Energy as a Service Market to Hit USD 41.85 Billion by 2027; Growing Need to Cut Carbon Emissions from Buildings to Boost the Market: Fortune Business Insights™
Key Companies Covered in EaaS Market Research Report are Orsted, Centrica, SmartWatt Inc., WGL Energy, General Electric, Enel X, Honeywell, Schneider Electric, Johnson Controls, Edison Energy, LLC, ENGIE, EDF Renewables North America, Veolia, Siemens, ABB.
PUNE, India, May 20, 2020 /PRNewswire/ -- The global energy as a service market size is projected to reach USD 41.85 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Rising energy demand worldwide will be the main growth determinant for this market, states Fortune Business Insights™ in its recent report, titled "Energy as a Service Market Size, Share & Industry Analysis, By Service Type (Energy Supply Services, Operation & Maintenance Services, Optimization & Efficiency Services, and Others), By End User (Industrial, Commercial, and Others), and Regional Forecast, 2020-2027".
The International Energy Agency (IEA) estimates that in 2018, global energy demand rose by 2.3%, growing at its fastest since 2010. Furthermore, the IEA projects that annual energy demand globally will increase by 1% till 2040, with 50% of this demand rise being met by renewable sources and 35% by gas. Heightening demand for energy will necessitate efficient management of energy services and infrastructure. These developments will lay down a strong platform for the EaaS market growth in the coming years. However, the COVID-19 outbreak is set to majorly disrupt the energy sector owing to a steep decline in power consumption and the resultant drop in power generation. According to the IEA, global energy demand will fall by 6% in 2020 owing to nationwide lockdowns and suspension of business operations, thus inevitably affecting the growth of this market in 2020.
The report states that the market value stood at USD 17.82 billion in 2019. Besides this, the report shares the following:
- Precise computation of market figures and values;
- Microscopic evaluation of the factors shaping the size, share, and growth of the market;
- Comprehensive analysis of all the market segments;
- In-depth examination of the regional and competitive dynamics of the market; and
- Concise description of the impact of the COVID-19 pandemic on the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Driver
Shifting Preference towards Distributed Energy Resources to Create Novel Opportunities
Distributed energy resources (DER) can be understood as small-sized power generation units at the local level connected to the grid at the distribution level. They include electric vehicles and chargers, tri-generation units, fuel cells, biomass generators, natural gas turbines, wind turbines, and rooftop solar PV. DERs offer a variety of energy- and cost-related advantages. For example, installation of DERs can prove to be highly cost-effective as customers can sell power back to the grid system, thereby lowering electricity bills. Further, these power generation units can be deployed in areas which rely heavily of variable energy resources such as wind and solar to ensure uninterrupted power supply in case of disruptions. These benefits of DER are fueling its adoption in many regions. For example, the Australia Renewable Energy Agency (ARENA) is sanctioning over $12 million to attract investment and ease regulatory norms to boost the installation of DERs in the country.
Regional Analysis
Asia-Pacific to Occupy Commanding Position; North America and Europe to Grow Steadily
With a market size of USD 5.62 billion in 2019, Asia-Pacific is strongly positioned to dominate the energy as a service market share owing to massive investments in the commercial sector and rapid industrialization. Moreover, promising smart city pipeline projects in India and active uptake of green building models in the region will generate multiple growth avenues for the market.
Growing share of renewables in power generation and increasing focus on energy-efficiency of buildings will be the two key factors propelling the market in North America. Similar trends will be observed in Europe where investments in renewable energy are steadily climbing.
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Competitive Landscape
Contractual Partnerships among Players to Fire up the Market Competition
The competitive landscape of this market is highly charged owing to the increasing number of contract-based collaborations among companies operating in the energy as a service sphere. These partnerships are focused on harnessing the innovation capabilities of the stakeholders and coming up with unique, next-gen solutions.
Industry Developments:
- July 2019: The German engineering MNC, Man Energy Solutions, and the Hong Kong-based maritime solutions provider, Wallem Group, signed a Global Key Account Management contract. Under the agreement, MAN will supply spares and services to its turbochargers, generators, and engines that are aboard vessels managed by Wallem Group.
- June 2019: The US-based EaaS specialist, Budderfly, secured growth equity and project debt funding worth USD 55 million from Balance Point Capital in partnership with Connecticut Innovations. With participation by State of Connecticut, Budderfly will utilize the funding to customer project installations in the state and also expand its product offerings.
List of Companies Profiled in the Energy as a Service Market Report:
- Orsted
- Centrica
- SmartWatt Inc.
- WGL Energy
- General Electric
- Enel X
- Honeywell
- Schneider Electric
- Johnson Controls
- Edison Energy, LLC
- ENGIE
- EDF Renewables North America
- Veolia
- Siemens
- ABB
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Energy as a Service Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Energy Supply Services
- Operation & Maintenance Services
- Optimization & Efficiency Services
- Others
- Market Analysis, Insights and Forecast – By End User
- Industrial
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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