The global energy as a service market is projected to grow at a CAGR of 10.8% from 2019 to 2024
NEW YORK, June 10, 2019 /PRNewswire/ -- The global energy as a service market is projected to grow at a CAGR of 10.8% from 2019 to 2024.
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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 factors such as new revenue generating 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. However, integration and deployment challenges and dominance of the existing centralized utility models are hindering the growth of the energy as a service market.
The energy supply services segment is expected to be the fastest growing market from 2019 to 2024.
The energy supply services segment, by service type, is estimated to be the largest and the fastest growing segment during the forecast period.Due to the increase in pressure on consumers to meet sustainability and regulatory goals, increase in complexity to procure electricity, and complex tariff structures, the consumers are now in need for customized energy generation designs based on their requirements with modern and robust technology.
The energy supply services segment of energy as a service aids in offering onsite energy supply, includes common 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. It gives the medium and large business consumers modern option on how they can sustain operations regardless of grid operations.
The commercial segment, by end-user type, is expected to be the largest market from 2019 to 2024.
The commercial segment is expected to hold the largest market share and the fastest growing segment during the forecast period because commercial buildings include a variety of building types—offices, hospitals, schools, federal buildings, warehouses, hotels, and shopping malls.The commercial sector, mainly the buildings, is responsible for about 30% of the global energy use.
This growth was driven mainly by factors such as increase in floor area, occupancy, and access to services along with increase in activity, including changes in population and climate.Different commercial building activities have unique energy needs and energy as a service helps the commercial owners limited capital and technical expertise to implement energy efficiency projects.
Of all the commercial building types, mercantile and service buildings use the most total energy.
North America: The largest market for energy as a service.
The North American region is expected to be the largest market for energy as a service by 2024.The consumers in the region are looking to procure cleaner, reliable, and cheaper energy.
Companies increasingly want to pay a fixed subscription fee for a range of products, from efficiency upgrades to their entire energy package.Private utility models have emerged because of the growing power sector trend for energy as a service.
For instance, under a long-term energy services agreement, utilities allow customers to essentially design their own resource mix while also being assured there will be no disruptions.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1 - 62%, Tier 2 - 22%, and Tier 3 - 16%
• By Designation: C-Level - 40%, Director Level - 30%, and Others - 30%
• By Region: North America - 46%, Europe - 24%, Asia Pacific - 19%, and Rest of the World - 11%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2018. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The global energy as a service market is dominated by a few major players that have a wide regional presence. The leading players in the energy as a service market are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California).
Research Coverage:
The report defines, describes, and forecasts the global energy as a service market by service type, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the energy as a service market.
Why Buy this Report?
1. The report identifies and addresses key markets for energy as a service, which would help various stakeholders such as utilities, analytics companies, and energy service providers to review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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