USD 60.90 billion
Energy As A Service Market Size, Share, Growth Analysis, By Type (Energy Supply, Operational and Maintenance Services, Energy Efficiency and Optimization Services), By End User (Commercial & Industrial, and Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55C2007 |
Region:
Global |
Published Date: August, 2024
Pages:
182
|Tables:
59
|Figures:
75
Energy As A Service Market Insights
Global Energy As A Service Market Size was valued at USD 60.3 billion in 2022 and is poised to grow from USD 60.9 billion in 2023 to USD 112.05 billion by 2031, growing at a CAGR of 9.10% during the forecast period (2024-2031).
The energy industry is undergoing a paradigm shift, and the growth of the energy as a service market is being driven by a combination of factors. These include the increasing adoption of Distributed Energy Resources (DER), tax incentives for energy efficiency projects, new revenue streams for utilities, and a decrease in the cost of renewable power generation and storage solutions. Furthermore, rising energy consumption, price volatility, and the potential of renewable energy are other significant factors driving market growth.
As a result, organizations are increasingly seeking sustainable energy sources, and this trend is expected to positively impact the market. Many energy providers are choosing to partner and collaborate with other companies to attract more customers. Developed countries like the U.S. and Canada have established policies and regulatory standards to encourage EaaS adoption. The market growth is projected to be driven by increasing government investments in supporting renewable sources, as well as the flexibility and customization offered by EaaS. EaaS enables customers to have more choices regarding pricing and ownership, while operators can customize energy generation projects to meet the specific power requirements of their customers. Additionally, EaaS makes it easy to integrate energy storage assets with a distributed generation system, providing greater efficiency and reliability.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
9.10% CAGR
Global Energy As a Service Market ($ Bn)
Country Share for North America Region(%)
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Energy As A Service Market Segmental Analysis
The energy as a service market is segmented based on Type, end user, and Region. Based on type, the market is further sub-segmented into Energy Supply Services, Operational & Maintenance Services, and Energy Efficiency and Optimization Services. Based on end user, the market is further sub-segmented into Commercial & Industrial, and Residential. Based on Region, North America, Europe, Asia Pacific, Middle East and Africa, South America.
Energy As A Service Market Analysis by Type
By type, the energy as a service market can be segmented into energy supply and energy storage. Energy supply refers to the provision of electricity, natural gas, and other fuels to end-users. The energy supply segment dominated the energy as a service market, as it is the most basic and essential service required by all end-users, including residential, commercial, and industrial users. The demand for energy supply services is driven by factors such as population growth, urbanization, and economic development. Furthermore, the increasing focus on the adoption of renewable energy sources is also contributing to the growth of the renewable energy supply segment.
Energy storage refers to the ability to store excess energy for later use. The energy storage segment is the fastest-growing segment in the energy as a service market, driven by factors such as the increasing adoption of renewable energy sources, the need for grid stability, and the rising demand for energy storage solutions. The demand for energy storage services is particularly high in regions with high penetration of renewable energy sources such as solar and wind power. Moreover, the growing popularity of electric vehicles is also driving the demand for energy storage solutions, as they require a significant amount of energy storage capacity to operate efficiently.
Energy As A Service Market Analysis by Application
By application, the market can be segmented into commercial and industrial and residential. The commercial and industrial segment dominated the energy as a service market, as these sectors are the largest consumers of energy. The demand for energy as a service in the commercial and industrial sectors is driven by factors such as increasing industrialization, population growth, and urbanization. Moreover, the increasing focus on energy efficiency and the adoption of renewable energy sources are also contributing to the growth of this segment. The commercial and industrial segment is expected to dominate the energy as a service market due to the growing demand for energy-efficient solutions and the need to reduce energy costs.
The residential segment is the fastest-growing segment in the energy as a service market, driven by factors such as increasing population, rising urbanization, and the growing demand for energy-efficient solutions in households. The residential segment is expected to grow due to the increasing adoption of smart homes and the need for energy-efficient appliances and lighting solutions. Furthermore, the rising awareness about the environmental impact of energy consumption and the need to reduce carbon emissions are also contributing to the growth of the residential segment.
Energy As A Service Market Analysis by Region
The utilities in the region are undergoing a major operational transformation which includes decentralization, digitization, and decarbonization. The major utility operators in the region are looking to operate in the energy as a service business model, which is further expected to transform the power utility operations in the region. One of the major drivers for the energy as a service business model in the region is the ability to incorporate technology, analytics, and personalized services for end-users. This trend is mostly driven by advances in building management technologies and the need for commercial and industrial consumers to reduce their energy cost and carbon emissions. In addition to this, energy as a service provides an opportunity for utility and energy service companies to fund, develop, and design energy projects and solutions that can save energy.
North America’s electrical transmission infrastructure is unprepared for modern threats and natural hazards. Energy as a service would provide the flexibility and reliability that would enable expanded use of electricity across the region without getting affected by the threats and hazards. The region is also witnessing the rapid implementation of distributed energy systems that include solar, small-scale Combined Heat and Power (CHP) systems, and energy storage systems that would help the utilities to enable continuity of operations.
