residential) - Industry Forecast 2024-2031

Global Energy As A Service Market size was valued at USD 60.90 billion in 2022 and is poised to grow from USD 66.44 billion in 2023 to USD 133.36 billion by 2031, growing at a CAGR of 9.10% during the forecast period (2024-2031).

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.