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Energy as a Service Market to Grow at 12.3% CAGR till 2027; Rising Pace of Urbanization Worldwide to Prove Beneficial for the Market Growth

May 20, 2020 | Energy & Power

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.


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


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.


Industry Development:



  • April 2019: ABB, the Swiss-Swedish MNC, joined forces with MVV, a German energy service company, to introduce Energy Efficiency as a Service solution to enable industries and energy entities to lower costs, reduce carbon emissions, and improve their energy-efficiency quotient.


List of Players Covered in the Energy as a Service Market Report:



  • Johnson Controls

  • Edison Energy, LLC

  • ENGIE

  • EDF Renewables North America

  • Veolia

  • Siemens

  • ABB

  • Orsted

  • Centrica

  • SmartWatt Inc.

  • WGL Energy

  •  General Electric

  •  Enel X

  •  Honeywell

  • Schneider Electric


Further Report Findings:



  • The energy supply services segment led the market with a share of 36.3% in 2019 and is envisaged to command the market on account of rising demand for decentralized energy distribution.

  • Asia-Pacific, with a market size of USD 5.62 billion in 2019, is slated to dominate the energy as a service market share owing to increasing investment in renewables in India and China along with favorable government policies for energy-efficiency projects.

  • Growing adoption of integrated distributed energy resources (iDER) by oil companies will augment the EaaS market growth in the Middle East & Africa.


Table of Segmentation:








































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Service Type



  • Energy Supply Services

  • Operation & Maintenance Services

  • Optimization & Efficiency Services

  • Others



By End User



  • Industrial

  • Commercial

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



  

Energy as a Service Market
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  • 2016-2018
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