According to Custom Market Insights (CMI), the global energy as a service market was estimated at USD 61.47 Billion in 2021 and is supposed to reach USD 148.63 Billion during the forecast period from 2022-2030, projected to grow with a CAGR of 12.52% during the forecast period.
Energy as a service market plays a key role in market-related aspects. It detects the numerous issues and concerns among the business competitors, as well as an in-depth analysis of the possibilities to enhance the existing and newly developed market growth.
Energy as a service has swiftly grown over the years and it provides various energy-related services and energy optimization solutions for different size businesses. It also helps to increase awareness among different energy sectors for better management and usage. Energy as a service is used in different types of other services.
Browse the full “Energy as a Service Market Size, Trends and Insights By Service Type (Energy Supply Service, Energy Optimization And Efficiency Service, Energy Operational And Maintenance Service), By End-User (Commercial, Industrial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/energy-as-a-service-market/
Based on the region, the energy as a service market is present across North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. North America has dominated the global energy as a service market in the base year of 2021 and is expected to maintain its higher position in the market during the forecast period. This can be attributed to the high demand for the construction of smart buildings and automation, as well as energy efficiency projects.
Based on revenue, the EaaS market across North America was valued at 27.49 billion, and the market value is expected to expand at its highest during the forecasting period. The major amount of market share is contributed by the US. The commercial industries across the US have adopted to install power projects for efficient energy storage to cut down operational expenses.
The significant growth of the global energy as a service market can be attributed to multiple factors such as the increase in the adoption and the usage of renewable energy resources, the continuous efforts of the builders in the construction of the energy generation while reducing the energy cost, rapid construction and installation of smart grids, increased energy efficiency activities, the multiple investments, and initiatives by the government. These factors drive the growth of global energy as a service market.
The commercial, industrial, and residential sectors require a continuous supply of electricity to meet their basic needs. The alternative source of power for the generation of electricity has increased in these sectors, which led to the rapid growth of the energy as a service market.
The heavy capital investments for the establishment of the advanced market grid can impede market growth. Wind and solar power account for a few contributions to global energy generation. A good amount of energy generation requires heavy investments to produce the optimum amount of energy. The government has to step in to invest in huge projects. Many times, the government pays a certain percentage of the total investment and the rest is left to the private sector or company for the investment. The lack of proper investment and the shortage in energy production can impede the market growth during the forecast period.
The rapid shift from the traditional transitional market to the advanced energy as a service model is initiated by the government and the key players provide ample opportunities for the growth of energy as a service market on a global scale.
The energy as a service market has been greatly impacted by the global pandemic, which led to a steep decrease in energy production, due to the substantial decline in the commercial and industrial sectors. This has become a challenge for the global EaaS market to maintain its position.
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Based on service type, the energy supply and service segment dominated the market share in 2021 and is expected to lead the market in the forecasting period. This can be attributed to the rapid construction and transportation equipment that require heavy electricity consumption. The increase in population has led to a large consumer base.
Based on the end-user analysis, the commercial sector has dominated the market in 2021 and is expected to lead the global market during the forecast period. The commercial sector involves the energy usage and optimization services provided by the EaaS, which helps the organization analyze the electricity consumption pattern.
Impact of COVID 19 on Energy as a Service market
The arrival of the pandemic has slowed the global EaaS market growth. The immediate commercial and industrial sectors created a negative impact on the market. However, the introduction of various schemes and policies by the government can help the market to cope with the damage and losses.
Recent developments in Energy as a Service Market
- In June 2021, Honeywell launched a battery energy storage system platform to help the customers to estimate battery usage and optimization, which led to the expansion of their product portfolio, and resulted in the growth of the company.
- In December 2021, Johnson Controls has launched a one-stop shop for organizations to provide an efficient energy-relatsolutionsion, especially for companies that seek zero carbon emission and abundant use of renewable energy as a resource.
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