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NEW YORK , May 10, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Energy-as-a-Service Market Share, Size, Trends, Industry Analysis Report, By Service Type (Energy Supply Services, Operational and Maintenance, Efficiency and Optimization); By Component (Solution, Service); By End-Use (Commercial, Industrial); By Region; Segment Forecast, 2022 - 2029" in its research database.
According to recent research study published by Polaris Market Research, the global energy-as-a-service market size and share is expected to register a CAGR of 8.5% growth and industry revenue is expected to increase from USD 63.41 billion in 2021 to reach USD 120.65 billion by 2029.
What is Energy-as-a-Service? How Big is Energy-as-a-Service Market Size?
Energy-as-a-service refers to a business model in which a company provides electricity-related services. With this approach, customers pay for energy service, minimizing electricity bills. EaaS provides different energy-related services such as energy devices, energy assets installation, and energy management service and optimization solutions across various small, medium, and large-scale industries. The EaaS model requires customers to take a subscription for accessing electrical devices owned by a service company.
Leading companies are continuously moving from traditional power models to power as a facility model which is expected to generate lucrative growth opportunities in the upcoming years. In developing countries, the EaaS model is still at its developing stage, while in developed countries, the service is on-demand. The global energy as a service market is expected to witness strong growth during the forecast period owing to increased government investments in supporting renewable power sources.
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The Contents of the Report Include:
Some of the Top Companies in Energy-as-a-Service Market Are:
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An increase in Distributed Energy Resources (DER), new revenue generation streams for utilities and a reduction in the cost of renewable power generation and storage solutions are some of the important factors driving the market growth. Also, growing initiatives by builders to reduce the energy cost of buildings, rise in renewable energy generation, increase in energy efficiency initiatives, the surge in adoption of renewable energy, and rise in smart grid installations are also boosting the growth of the energy-as-a-service market. Key players are moving towards the EaaS model from the traditional energy model, which is expected to create growth opportunities in the energy-as-a-service market during the forecast period.
A growing focus on renewable and non-renewable energy sources due to their properties such as lowers costs, reduced carbon footprint, environment-friendly, and energy-efficient is anticipated to support the market growth. Rising investments by the government in sponsoring renewable sources are projected to positively favor the market over the foreseen period.
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Alpiq, Bernhard Energy Solutions, Centrica, EDF Renewable Energy, Edison, Enel X, Enertika, Engie, Entegrity, Honeywell, Johnson Controls, Noresco, Orsted, Schneider Electric, Siemens General Electric, Smartwatt, Veolia, and WGL Energy.
By Service Type, By Component, By End-Use, By Region
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Based on service type, the power supply segment accounted for the largest market share in the global energy-as-a-service market in 2021 and is anticipated to continue its dominance over the forecast period. The power supply model guarantees to reduce carbon footprint, and power costs with the rising focus on a variety of power supplies such as renewable, nuclear, and biomass. This model also ensures environmental friendliness. Increasing government initiatives to promote renewable energy, the requirement for cost reduction and energy preservation are some of the factors expected to boost the growth of the segment in the forecast years.
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Based on geography, North America witnessed the largest market share in 2021 and is anticipated to continue its dominance over the forecast period. Key players in countries such as the U.S., Canada , and Mexico are taking initiatives for reducing the costs of delivering services. The Asia Pacific accounted for the largest market share in 2021 and is anticipated to dominate the energy-as-a-service market over the foreseen period. this growth can be attributed to the presence of leading players and a huge consumer base in the region. Factors such as digitization, decarbonization, and rapid development in a distributed generation facility are expected to boost the energy-as-a-service market growth throughout the forecast period.
Browse the Detail Report "Energy-as-a-Service Market Share, Size, Trends, Industry Analysis Report, By Service Type (Energy Supply Services, Operational and Maintenance, Efficiency and Optimization); By Component (Solution, Service); By End-Use (Commercial, Industrial); By Region; Segment Forecast, 2022 - 2029" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/bio-based-epoxy-resins-market
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Polaris Market Research has segmented the energy-as-a-service market report based on service type, component, end-use, and region:
Energy-As-A-Service Market: By Service Type Outlook
Energy-As-A-Service Market: By Component Outlook
Energy-As-A-Service Market: By End-Use Outlook
Frequently Asked Questions About the Market:
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