Market Highlights
The most eminent market driver for global energy as a service (EaaS) market growth is the rising adoption of distributed energy resources (DER). Other factors enhancing the market growth include decarbonization of the global economy, the advancement of an integrated distributed energy resource (iDER), increased focus on sustainable energy, leveraging data analytics and artificial intelligence in the EaaS market, and transformation of transportation sector through electrification such as the introduction of electric vehicles.
The Energy as a service market 2020 was valued at USD 10.6 billion and is estimated to reach USD 51.8 billion by 2023, with a CAGR of 31.2% in the forecast period. The factors responsible for driving the growth are an increase in Distributed Energy Resources (DER), reduction in the cost of renewable power generation, storage solutions, tax benefits for energy efficiency projects, and new revenue generation streams for utilities. The market is impelled by the increasing capability of renewable energy, the volatility of price, and the perpetual increase in energy consumption are some of the other factors driving the growth and development. The increase in demand for energy has resulted in the shift towards the generation of renewable energy. Energy as a service helps in a lot of ways, such as optimization of energy systems, improvement of working environments. Moreover, the volatility of the prices of energy has led to the expansion of the market. The Energy as a Service (EaaS) concept has yet not flourished throughout the world, especially in developing countries. Developed countries like U.S and Canada have defined their policies and standards to promote the usage and adoption of EaaS.
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Key Players
Some of the major key players of global EaaS market are Duke Energy (US), Engie (France), Southern Company (US), EDF Energy (UK), Edison International (US), SmartWatt (US), Bernhard Energy (US),Orsted (Denmark), Siemens AG (Germany), General Electric (US), WGL Energy (US. There are few other organizations who recently entered into the market and have claimed a considerable place in the EaaS market . Enel X (Italy), Schneider Electric SE (France), Solarus (Netherlands), and Contemporary Energy Solutions (US), Enertika (Spain), are some of those companies.
Regional Analysis:
The regional segmentation of the global energy as a service (EaaS) market covers Europe, North America, Asia Pacific, and rest of the world (RoW).
During the forecast period, Europe can be the fastest growing regional market due to the increasing adoption of renewable source of energy consumption and the presence of various energy service providers. Many vital country-specific markets in this region are France, Germany, and the UK. Other countries in Europe also add to market growth.
North America can witness huge market growth due to the presence of vital market players and increasing presence as well as the use of artificial intelligence (AI) and data analytics. The third factor responsible for the market growth is improving demand energy response among the industrial as well as residential areas in the USA and Canada. Mexico is the third important country-specific market in this region.
During the forecast period, the market in Asia Pacific region can experience moderate growth due to inefficient grid infrastructure. The seminal country-specific markets in this region are China, India, and Japan. Other countries of the Asia Pacific region also contribute significantly to the market.
The RoW segment covers Latin America and the Middle East & Africa (MEA). In Latin America, the market is small as infrastructure is not as advanced as in North America. In the MEA region, the market is small due to the limited availability of technology and lack of skilled professionals.
Segmentation:
The Energy as a Service market has been categorised into end and component user. The end-user is categorised into government, residential, and industrial. The industrial segment has further been segmented into large, small and medium enterprises. Component-based, the energy as a service market is classified into services and solutions. The services consist of technical services, maintenance services, infrastructure services, and other support services. The solution service has been further sub-categorised into building optimization solutions, energy portfolio advisory solution,off-site energy supply, on-site energy supply, , load management and optimization solution. Regional Analysis The geographical analysis of Global Energy as a Service market has been analysed for Europe, North America, Asia-Pacific and rest of the world. It has been estimated that Europe region will be the fastest growing EaaS market. Energy service providers such as EDF Energy (UK), Schneider Electric SE (France), and rising adoption of renewable source of energy consumption are the major factors for the market growth. America is expected to maintain the second largest market during the forecast period. Speedy development such as data analytics artificial intelligence, and improving demand energy solution among the industrial and residential areas in the US and Canada are expected to have played a key role in expansion of the market. Asia Pacific is expected to accumulate significant amount of revenue in the coming years. The rapid change in population, the fast-paced urbanization, industrialization and increasing renewable energy projects are most likely to advance the revenue generation for the market participants.
Iandustry Update
March 2020
Vestas, a Danish wind turbines manufacturer, has signed an agreement with Nexif Energy, a Singapore-based company, which operates wind farms and other renewable projects. As per the deal states Vestas would offer maintenance solution to Lincoln Gap wind farm in South Australia.
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