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The global energy as a service (EaaS) market size is expected to reach USD 124.10 billion by 2028. The increasing digitalization coupled with environmental concerns can have a tremendous effect on this market, mentioned in a report, titled “Energy as a Service (EaaS) Market Size, Share & Covid-19 Impact Analysis, By Service Type (Energy Supply Service, Operation & Maintenance, and Optimization & Efficiency Service), By End-User (Industrial and Commercial) and Regional Forecast, 2021-2028.” The market size stood at USD 59.17 billion in 2020 and is expected to exhibit a CAGR of 9.9% between 2021-2028.
Collaboration of Siemens and Green Investment Group to Incite Development
Siemens Financial Services, Siemens Industry, and Macquarie's Green Investment Group have created Calibrant Energy, a new Energy-as-a-Service solution firm (GIG). Corporate and industrial clients and municipalities, colleges, schools, and hospitals will benefit from the new company's onsite Energy-as-a-Service solutions, which will be provided at no cost upfront. Customers will be able to enjoy the benefits of on-site energy systems with a new degree of ease thanks to the EaaS solutions firm's founders' technical, operating, and risk management experience. Customers will benefit from Calibrant's onsite energy solutions, which will provide cost savings, cost certainty, resilience, and low-cost energy grid augmentation. The release of the new company will uplift the energy as a service market growth in the forthcoming years owing to its goal to make the transition to energy decarbonization easier for US companies and organizations.
Heavy Investments in Renewable Energy Sources to Push Massive Growth
The increasing investment in renewable energy has been facilitated by a growing focus on integrating renewable energy, distributed generation, energy storage, thermally activated technology, and demand response into the electrical distribution and transmission system. The expansion of this sector is being fueled by increased investment in renewable energy. Global investment in renewable energy grew to USD 272.9 billion in 2018, according to the United Nations Environment Programme's report on Global Trends in Renewable Energy Investment 2019. This is the fifth year in a row that it has surpassed USD 250 billion. This industry is also benefiting from increased investment in storage solutions. According to Bloomberg New Energy Finance (BNEF), the energy storage industry will reach 942 GW by 2040, garnering USD 620 billion in investment. As a result, increased investment in renewable energy sources and storage solutions will propel the market forward throughout the forecast period.
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Prominent Companies Focus on Increased Operational Efficiency
This market is contingent on technology advances that target to lower operating and maintenance costs while also increasing operational efficiency. The growing use of energy as a service by utilities and commercial sectors to improve efficiency and reliability is the major driver driving the competition among ABB, Schneider Electric, and Siemens.
The Report Lists the Key Companies in this Market:
Further Report Findings:
This Market is Segmented into:
Value (USD Billion)
By Service Type, By End-User, and By Region
By Service Type