ID: MRFR/ICT/5146-HCR | February 2021 | Region: Global | 100 pages
Market Synopsis of Global Energy as a Service (EaaS)Market Research Report
Rapid developments in technology has created a revolutionary impact in the energy and power sector. Power utility companies such as Duke Energy and Engie are significantly investing in providing clean energy services to the customer of all segments (residential, commercial, and government). The advancement in grid infrastructure and rising need to provide clean and highly efficient energy supply has led to the emergence of energy as a service(EaaS).
EaaS is an emerging concept, currently at a nascent stage in emerging economies, that include management of different energy portfolio, energy supply, program management, energy use, asset management, and others. Moreover, for the EaaS market to span across a wider consumer base and fuel its adoption in every sector, energy and service providers are adopting a collaborative approach with third-party vendors, potential business model disruptors, funding and procurement solutions like solar PV power purchase agreements, and others. In addition, North America, particularly the US and Canada are increasingly focused on providing demand-energy response solution with the help of federal policies and standards that are significantly gaining pace in the growth of EaaS market.
The global energy as a service (EaaS) market was valued USD 10.6 billion in 2017 and is presumed to reach approximately USD 51.8 billion by 2023 with a CAGR of 31.2% during the forecast period (2018–2023).
The market growth for global EaaS market include rising adoption of distributed energy resources (DER), decarbonization of global economy, transformation of transportation sector through electrification such as introduction of electric vehicles, and increased focus on sustainable energy.
Furthermore, the advancement of integrated distributed energy resource (iDER), leveraging data analytics and artificial intelligence in the EaaS market, are likely to create new avenue streams for the growth of the market. However, high deployment cost to transform the existing grid infrastructure and lack of high level of skilled expertise are some of the factors that hinder the growth of the EaaS market during the forecast period.
Source: Expert interviews, Secondary Sources, Whitepapers, Blogs, Company Websites, and MRFR Analysis
The energy as a service market is categorized into component and end user.
Based on component, the EaaS market is segmented into solutions and services. The solution segment is categorized into energy portfolio advisory solution, on-site energy supply, off-site energy supply, building optimization solutions, load management & optimization solution. The services include infrastructure services, technical and maintenance services, and other support services.
Lastly, the end-user segment is categorized into residential, government, and industrial. The industrial segment is further classified into large enterprises and small & medium enterprises.
Some of the key players of global EaaS market include Duke Energy (US), EDF Energy (UK), Edison International (US), Engie (France), Southern Company (US), Schneider Electric SE (France), General Electric (US), Siemens AG (Germany), WGL Energy (US), and Orsted (Denmark).
Some other companies that have also gained a significant market share in the EaaS market include Enel X (Italy), SmartWatt (US), Bernhard Energy (US), Enertika (Spain), Solarus (Netherlands), and Contemporary Energy Solutions (US).
The geographical analysis of global energy as a service market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
Europe region is expected to be the fastest growing EaaS market. The market growth is due to the presence of energy service providers such as EDF Energy (UK), Schneider Electric SE (France) and increasing adoption of renewable source of energy consumption. Additionally, the North America is expected to have a significant market share in the global EaaS market and likely to be a remain the second largest market during the forecast period. The market growth is due to rapid development such as artificial intelligence and data analytics and improving demand energy response among the industrial as well as residential areas in the US and Canada. However, Asia-Pacific is expected to gain a moderate growth. The market growth is attributed to in-efficient grid infrastructure.
Frequently Asked Questions (FAQ) :
Increasing investments by power utility companies in clean energy are poised to boost growth rate of the Energy as a Service (EaaS) market.
The Energy as a Service (EaaS) market is projected to expand at 31.2% CAGR.
The Energy as a Service (EaaS) market is anticipated to earn USD 51.8 Bn by 2023.
The key players of the Energy as a Service (EaaS) market are Duke Energy (US), Edison International (US), EDF Energy (UK), Engie (France), Schneider Electric SE (France), Southern Company (US), General Electric (US), WGL Energy (US), Siemens AG (Germany), and Orsted (Denmark).
The end-user segments of the Energy as a Service (EaaS) market are residential, government, and industrial