In 2022, the market for energy as a service was worth US$64 billion. By 2033, it is predicted that the market for energy-as-a-service will be worth US$179 billion.
A recently created and rapidly expanding business model called energy-as-a-service offers various energy optimization options for large, medium-sized, and small companies. Additionally, it contributes to an increase in distributed energy generation resource installations that is notable.
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The market is growing as a result of rising renewable energy output and an increase in energy efficiency programmes in a variety of end-use industries. According to predictions, market participants will have access to lucrative business opportunities thanks to the installation of smart grids and the rising usage of renewable energy sources.
Key Takeaways from the Market Study
- In 2022, the market for energy as a service was estimated to be worth US$64 billion.
- In 2023, the market for energy-as-a-service models will be worth $70.2 billion globally.
- From 2023 to 2033, the global market is expected to grow at a fast CAGR of 9.8%.
- By the end of 2033, sales of energy-as-a-service systems are anticipated to reach US$ 179 billion.
- By the end of 2033, demand for energy supply services is expected to grow at a CAGR of 8.5% and reach US$55 billion.
- In 2022, the US market had a value of $25 billion.
- Through 2033, the market is expected to grow at a CAGR of 8.4% in Japan.
“The global market is being driven by several factors, including a significant increase in the production of power using renewable energy sources, rising adoption of renewable energy across industries, increasing smart grid installations, and increasing energy efficiency activities,” says a Fact.MR analyst.
High Demand for Renewables Due to Their Economic and environmental Advantages
Globally, governments are working to limit greenhouse gas emissions and supply the rising demand for energy.
Market expansion is anticipated to be positively impacted by the introduction of new energy targets by various governments to promote sustainable power.
For instance:
- The government of the United Kingdom is aiming to have around half of its electricity sources renewable by 2025, as per the carbon brief analysis, published in April 2019.
Transforming the Energy Landscape
Energy-as-a-Service represents not just a market trend but a profound transformation of the energy landscape. It empowers organizations to take control of their energy consumption, reduce their environmental impact, and improve their financial performance simultaneously. As more businesses recognize the advantages of EaaS, its growth is expected to continue, fostering innovation in sustainable energy solutions, promoting greater energy independence, and contributing to a greener, more efficient future.
Increased Requirement for Electric-powered Heavy Manufacturing & Transportation Equipment
Demand for energy supply services is predicted to increase at an 8.5% CAGR and reach a valuation of US$ 55 billion by 2033. This is in turn attributed to the increasing demand for heavy manufacturing and transportation equipment operated by electricity.
Winning Strategies
Market players are entering into partnerships, collaborations, etc. to expand their footprints while adding new products to their existing product portfolio.
For instance:
- Honeywell, in June 2021, launched a platform for battery energy storage systems to assist end users to forecast as well as optimize the cost of energy. This newly launched product is predicted to expand the company’s portfolio in battery storage for energy resource management and grid stability.
Key Trends in the Energy-as-a-Service Market
Several noteworthy trends are shaping the EaaS landscape. One prominent trend is the adoption of decentralized energy generation through sources like solar panels and wind turbines, promoting energy self-sufficiency and reducing dependence on the grid. Energy storage solutions, such as batteries, are also gaining traction, enabling the storage of surplus energy for later use, enhancing resilience during peak demand or power outages. The development of microgrids is another trend, offering localized, reliable energy solutions that can operate independently or alongside the main grid. Additionally, EaaS facilitates participation in demand response programs, enabling businesses to reduce energy usage during peak demand periods and earn incentives.
Major Players:-
- Capstone Green Energy Corporation,
- General Electric Company,
- Honeywell International, Inc.,
- Enel SpA,
- Aggreko PLC,
- Ameresco, Inc.,
- Commonwealth Edison Company (ComEd),
- INPEX Corporation,
- ENGIE SA,
- ENN Energy Holdings Co., Ltd.,
- Alpiq Holding AG,
- Future Energy Solutions,
- Jakson Group,
- Alpiq Holdings AG,
- Budderfly,
- Jakon Group, and China Yangtze Power
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The Surging Growth of the Energy-as-a-Service Market
The Energy-as-a-Service market has been experiencing remarkable growth, driven by several key factors. First and foremost, organizations are increasingly committed to reducing their carbon footprint and adopting sustainable practices, and EaaS offers an effective means to achieve these objectives. Furthermore, EaaS providers offer cost-efficient energy solutions, enabling businesses to streamline their energy usage and lower operational expenses. Thanks to technological advancements like IoT sensors, AI, and blockchain, energy monitoring and management have become more efficient, contributing to the market’s expansion. EaaS also provides flexibility in energy procurement, allowing businesses to adapt to evolving energy market conditions and regulatory changes. Finally, it helps mitigate risks associated with energy procurement, ensuring price stability and budget predictability for clients.
Segmentation of Energy-as-a-Service Industry Research Report
- By Service:
- Energy Supply
- Operation & Maintenance
- Energy Efficiency & Optimization
- By End Use:
- Industrial
- Commercial
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the energy-as-a-service market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on service (energy supply, operation & maintenance, energy efficiency & optimization) and end use (industrial, commercial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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