CHICAGO, May 31, 2019 /PRNewswire/ -- According to the new market research report "Energy as a Service Market by Services Type (Energy Supply Services, Operational and Maintenance Services, and Energy Efficiency and Optimization Services) End-User (Commercial and Industrial), and Region – Global Forecast to 2024", published by MarketsandMarkets™, the global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019, at a CAGR of 10.8%. This growth can be attributed to the new revenue generation streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.
The energy supply services segment is expected to hold the largest share of the Energy as a Service Market, by service type, during the forecast period.
The energy supply services segment is projected to have the largest market share during the forecast period. This is mainly because of the increase in offerings of energy supply, which includes distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, microturbines, and fuel cells to improve energy supply, which is also contributing to the growth of the market.
Browse in-depth TOC on "Energy as a Service Market"
57 – Tables
31 – Figures
157 – Pages
Ask for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23172723
The commercial segment is expected to be the fastest growing segment of the Energy as a Service Market, by end-user, during the forecast period.
The commercial segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing need for energy efficiency. This is expected to increase the demand for Energy as a Service Market during the forecast years. The US Department of Energy (DOE) estimates that at least 25% of the USD 6 billion that colleges and universities spend annually on energy could be saved through better energy management. The energy as a service model helps the educational institutions save money through energy savings. For instance, in February 2016, Schneider received an Energy Savings Performance Contract (ESPC) project worth USD 4.2 million from the Yazoo County School District in Yazoo City, Mississippi, US. The project reduces the Yazoo County School District's utility budget by 26%, saving USD 92,000 in annual energy expenses or USD 2.5 million over the life of the project. In addition, different commercial building activities have unique energy needs, and energy as a service helps commercial owners by providing limited capital and technical expertise to implement energy efficiency projects. Of all, the commercial building types, mercantile and service buildings use most of the energy and this is driving the growth of the Energy as a Service Market.
North America: The leading market for Energy as a Service Market.
In this report, the Energy as a Service Market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to dominate the global Energy as a Service Market in 2019 owing to the increase in energy efficiency projects and growth in distributed energy resources in countries such the US, Canada, and Mexico. The integration of distributed energy resources with utility energy efficiency programs continued the growth of energy efficiency in the region, which also helps in ensuring reliability and meeting the energy goals. Private utility models have emerged because of the growing power sector trend for energy as a service. Also, increase in energy efficiency investments is further expected to propel the growth of the market in the region.
Speak to Analyst:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=23172723
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Energy as a Service Market. Some of the key players are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California). The leading players are adopting various strategies to increase their shares in the Energy as a Service Market.
Related Report:
Distributed Energy Resource Management System Market by Technology (Solar PV, Wind, Energy Storage, CHP), by Software (Analytics, Management & Control, VPP), by End-User (Government & Municipalities, Industrial, Commercial), and by Region - Global Forecast to 2022
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/energy-as-a-service-market.asp
Visit Our Website: https://www.marketsandmarkets.com
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article