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Energy as a Service (EaaS) Market to Reach USD 147.56 Billion by 2029; Reduced Energy Costs and Decreased Carbon Emissions of the Service to Propel Market Progress

July 26, 2022 | Energy & Power

The global energy as a service market size is expected to witness strong growth by reaching USD 147.56 billion by 2029. Fortune Business Insights™ in its report titled “Energy as a Service (EaaS) Market Size, Share & COVID-19 Impact Analysis, By Service Type (Energy Supply Service, Operational & Maintenance Service, and Energy Optimization & Efficiency Service), By End-user (Commercial and Industrial), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 64.34 billion and reached USD 70.46 billion by 2022. This market is expected to grow positively, exhibiting a CAGR of 11.1% during 2022-2029. Rising demand for renewable energy resources, reduced costs, and declining carbon emission rate are expected to enhance the industry’s growth in the coming years.


General Electric (GE) announced Current, Powered by GE, to Enhance Brand Image


General Electric announced its Current energy company powered by GE in October 2019. It was a first-of-its-kind company responsible for integrating GE’s Solar, LED, electric vehicle, and energy storage business with the Predix platform. This integration may allow the company to deliver and identify energy-efficient and cost-effective solutions for consumers. This strategy may allow the company to enhance its brand image worldwide.


Closure of Industrial Operations Disrupted the Market’s Progress


This market faced a negative impact during the COVID-19 pandemic due to the closure of industrial operations. The suddenly inclining rate of COVID-19 infections led to the immediate shutdown of commercial spaces. However, strong investments in the development of renewable energy resources may enhance Energy as a Service adoption. Furthermore, the introduction of favorable service models and policies is likely to boost the market’s growth. For example, Centrica Business Solutions (CBS) launched a new EaaS bundle in June 2020. The bundle is designed for investors ready to invest in energy-saving technologies. These factors bolstered the industry’s growth during the pandemic.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/energy-as-a-service-market-101204


Robust Energy Demand in Several Industries to Fuel Market Growth


Energy as a service includes energy, analytics, and technology sales. The service covers energy, analytics, technological sales, and other personalized services. Increasing demand for energy in several sectors is expected to enhance EaaS demand. Further, rapidly growing charging stations and increasing production rates may boost EaaS adoption. Also, working rate expansions in the automotive sector may elevate the market’s growth. These factors are likely to drive the energy as a service market growth.


Major Players Enter into Agreements to Enhance Service Offerings


Prominent companies operating in the market sign agreements to enhance their services. For example, Rolls-Royce partnered with Sustainable Development Capital (SDCL) to offer EaaS solutions that can accelerate sustainable power uptake in November 2021. This agreement was undertaken at the 26th annual submission of the “Conference of the Parties” (COP26). This development may enable Rolls-Royce and SDCL to improve their service offerings and elevate their brand image. Furthermore, companies deploy partnerships, acquisitions, mergers, and expansions to boost their market position globally.


Notable Industry Development



  • December 2021: Johnson Controls announced the OpenBlue Net Zero Buildings as a Service. This launch may enable Johnson Controls to offer a one-stop-shop to companies, thereby allowing them to achieve net-zero carbon and renewable energy goals.


List of Key Players Profiled in the Report



  • Schneider Electric (France)

  • Siemens (Germany)

  • Veolia (France)

  • Honeywell (U.S.)

  • Enel X (U.S.)

  • EDF Renewables North America (U.S.)

  • General Electric Company (U.S.)

  • ENGIE (France)

  • WGL Energy (U.S.)

  • Edison Energy (U.S.)

  • SmartWatt, Inc. (U.S.)

  • Bernhard (U.S.)


Further Report Findings



  • The market in North America stood at USD 28.49 billion in 2021 and is expected to gain a huge portion of the global energy as a service market share in the coming years. The rising demand for services from the U.S. is expected to enhance the industry's growth.

  • Furthermore, rising renewable energy installations in the region is expected to enhance the EaaS industry’s growth.

  • In Europe, favorable governmental and organizational policies and increasing power generation technologies installations may enhance EaaS adoption.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Service Type, By End-user, and By Region



By Service Type




  • Energy Supply Service

  • Operational & Maintenance Service

  • Energy Optimization & Efficiency Service



By End-User




  • Commercial

  • Industrial



By Geography




  • North America (By Service Type, By End-user, By Country)

    • U.S. (By End-user)

    • Canada (By End-user)



  • Europe (By Service Type, By End-user, By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Rest of Europe (By End-user)



  • Asia Pacific (By Service Type, By End-user, By Country)

    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • Australia (By End-user)

    • Southeast Asia (By End-user)

    • Rest of Asia Pacific (By End-user)



  • Latin America (By Service Type, By End-user, By Country)

    • Brazil (By End-user)

    • Mexico (By End-user)

    • Rest of Latin America (By End-user)



  •  Middle East & Africa (By Service Type, By End-user, By Country)

    • GCC (By End-user)

    • South Africa (By End-user)

    • Rest of Middle East & Africa (By End-user)




Energy as a Service Market
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  • 2021
  • 2018-2020
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