Artificial Intelligence
Energy as a Service Market Projected to Grow from USD 27.86 Billion in 2020 to USD 80.80 Billion by 2028 – Report by Market Research Future (MRFR)
New York, US, May 02, 2022 (GLOBE NEWSWIRE) — Energy as a Service Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Energy as a Service Market” information by Components, by Services, by Solution and Region – Forecast to 2028” market size to reach USD 80.80 billion, growing at a compound annual growth rate of 31.2% by 2028.
Energy as a Service Market Scope:
The rapid switch of major industries to power generated only by solar and other renewable sources is a key driving force. Besides, the rising demand for a wide range of budget-neutral solutions for energy supply and the availability of energy services on a contract basis like Utility Energy Services Contracts (UESCs) and Energy Savings Performance Contracts (ESPCs) boost the market growth.
Most industry players are working to position themselves as a leader in the EaaS field, proving high-efficiency, low emission power generation products and services that enable customers to increase their power resilience and lower energy costs & carbon emissions. The industry witnesses rising numbers of EaaS agreements formed by oil and gas customers for high reliability, more environmentally friendly power solutions for their operations.
Such contracts, secured by O&G companies, supply power to remote mid-stream operations and customer’s pipelines and include industry-leading Factory Protection Plan (FPP) solutions providing complete service coverage, parts & labor for both scheduled and unscheduled maintenance plans. Funds for the equipment and services that can enable the basin emergency responders to continue maintaining the safety of businesses impact the market growth positively.
Solar facilities have a positive economic impact on the countries by providing significant tax revenues. At the same time, solar projects have indirect economic benefits, such as increased spending in the service and construction industries. Sustainable energy helps large enterprises reduce power costs, lower emissions, and increase resiliency.
Dominant Key Players on Energy as a Service Market Covered are:
- EDF Energy (UK)
- Edison International (US)
- Duke Energy (US)
- Southern Company (US)
- Schneider Electric SE (France)
- Engie (France)
- Siemens AG (Germany)
- WGL Energy (US)
- General Electric (US)
- Orsted (Denmark)
- Enel X (Italy)
- SmartWatt (US)
- Bernhard Energy (US)
- Enertika (Spain)
- Contemporary Energy Solutions (US)
- Solarus (Netherlands)
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Market USP Exclusively Encompassed:
Energy as a Service Market Drivers
Advancements in grid infrastructures and the rising need to provide clean and highly efficient energy supply boost the EaaS market size. Besides, large investments to provide clean energy services to residential, commercial, and government sectors drive the market growth. Increasing demand for energy-efficient management of different portfolios escalates the market value.
Moreover, the increasing focus on meeting the demand for energy solutions by compiling federal policies and standards substantiates the size of the EaaS market. The rising uptake of distributed energy resources (DER) and decarburization of the global economy foster market shares. Additionally, the spurring rise in the transportation sectors worldwide, the proliferation of electric vehicles (EVs), and an increased focus on sustainable energy influence market growth.
Upgrades in integrated distributed energy resources (iDER) increase market revenues, leveraging data analytics and artificial intelligence in the EaaS market. On the contrary, high deployment costs required to transform existing grid infrastructures impede the market growth. Nevertheless, increasing deployments of microgrids worldwide would support market growth throughout the assessment period.
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Segmentation of Market Covered in the Research:
The EaaS market is segmented into components, end-users, and regions. The component segment comprises solutions (energy portfolio advisory, off-site energy supply, on-site energy supply, load management & optimization solution, building optimization, others) and services (technical & maintenance, infrastructure, other support services).
The end-user segment comprises residential, government, and industrial (large enterprises and small & medium enterprises). The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.
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Regional Analysis
Globally, Europe is the largest energy as a service market. The rising focus on large-scale renewable technology deployments like offshore wind boosts the market demand. Besides, the large presence of energy service providers such as Schneider Electric SE (France) and EDF Energy (UK) substantiates the region’s market shares. The increasing adoption of renewable sources and substantial investments in grid & transmission infrastructures drive the regional market’s growth.
North America is the second-largest energy as a service market. Rapid developments in technologies such as artificial intelligence & data analytics and the increasing energy demand escalate the market value. Additionally, increasing government initiatives and utility-scale policy support the regional market growth. Growth in the implementation of renewable energy generation systems in the residential sector substantiates the regional market growth.
The energy as a service market in the Asia Pacific is growing at a rapid pace. Continually growing energy demand due to the ever-increasing population and rapid industrialization & urbanization fuels the regional market growth. Moreover, the increasing emphasis on low-cost power generation boosts the development of the regional market. The widening uptake of advanced renewable technologies and microgrids across commercial & industrial sectors increases the regional market size.
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Competitive Landscape
The EaaS market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding capacities, R&D investments, and M&A activities to gain additional impetus. They strive to deliver reliable, leading-edge energy services, substantially investing in developing adept technologies and products.
For instance, on April 27, 2022, FESCO Energy, a leading energy sustainability services company, announced signing an EaaS agreement with Washington College to deliver annual energy and cost-saving benefits while reducing 82% of total greenhouse gas emissions in the college currently. This campus-wide infrastructure upgrade project will result in extensive energy, water, carbon, and cost savings.
The project funds would be distributed to rehabilitate the energy systems at several dorms and increase environmental sustainability and operational improvements across the campus. Besides, the planned improvements cover new digitally connected HVAC systems, VRVVRF & HVAC systems, light-emitting diode (LED) lighting retrofits/replacements, and interior water fixture improvements.
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