Energy as a service is a swiftly growing and newly developed model that offers various energy related services and provides energy optimization solutions across small, medium and large businesses. Energy as a Service (EaaS) can be characterized as at one or more aspects of a customer’s energy portfolio including methodology, program the executives, vitality supply, vitality use, and resource the board by applying new items, administrations, financing instruments, and technology solutions. It also increases awareness toward better management and increased installation of distributed generation sources. Energy as a service is used in different service types and detailed overview on these segments is given in the market study.
The Global Energy as a Service Market is accounted for $58.75 billion in 2021 and is expected to reach $100.69 billion by 2028 growing at a CAGR of 8.0% during the forecast period. Growing investment in renewable energy is driving the EaaS market growth. Rising focus on integrating distributed generation, renewable energy, energy storage, thermally activated technologies, and demand response into the electricity distribution and transmission system has enabled more investment in renewable energy.
According to the report on Global Trends in Renewable Energy Investment 2019 published by United Nations Environment Programme, global investment in renewable energy in 2018 increased to USD 272.9 billion, the fifth successive year in which it has exceeded USD 250 billion. In addition, the growing investment in storage solutions is also augmenting this market. For instance, in September 2018, the World Bank Group announced a program to invest USD 1 billion to accelerate investments in battery storage for energy systems in developing countries. This program aims at ramping up the use of renewable energy to improve energy security, increase grid stability, and expand access to electricity. Therefore, increasing investment in renewable energy sources and storage solutions will fuel the market in the forthcoming years.
North America is projected to hold the largest market share during the forecast period owing to the increase in the share of renewable power generation and energy efficiency activities in the region. Utilities in countries such as the US, Canada, and Mexico are implementing energy efficiency projects and are looking to cut down energy generation costs.
Some of the key players profiled in the Energy as a Service Market include Bernhard Energy Solutions, Ameresco Inc, Edison, Honeywell, Alpiq, General Electric, Johnson Controls, Noresco, Schneider Electric, Enertika, Engie, Siemens, Smartwatt, Veolia, and WGL Energy.