Global Energy-as-a-Service Market to Reach $80.6 Billion by 2026

SAN FRANCISCO , March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Energy-as-a-Service - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 10; Released: February 2022
Executive Pool: 14262
Companies: 33 - Players covered include Alpiq; Bernhard Energy Solutions; Centrica Business Solutions; EDF Renewable Energy; Edison Energy, LLC; Enel X; Enertika; Engie; Entegrity; General Electric; Honeywell International Inc; Johnson Controls International plc; Noresco; Schneider Electric; Siemens AG; Veolia Environnement S.A; Wendel Energy Services and Others.
Coverage: All major geographies and key segments
Segments: Service (Energy Supply, Operation & Maintenance, Energy Efficiency & Optimization); End-Use (Commercial, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Energy-as-a-Service Market to Reach $80.6 Billion by 2026
Energy generation and supply is no longer only about selling energy as KWHr. Energy is being sold to customers in the form of a service. Increased potential for behind-the-meter services, decentralized energy generation, energy storage and electricity exchange through local networks has made the concept of EaaS (Energy-as-a-Service) an important enabler of demand side management. Businesses keen on increasing energy savings approach EaaS partners for their service. For businesses, EaaS represents a smart option ensuring enhanced operational efficiencies along with increased cash flow coming from savings on energy & maintenance costs. The businesses have a significantly lowered risk of spending continuously on underperforming assets. EaaS partners/ consultants provide technology, analytics, and personalized services enabling users maximize savings on their energy expenditure. Analysis provided by EaaS consultants includes measurement of power consumption by all electrical equipment a business uses, including HVAC units, compressors, pumps, elevator motors etc, by deploying cutting edge technologies like AI, MI, IoT and smart meters. These technologies enable collection of granular level information in the real time, which indicates what savings could be achieved through optimal consumption of energy. Businesses also need not spend on energy efficient infrastructure. This is another major advantage with the EaaS model. The smart metering technology followed by the EaaS model makes energy consumption more transparent. Businesses which both consume and produce energy, called prosumers, can also leverage the model for producing more excess energy and monetizing that surplus. So far, the EaaS model was capable of achieving up to 25% energy savings for businesses. More energy efficiency improvements are likely to emerge in the years ahead, as the service providers start using enhanced technologies and practices

Amid the COVID-19 crisis, the global market for Energy-as-a-Service estimated at US$55.8 Billion in the year 2022, is projected to reach a revised size of US$80.6 Billion by 2026, growing at a CAGR of 8.6% over the analysis period. Energy Supply, one of the segments analyzed in the report, is projected to record a 7.7% CAGR and reach US$37.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Operation & Maintenance segment is readjusted to a revised 9% CAGR for the next 7-year period. Energy supply represents the leading service type accounting for major share of the market. With prices increasing continuously, consumers seek strong energy supply sources alternative to grid. The energy efficiency & optimization service type, comprising of optimizing currently available building energy services and detection of energy saving possibilities, is anticipated to grow at the fastest rate over the coming years helped by factors such increasing governmental focus on promoting renewable energy and growing need for energy conservation and cost containment for businesses among others.

The U.S. Market is Estimated at $22.4 Billion in 2022, While China is Forecast to Reach $8.4 Billion by 2026
The Energy-as-a-Service market in the U.S. is estimated at US$22.4 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.4 Billion by the year 2026 trailing a CAGR of 9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR.

The market is driven by many factors including rise in DER (distributed energy resources), attractive tax benefits from governments for energy efficiency projects, new streams of revenue generation for utilities and generation, and renewable power and storage solutions becoming more affordable among others. Across the world, focus is increasing on developing renewable energy faster because of the many benefits it offers including lower generation costs, reduced footprint and increased energy efficiency. Such an increased focus on renewable energy is anticipated to contribute significantly to EaaS market growth. Increasing energy consumption also constitutes a prominent factor driving market growth. Organizations seeking energy sources that are sustainable are expected to influence market growth in a positive manner in the years ahead. In developed markets such as the US and Canada there are already regulatory standards and policies promoting increased EaaS adoption. However, in developing countries, the concept is still nascent.

The need for reducing energy costs of building is one of the most important growth drivers for the EaaS market. Electricity consumption in residential, industrial and commercial buildings makes up for more than 60 percent of overall energy consumed, at the global level. Owners of those buildings therefore are seeking means for reducing cost of electricity and EaaS which promises to decrease energy consumption considerably is anticipated to witness high future growth. Also, renewable energy generation and consumption is increasing in countries across the world, both developing and developed. Depletion of traditional fossil fuel resources, increasing environmental concerns with conventional power generation and growing burden of fuel commodities imports on countries have been the factors driving consumption of renewable energy. Many governments are also now more focused on energy resource diversification for ensuring energy security. Relying on just one or a few sources can be detrimental to energy security of a nation. This also provides major growth opportunity for EaaS providers. Nonetheless, the nascent EaaS market faces many challenges, more in the areas of execution. Also, the concept of EaaS is yet to take shape in emerging country markets. However, in emerging countries where consumption of energy is fast increasing, EaaS has great potential to impact how energy is generated as well as consumed in the future, which would contribute significantly to future growth of the market.

Energy Efficiency & Optimization Segment to Reach $15.7 Billion by 2026
In the global Energy Efficiency & Optimization segment, USA, Canada, Japan, China and Europe will drive the 10% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.8 Billion will reach a projected size of US$15.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2026. More

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