Commercial Industry to Lead Global Energy as a Service Market
Efforts toward
decarbonization due to rapid industrialization and the introduction of
renewable energy are
the major factors driving the market during the forecast period.
According to TechSci Research report, Energy as a Service Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast. 2018-2028, the Global Energy as a Service Market is expected to register
robust growth during the forecast period, 2024-2028. Increasing adoption of distributed generation in the commercial and industrial sectors, along with stringent energy efficiency regulations and supportive government initiatives, are expected to drive the market over the forecast period. However, the lack of awareness and the high cost of technology in developing countries are likely to hamper market growth during the forecast period.
Energy as a Service is still in its infancy, especially in poorer countries. However, in developed countries, the service is available on demand. As our population grows, energy demand and conservation are critical to ensuring long-term sustainability. With government support, private companies are focusing on the commercial segment to expand their services in the future. Various energy models, such as Energy as a Service (EaaS), have removed capital barriers and enabled a variety of energy and cost-saving
options. Several factors are influencing the market’s growth such as increasing
distributed energy resources and decreasing cost of renewable energy generation
and storage solutions. An increase in energy consumption should have a positive
impact on the market. According to the US Energy Information Administration
(EIA), global energy consumption is projected to grow by almost 50% between
2018 and 2050.
Increasing focus on renewable and non-renewable
energy sources, mainly supporting renewable energy due to low cost, low carbon
footprint, low environmental impact sources coupled with an increase in
government investment are likely to drive the commercial segment over the forecast period.
Browse over XX market data Figures spread
through 110 Pages and an in-depth TOC on the "Global Energy as a Service Market".
The Global Energy as a Service Market is segmented into Service Type, and
End Users. Based on service type, the market is segmented into Power Generation Services, Energy
Efficiency & Optimization Services, and Operational & Maintenance
Services. Power Generation Services segment is expected to
dominate the market during the forecast period. Consumers are looking for
reliable power sources that can function off-grid in the face of rising prices.
Additionally, the Energy-as-a-Service model primarily supports renewable energy
due to its low cost, low carbon footprint, high energy efficiency, and
environmental friendliness. Renewable energy is gaining attention as a variety
of energy sources, including biomass, renewable energy, fossil fuels, nuclear
power, and biofuels are being used more than ever. Implementing these services
will be cost effective in the long run. This is because customers pay for
services based on actual energy savings and other device performance metrics,
resulting in immediate operational cost savings.
Based on end user, the market is segmented
into commercial & industrial. Commercial segment is expected to
dominate the market during the forecast period. This sector includes
educational institutions, medical institutions, information centers, airports
and other institutions. Buildings account for more than 30% of its total
consumption in the commercial sector. According to the American Council on
Energy Efficiency Economics (ACEEE), these institutions/facilities consume more
than 18% of the energy consumed by various sectors in the United States.
Moreover, lighting and heating consume half of the energy consumed by the
corporate sector. Segment growth can be attributed to multiple causes,
including increased occupancy, floor space, service admissions, and increased
activities such as Climate and Demographic Changes. The EaaS market allows
commercial owners with limited technical skills and financial resources to take
energy-saving measures. Among the many types of commercial & industrial
buildings, commercial buildings consume the most energy and are expected to
contribute to the growth of the market.
Based on region, the market is segmented
into North America, APAC, Europe, South
America, MEA. North America is
expected to dominate the market during the forecast period. Especially in the
commercial industry, the region has launched various projects designed to
increase energy efficiency and reduce operating costs. The United States has
adopted a performance-based system to achieve energy efficiency. It is
estimated that this approach can reduce energy consumption by about 15%. This
approach has created an opportunity for various energy and utility companies to
expand the service lines that can offer power saving services. For example, in
California, energy efficiency guidelines require that at least 60% of the
savings achieved through mandatory programs must be provided by third-party
providers. Therefore, such measurement in this region could help the market
grow during the forecast period.
Key market players in the Global Energy
as a Service Market: -
- Schneider Electric
- General Electric
- Siemens AG
- Veolia Environment SA
- Alpiq Holding Ltd.
- EDF Renewable Energy,
- Bernhard Energy Solutions
- Johnson Controls
- Engie Group
- WGL Energy
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"APAC holds the
key to the growth of Energy
as a Service market. Rise in population and
disposable income is a major reason why APAC region dominated the market.
Increasing number of IT hubs has made this region important. IT &
Telecommunication sector holds a good amount of revenue from this sector.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Energy as a Service Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F. Segmented By Service Type (Power
Generation Services, Energy Efficiency & Optimization Services, Operational
& Maintenance Services), By End User (Commercial,
Industrial) By Region” has evaluated the
future growth potential of Global Energy as a Service Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Energy as a Service.
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