Global Energy As a Service Market By End User (%)
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Energy As A Service Market Regional Insights
North America dominated the EaaS market due to the increasing adoption of renewable energy sources, growing demand for energy-efficient solutions, and favorable government initiatives. Additionally, the region has well-established energy infrastructure, which provides a conducive environment for the growth of the EaaS market.
During the forecast period, Asia Pacific is anticipated to experience the quickest growth rate. The need to minimise carbon emissions, the expanding acceptance of renewable energy sources, and the growing demand for energy-efficient solutions are all factors that have contributed to the region's growth. Additionally, it is anticipated that the rising industrialization and urbanisation of nations like China and India will accelerate regional market expansion.
Global Energy As a Service Market By Geography
- Largest
- Fastest
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Energy As A Service Market Dynamics
Energy As A Service Market Drivers
Increasing adoption of renewable energy sources
- One key driver of the energy as a service market is the increasing adoption of renewable energy sources due to their lower costs, reduced carbon footprint, and energy efficiency. As organizations and governments seek to reduce their carbon emissions and transition to cleaner energy sources, the demand for EaaS solutions is expected to rise. Additionally, the flexibility and customization offered by EaaS solutions, as well as favorable government initiatives and policies, are also expected to drive market growth.
Energy As A Service Market Restraints
Lack of awareness and understanding among end-users
- Despite the growing demand for global energy as a service (EaaS) solution, the market faces several restraints that could hinder its growth. One of the primary challenges is the lack of awareness and understanding among end-users regarding the benefits of EaaS solutions. Additionally, the high initial investment required to implement EaaS solutions may act as a barrier to adoption for small and medium-sized enterprises. Moreover, the lack of standardized regulatory frameworks and technological limitations, such as integration issues, may also restrain the market growth.
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Energy As A Service Market Competitive Landscape
The global energy as a service (EaaS) market is highly competitive, with several regional and global players offering a range of services and solutions. The energy as a service market players are focusing on strategic partnerships, collaborations, and mergers & acquisitions to expand their market presence and gain a competitive edge. Additionally, the players are investing in research and development activities to develop innovative solutions and cater to the evolving demands of the end-users. Furthermore, the market players are also focusing on providing customized solutions to differentiate themselves from their competitors and gain a competitive advantage.
Top Player’s Company Profiles in Energy As A Service Industry
- Edison Energy, LLC (US)
- Enel X (Italy)
- Engie (France)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- EDF Renewables (France)
- Honeywell International Inc. (US)
- Veolia (France)
- Ameresco, Inc. (US)
- SmartWatt (US)
- Bernhard Energy Solutions (US)
- Carbon Clean Solutions Limited (UK)
- Clean Energy Experts (US)
- Noresco LLC (US)
- Constellation Energy (US)
- Engie Impact (US)
- Green Mountain Power (US)
- Carbon Lighthouse (US)
- Lime Energy (US)
- NextEra Energy Resources, LLC (US)
Recent Developments in Energy As A Service Industry
-
In March 2024, HEA Energy, a key player in the provision of offshore marine logistics solutions, strengthened both its Offshore Wind and Oil & Gas service capabilities yet further after penning new deals for multiple Jack up Barges and a combination of Multi-Purpose Support Vessels (MPSV) and Dive Support Vessels (DSV) equipped to accommodate a large number of personnel for subsea intervention and operations support.
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In March 2024, Axis Energy Services announced its successful deployment of a fully electric well service rig on wells operated by Occidental.
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In February 2024, TGS, a Norway-based provider of energy data and intelligence, has announced a strategic partnership with Enertel. This collaboration aims to deliver an integrated solution that will enable operators to access TGS licensed well data through Enertel’s QuantumCast software platform.
Energy As A Service Key Market Trends
- One key market trend in the global energy as a service (EaaS) market is the increasing adoption of digital technologies, such as IoT, AI, and blockchain, to improve energy efficiency and reduce costs. Another trend is the rising demand for decentralized and renewable energy solutions, such as solar and wind power, to meet the increasing energy demands of end-users while reducing their carbon footprint. Additionally, the trend towards customized and flexible EaaS solutions, which can be tailored to meet the specific energy requirements of end-users, is also gaining momentum.
Energy As A Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global energy as a service (EaaS) market analysis, the market is driven by growing focus on renewable and non-renewable energy sources that mainly support renewable energy due to their lower costs, reduced carbon footprint, and energy efficiency. Government investments in sponsoring renewable sources and favorable policies and regulations drive market growth. However, the market faces several restraints, including the lack of awareness and understanding among end-users, high initial investment costs, and technological limitations. Key market trends include the adoption of digital technologies, the demand for decentralized and renewable energy solutions, and the trend towards customized and flexible EaaS solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 60.3 billion |
| Market size value in 2031 | USD 112.05 billion |
| Growth Rate | 9.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Energy As A Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Energy As A Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Energy As A Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Energy As A Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Energy As A Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Energy As A Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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