A market for energy-related services is required due to the rising demand for outsourcing these services. Other major factors influencing the expansion of this mar
| energy cloud |
ket are the rise in service providers and the need for services related to energy optimization and efficiency.
The global energy as a service market was valued at USD 64.6 billion in 2022 and is expected to reach USD 156.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.32% from 2023 to 2032.
.jpg "The Global Energy as a Service Market 2022-2032 (USD Billion)")
Covid-19 Impact & Market Status
All industries came to a stop after the Covid-19 virus outbreak. The global economy saw a sharp decline in the under-developed countries. The Global Energy as a Service (EaaS) Market was affected a lot due to the halt in commercial activities which led to a decrease in adopting new emerging technologies across the world. A lot of countries implemented various programs for reducing greenhouse gas emissions and carbon emissions by taking support of favourable government policies. Due to the Covid-19 virus, pollution levels decreased by a lot and now the companies are starting to build their stability back.
The Operational and Maintenance Service Type to Emerge as the Most Lucrative Segment
The energy cloud supply, operations & maintenance, energy optimization, and efficiency service categories make up the market's type-based segments. Among these, operational and maintenance services are frequently employed since they assist in efficiently managing the energy system and lower total energy expenses. A growing public awareness of their benefits is expected to cause the market for energy efficiency and optimization services to develop dramatically over the next years.
The Commercial Segment is Dominating the EaaS Market
The EaaS market is segmented into the commercial and industrial sectors by the end-user. The amount of commercial spaces with high consumption of electricity is why the commercial sector is dominating the global market. EaaS companies provide services for energy consumption or energy conversation along with software and technical solutions. Along with this, industries like pharmaceutical, chemical, textiles, and manufacturing are anticipated to grow at a high rate. The need for energy consumption optimization is growing the demand for EaaS in the commercial sector.
The need for reducing carbon emissions and dangerous environmental effects is rising the demand for the global energy service market. The rapid increase in industrialization and requirement for reducing carbon emissions and carbon footprints and the demand for energy services have fuelled the growth of the global EaaS market.
A third-party provider oversees an organization's energy requirements, including supply, use, and distribution. This concept is known as energy as a service. Due to its many advantages, including cost savings, increased effectiveness, and enhanced sustainability, this kind of service is becoming more and more popular among commercial and industrial end customers.
Cost reduction increased operational efficiency, and sustainability is the three primary categories under which the advantages of the market for energy as a service can be grouped. Energy as a service can also assist customers in avoiding capital expenses (CAPEX) linked to energy projects as well as the headache of operating these projects.
Energy supply, operational and maintenance services, energy optimization services, and efficient services are a few of the recognised services provided by vendors in the energy as a service market, according to the research. With the aid of these services, clients or end users can concentrate on their primary business operations and contract out the ancillary but essential energy-related tasks. As a result, the vendors' services have found widespread favour across a range of business sectors, and in the years to come, they are expected to expand at a rapid rate.
According to forecasts, the market for energy as a service would increase from USD 52.4 billion in 2019 to USD 118.8 billion in 2029, at a CAGR of 13.5%. This market's expansion can be ascribed to the rise in outsourcing of energy-related services as well as the rising demand for energy optimization and efficiency services.
High operational expenses, pollution, climate change consulting, and an abundance of disposed waste materials that harm public health were some of the issues addressed by EaaS. The cost to build up the energy plants is substantial. Additionally problematic and potentially expensive are the regional and meteorological restrictions. Fortunately, these issues are being resolved and addressed as a result of technological developments and the expansion of the commercial sector. The growth of this market can be ascribed to the commercial sector's increasing need for services in energy optimization and efficiency.
The major market players in the Global Energy as a Service Market are Schneider Electric, Siemens, Honeywell, SmartWatt, General Electric Company, WGL Energy, Bernhard, Centrica, SolarCity, and EDF Renewables of North America. This report is an in-depth analysis of the global energy as a service market and provides insights into the various trends, drivers, restraints, and opportunities in this market.
Latest Innovations in the Global Energy as a Service (EaaS) Market: A Snapshot
- The digital platform for energy-as-a-service was introduced by ABB in September 2019. (EaaS). Through a digital market, clients will be able to purchase energy services using this platform.
- An energy-as-a-service (EaaS) product called EcoStruxure TM for Facilities was introduced by Schneider Electric in February 2019. Customers' energy bills and usage can be decreased with the aid of this solution.
- Energy2D+, a software programme for energy management and optimization, was introduced by Siemens in January 2019. Customers' energy bills and usage can be decreased with the aid of this solution.
Energy as a Service Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 156.3 billion |
| Growth Rate | CAGR of 9.32 % during 2022-2032 |
| Segment Covered | by Component, by End user, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Schneider Electric; Siemens; Engie; Honeywell International Inc.; Veolia; EDF; Johnson Controls; Bernhard; General Electric; Entegrity; Enel SpA; Ørsted A/S; NORESCO, LLC; Centrica plc; Wendel |
Key Segment Of The Energy as a Service Market
Based on components (USD Billion)
• Solutions
• Services
Based on the end-user, (USD Billion)
• Residential
• Government
• And Industrial
industrial segment, (USD Billion)
• Small & Medium Scale Enterprises
• Large Scale Enterprises
solution segment, (USD Billion)
• Energy Portfolio
• Advisory Solutions
• On Site Energy Supply
• Off Site Energy Supply
• Building Optimization Solutions
• Load Management & Optimization Solution
service segment, (USD Billion)
• Infrastructure Services
• Technical And Maintenance Services
• And Other Support Services
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of energy as a service market in 2032 was 156.3 billion.
The energy as a service market is growing at a CAGR of 9.32% over the forecast period.
The top companies that hold the market share in energy as a service market are Schneider Electric, Siemens, Honeywell, SmartWatt, General Electric Company, WGL Energy, Bernhard, Centrica, SolarCity & among others.