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The global energy as a service market size is expected to reach USD 41.85 billion by 2027 owing to increasing demand for efficient energy supply services across industry verticals, shares Fortune Business Insights™ in its report, titled “Energy as a Service Market Size, Share & Industry Analysis, By Service Type (Energy Supply Services, Operation & Maintenance Services, Optimization & Efficiency Services, and Others), By End User (Industrial, Commercial, and Others), and Regional Forecast, 2020-2027”. According to the report, the value of this market was at USD 17.82 billion in 2019 and is projected to exhibit a CAGR of 12.3% from 2020 to 2027. However, as a result of the COVID-19 outbreak, the demand and consumption of power, especially in the commercial sector, has fallen considerably on account of nationwide lockdowns and overall economic downturn. Thus, the pandemic has dampened the market’s growth prospects for 2020.
Clear Blue Technologies Unveils EaaS Product for Wireless Power Applications
In May 2019, Clear Blue Technologies, the Canada-based smart off-grid solutions specialist, introduced its innovative Energy-as-a-Service (EaaS) solution for applications powered by wireless systems. As a subscription-based service, the company intends to deliver clean and wireless power to critical installations such as Internet of Things (IoT) devices, telecommunications systems, and off-grid street lights. With this launch, Clear Blue aims are tapping the vast potential of EaaS in the power industry, catering especially to off-grid structures and services. Thus, companies in this market are developing and launching products that will enable end-user industries to quickly adapt to the changing technological milieu in the energy sector.
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Growth in Renewable Energy Capacity to Boost Market Spirits
In the past few years, the movement towards renewable energy sources has gained momentum, driven by escalating pollution levels and rapid depletion of exhaustible energy sources. As a result, public and private investment in renewables has grown at a remarkable pace, leading to substantial capacity additions in renewable energy. According to the International Renewable Energy Agency (IRENA), the total energy generation capacity from renewables stood at 2537 GW at the end of 2019, with solar and wind power accounting for the largest capacity additions. Overall, the IRENA estimates, during 2019, renewable capacity grew by 7.4% from 2018 levels. In this scenario, the role of energy as a service becomes vital as surging energy demand around the world, most of which will be met by renewables in the next couple of decades, will require efficient distribution of as well as accessibility to power, especially in developing countries.
Efficient Delivery of Services to be the Prime Goal for Companies
The energy as a service market growth is set to get accelerated as major players in this market develop novel solutions to consolidate their position. The main strategy employed by most market companies is to design and develop services that can be efficiently delivered to customers and will have wide applicability in the core industrial sector. Companies hope that creating a diverse spectrum of services and products will enable to deepen their footprint in this market as well as broaden their sales horizons on foreign shores.
List of Players Covered in the Energy as a Service Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Service Type
By End User