Major Factors Driving The Growth Of Energy As A Service Market Are:
EaaS allows more companies to profit from the energy transition while also lowering the potential cost of entry, allowing them to make progress toward their energy and sustainability goals. These features are expected to drive the EaaS market growth.
Business applications such as restaurants, educational institutions, data centres, commercial buildings, and warehouses have increased their demand for electricity. Furthermore, there is an increase in demand for energy consumption optimization in order to cut energy costs and support long-term environmental growth. These factors are expected to further fuel the growth of the energy as a service market.
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Trends Influencing The Growth Of Energy As A Service Market:
The expansion of the EaaS market is driven by an increase in building owners' efforts to minimise energy costs, increase in renewable energy generation, rise in renewable energy adoption, and an increase in smart grid installations. EaaS profoundly alters the way businesses approach energy management and purchase. EaaS solutions often use a mix of energy aspects, ranging from metering systems to microgrids to distributed energy resources (DERs) to waste heat recovery. The progression of energy from rigid and centralised to flexible and responsive is reflected in each of these potential components. Unlike centralized energy management and energy-dispatching technologies, these solutions are adaptive, variable, and modular.
Furthermore, the EaaS solution provider provides energy management services that are aligned with performance goals, lowering risk for end users. These services are tailored to each client's needs in order to achieve predetermined goals such as system resilience and satisfying sustainability targets and frequently result in lower performance risk and lower capital costs. This in turn is expected to drive the EaaS market growth.
Furthermore, the utilisation of innovative capital arrangements such as advanced power purchase agreements (PPAs), leases, and performance contracts to save CAPEX investment is a direct benefit of EaaS. As a result, the energy services agreement safeguards cash flow while also generating new revenue streams.
A stable and supportive policy framework is required to achieve rapid scale-up and efficiency improvements while maintaining grid stability and energy-saving potential. As a result, during the forecast period, favourable government policies for energy efficiency initiatives are predicted to fuel the growth of Energy as a service market.
Utility companies have been obliged to invest in and upgrade policies for distributed energy resources (DER) due to ageing infrastructure for generating and transferring power. To control and reduce energy use and better manage expenses, distributed energy resources include renewable energy, demand-response capabilities, and other energy-saving technologies. Increased investment in energy distribution infrastructure will increase demand for DER, thereby driving the EaaS market growth.
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Energy As A Service Market Share Analysis:
Based on service, the energy supply services segment registered the highest market share of around 37.4% in 2020 . This is due to an increase in demand for energy supply services from various end-use industries, such as manufacturing and processing. Furthermore, the rapid rise of distributed energy generation sources such as solar, wind, fuel cells, and heat and power is expected to enhance the demand for energy supply services, fueling the growth of the energy as a service industry in the future years.
Based on end-user, The commercial category has the biggest market share and is projected to during the forecast period. The surge in demand for energy from commercial applications such as restaurants, educational institutions, data centres, commercial complexes, and warehouses is attributable to this increase.
Based on region, Asia-Pacific dominated the market, and this dominance is expected to continue during the forecast period. This is due to the presence of major players and a large consumer base in the area. Furthermore, increased investments in smart energy infrastructure, renewable energy, and increasing industrialization across the region are likely to boost the region's energy as a service market growth over the projection period.
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Leading Players in the Energy as a Service Market
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- The global renewable energy market was valued at USD 881.7 Billion in 2020, and is projected to reach USD 1,977.6 Billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.
- The global Microgrid as a Service market size is projected to reach USD 2230.8 Million by 2027, from USD 1184.2 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.0% during 2021-2027.
- The global Key Management as a Service market size is projected to reach USD 1033.3 Million by 2027, from USD 352.4 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 16.1% during 2021-2027.
- In 2021, the global Blockchain in Energy market size will be USD 671.3 Million and it is expected to reach USD 2324.6 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 23.0% during 2021-2027.
- The global Energy Management Software market size is projected to reach USD 69300 Million by 2027, from USD 33200 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.6% during 2021-2027.
- The global Sustainability and Energy Management Software market size is projected to reach USD 1557.3 Million by 2027, from USD 846 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 8.6% during 2021-2027.
- The global Building Energy Management Systems market size is projected to reach USD 12230 Million by 2027, from USD 5053.7 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 13.3% during 2021-2027.
- The global Home Energy Management market size is projected to reach USD 3125.4 Million by 2027, from USD 1592.4 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during 2021-2027.
- The global Hybrid Solar Wind Energy Storage market size is projected to reach USD 1619.7 Million by 2027, from USD 1075.5 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.6% during 2021-2027.
- The global Service Integration and Management (SIAM) market size is projected to reach USD 4126.9 Million by 2027, from USD 3205.1 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 3.2% during 2021-2027.
- The global Advanced Energy Storage market size is projected to reach USD 16970 Million by 2027, from USD 11880 Million in 2020, at a CAGR of 4.8% during 2021-2027.
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- Global Unified Communication-as-a-Service in Energy Market Size, Status and Forecast 2021-2027
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