Global Energy-as-a-Service Market Projected to Grow USD 106.6 Billion by 2026
According to Facts and Factors, the global Energy-as-a-Service market was valued at approximately USD 57.6 Billion in 2020 and is predicted to create revenue of around USD 106.6 Billion by the end of 2026, with a CAGR of roughly 10.8% between 2021 and 2026.
Energy as a service (EaaS) is a subscription-based energy service that allows users to pay for energy without having to spend any money upfront. Third-party vendors, utility services businesses, and prospective business model disruptors delivering specialist technological, finance, or procurement solutions make up this group. The energy supply, energy consumption, technology, analytics, grid access, and tailored services are all part of Energy-as-a-Service.
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Top Market Players
Major players operative in the global Energy-as-a-Service market is Schneider Electric, General Electric, Engie, Edison, Siemens, Wendel Energy Services, Alpiq, Honeywell, Bernhard Energy Solutions, Veolia, Entegrity, Enel X, Smartwatt, EDF Renewable Energy, Enertika, WGL Energy, Noresco, Johnson Controls, Orsted, and Centrica amongst others.
Nelnet Renewable Energy, a new business line that provides community solar developers with complete and scalable subscriber acquisition, administration, and support services, was launched in June 2020. The company would assist solar developers in finding subscribers for their community solar projects, which would include homeowners, renters, and businesses interested in solar energy that is both accessible and cheap.
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The market appears to be promising, as both large and small businesses want simple access to energy supplies through trading facilities. As a result, the regulatory authorities must take significant efforts to enhance the infrastructure in order to ensure quality and safety. Contracts for DER and energy efficiency solutions and audits are also being undertaken by major companies, adding to total growth. However, problems with deployment and integration, as well as the governance of centralized utility models, may stifle expansion. Nonetheless, the main companies are likely to benefit from the advent of pay-as-you-go and free-for-service models. The firms are concentrating on achieving effective energy installations and distribution in the commercial and residential sectors. The ability to calculate overhead input aids them in managing their energy portfolio in order to meet their objectives. New participants are expected to benefit from the shift toward decentralized supply. The providers are concentrating their efforts on expanding their geographic reach. Smart cities, energy storage systems, and electric cars are all projected to have a favorable impact on their expansion. For instance, The WallemGroup, the leading technology-driven marine solution provider, and MAN energy solutions inked a global service agreement in July 2019. The deal covers the provision of generators, turbochargers, parts, and services to Wallem-managed vessels operating in foreign waters. The agreement covers all of the Wallem Group’s offices, which are all based in Hong Kong.
The market for energy as a service is divided into three categories based on service: Energy Efficiency & Optimization Services, Operational & Maintenance Services, and Energy Supply Services. The demand service category dominated the market in 2019 and is expected to continue to do so during the projected period. Consumers are searching for reliable energy supply in the absence of a grid due to rising pricing. This aspect is expected to boost the segment’s growth in the near future. On the other hand, the energy optimization services category is expected to grow at the highest rate throughout the projected period. Rising government initiatives to promote renewable energy, as well as the need for cost containment and energy-saving, are expected to boost the segment’s growth in the future years.
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North America is projected to Dominate Global Energy-as-a-Service Market Growth
North America dominated the worldwide energy as a service market, with the greatest CAGR predicted during the projection period. Several utilities are pursuing energy efficiency measures in order to reduce the cost of electricity generation. Power generation from renewable sources is on the rise. The market expansion would be aided by the rising energy efficiency efforts. The government has established a number of initiatives aimed at increasing energy efficiency in the commercial and residential sectors on a wider scale. The creation of intelligent and automated buildings is on the rise. Demand-energy-response systems are offered by a number of firms. The electricity industry is attracting investment and finance from a number of public and private firms. The availability of federal and state tax incentives for energy efficiency projects is expected to drive market expansion.
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