Energy as a Service Market to Reach $112.7 Bn, Globally, by 2030 at 7.6% CAGR: Allied Market Research
Rise in energy efficiency, availability of finances and subsidies, and adoption from the residential sector drive the growth of the global energy as a service market
PORTLAND, Ore., Jan. 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Energy as a Service Market by Type (Energy Supply Services, Maintenance & Operation, Energy Efficiency & Optimization and Others), End User (Industrial and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global energy as a service industry generated $54.4 billion 2020, and is expected to reach $112.7 billion by 2030, witnessing a CAGR of 7.6% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in energy efficiency, availability of finances and subsidies, and adoption from the residential sector drive the growth of the global energy as a service market. However, high technological costs and information barriers and uncertainties hinder the market growth. On the other hand, integration of renewable energy and electrification of transportation and commercial buildings present new opportunities in the coming years.
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Covid-19 Scenario
- The demand for energy as a service reduced considerably from the commercial sector, while increased from the residential sector. There were restrictions in providing energy supply services and maintenance activities due to lockdown restrictions.
- As companies were struggling to keep up with fixed costs and striving to lower down the impact of Covid-19, the huge capital investments have been put off, cancelled, or delayed. This led to the negative impact on the EaaS market.
The energy supply services segment to continue its lead position during the forecast period
Based on service, the energy supply services segment accounted for the highest share in 2020, contributing to nearly two-fifths of the global energy as a service market, and is expected to continue its lead position during the forecast period. This is attributed to rise in electric-driven heavy manufacturing and transportation equipment. However, the maintenance & operation segment is expected to manifest the highest CAGR of 8.0% from 2021 to 2030.
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The commercial segment to continue its leadership status during the forecast period
Based on end use, the commercial segment contributed to the largest share in 2020, accounting for more than three-fifths of the global energy as a service market, and is estimated to continue its leadership status during the forecast period. This is due to requirement of continuous and stable electricity supply for continuous operations from commercial complexes, shops, malls, data centers, and other industrial applications. However, the industrial segment is projected to portray the largest CAGR of 8.0% from 2021 to 2030, owing to deployment of distributed energy generation, adoption of automation technologies, and development of local energy resources.
Asia-Pacific, followed by North America, to continue its dominance in terms of revenue by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in 2020, accounting for around one-third of the global energy as a service market, and is expected to continue its dominance in terms of revenue by 2030. Moreover, this region is expected to witness the fastest CAGR of 8.2% during the forecast period. This is due to Rapid growth of smart energy infrastructure, adoption of green building models, and rise in government support toward achieving sustainability goals. Moreover, rapid adoption of energy as a service model in developing countries such as China, Japan, India, and Australia with rapid expansion of distributed energy generation, renewable energy, electric vehicle, smart grid, and other sectors supplement the growth. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading Market Players
- · Veolia
- · Honeywell International Inc.
- · EDF Renewables
- · Enel X
- · Schneider Electric SE
- · Engie SA
- · Johnson Controls International
- · WGL Energy
- · Alpiq
- · General Electric
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