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$179 billion. A recently created and rapidly expanding business model called energy-as-a-service offers various energy optimization options for large, medium-sized, and small companies. Additionally, it contributes to an increase in distributed energy generation resource installations that is notable.
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The market is expanding as a result of rising energy production from renewable sources and an increase in energy efficiency initiatives across numerous end-use sectors. Smart grid installation and the growing use of renewable energy sources are predicted to open up attractive business prospects for market participants.
Key Takeaways from the Market Study
- The global energy-as-a-service market was valued at US$ 64 billion in 2022.
- Worldwide demand for energy-as-a-service models stands at a market value of US$ 70.2 billion in 2023.
- The global market is forecasted to expand at a high-value CAGR of 9.8% from 2023 to 2033.
- Sales of energy-as-a-service systems are projected to reach US$ 179 billion by the end of 2033.
- Demand for energy supply services is predicted to increase at a CAGR of 8.5% and reach US$ 55 billion by 2033-end.
- The United States market was sized at US$ 25 billion in 2022.
- The market in Japan is forecasted to expand at a CAGR of 8.4% through 2033.
“The global market is being driven by several factors, including 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
Government bodies around the world are aiming to reduce greenhouse gas emissions and meet the increased demand for energy.
Introduction of new energy targets by various governments to promote sustainable power is expected to have a positive impact on market growth.
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.
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 in forecasting 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.
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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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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