Energy as a Service Market was at US$ 61.47 Bn in 2021 and is growing to approximately US$ 148.63 Bsxn by 2030, with a CAGR growth of 12.52% between 2022- 2030.

SANDY, UTAH, UNITED STATES, September 2, 2022 /EINPresswire.com/ -- According to the study, The Global Energy as a Service Market was estimated at USD 61.47 billion in 2021 and is anticipated to reach around USD 148.63 Billion by 2030, growing at a CAGR of roughly 12.52% between 2022 and 2030.

Energy as a Service Market: Overview

Energy as a service offers various energy-related services for small, medium, and large industries. It helps to create awareness regarding the usage and optimization of energy-related services, proper maintenance, and management of the power generation sources for better power generation. The EaaS model is transforming and increasing the efficiency of power purchases and energy management. EaaS aids in the energy management of buildings and minimizes the cost of spending on energy. With concerns over energy conservation and sustainable energy usage, facility managers are looking for options to lower carbon emissions and optimize power consumption.

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The energy as a service market involves the sale of technology, analysis, energy, customized services, and access to the grid. The demand for the reduction of carbon emissions, decentralized energy distributions, adoption of renewable energy usage for power generation, and rapid industrial development, led to the enhancement of the energy as a service market.

Energy as a Service Market: Growth Drivers

There are numerous responsibilities for the growth of the global energy as a service market, such as the increased efforts of the building owners to reduce the energy cost, reduction in the GHG emission, depletion of renewable resources with the increased use of renewable resources, etc., are some of the factors that drive the growth of the market.

As a result of increased environmental concern, various eminent companies have shifted their focus from conventional energy sources to the advanced energy as a service model which is supposed to enhance the growth of the market during the forecast period, based on the projection. Along with this the rise in building owners’ efforts to lower power costs, an expansion in renewable power generation, and an enhancement in power efficiency activities, contribute to the growth of the market. A surge in the adoption of power and an increase in smart grid installations bolster the market growth.

The formation of industries and urban civilization consumes a huge amount of energy, leading to the depletion of non-renewable sources of energy such as fossil fuels. This led to the rapid usage of renewable energy resources for electricity generation, creating a great positive impact on the market growth. Furthermore, the government-driven initiatives and investments are the creation of industries that deal with the industries that generate renewable energy, which are crucial factors responsible for the growth of energy as a service market.

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Key Insights:

A) As per the analysis shared by our research analyst, the Energy as a Service market is estimated to grow annually at a CAGR of around 12.52% over the forecast period (2022-2030).
B) In terms of revenue, the Energy as a Service market size was valued at around USD 61.47 billion in 2021 and is projected to reach USD 148.63 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The significant growth of the global energy as a service market can be attributed to multiple factors such as the increase in the adoption and the usage of renewable energy resources.
D) The alternative source of power for the generation of electricity has increased in these sectors, which led to the rapid growth of the energy as a service market.
E)The rapid shift from the traditional transitional market to the advanced energy as a service model is initiated by the government and the key players provide ample opportunities for the growth of energy as a service market on a global scale.

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Regional Landscape

Based on the region the global energy as a service market is distributed among North America, Europe, Asia-Pacific, and LAMEA. Based on revenue, North America has dominated the global market by 2021 and is expected to grow further during the forecast period. The rise in the development of automated buildings and automation, high demand for the usage of renewable resources for energy generation, and rapid growth of the commercial industries and energy-efficiency projects led to the rapid development of the EaaS market across North America.

The market in North America was estimated at USD 28.49 billion in 2021 and is projected to grow fastest during the forecasting period. Furthermore, the increased demand for power plant installations dealing with renewable energy may uplift the market.

Recent Development

A)In June 2021, Honeywell has announced its partnership with Alturas for the deployment of the battery storage system to global customers. The Honeywell has provided the resources and the project framework, meanwhile, the dedicated capital is provided by the Alturas. Honeywell also launched the battery storage system platform for the customer to optimize battery usage.
B) In November 2021, Rolls-Royce decide to collaborate the investment firm, Sustainable Development Capital (SDLC) to provide them with efficient energy as a service solution to help them take more sustainable power. Rolls-Royce also provided its customers with optimum electricity generated by sustainable energy-efficient systems.
C) In December 2021, Johnson Controls launched OpenBlue Net Zero Buildings as an energy service platform to help other organizations to understand the efficient usage of energy. This launch may help the company to enhance its portfolio and meet the current standards for the usage of renewable sources.
With the increased demand for renewable energy sources, the Distributed Energy Generation technology has utilized all the sources to generate energy using better sources and to reduce the production load.

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Key Players

Veolia
Centrica
EDF Renewables
Schneider Electric
ABB
Siemens
GE

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The Energy as a Service Market is segmented as follows:

By Type

Energy supply service
Energy optimization and efficiency service
Energy operational and maintenance service

By End-User

Commercial
Industrial

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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