Energy as a Service Market Projected to Grow $86.9 Billion by 2024 with CAGR of 10.8%

June 23 04:22 2020
Energy as a Service Market Projected to Grow $86.9 Billion by 2024 with CAGR of 10.8%
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%.

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

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.

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Energy as a service model mainly supports renewable energy as it lowers energy costs, reduces carbon footprint, ensures high energy efficiency, and is environment-friendly. It gives the consumers the flexibility of choice on ownership, pricing, and financing. It also helps the operators customize energy generation designs based on consumer requirement, which are modern and robust. It enables easy and rapid integration of distributed generation and energy storage assets.

The commercial segment is expected to be the fastest growing segment of the energy as a service market

The energy as a service market by end-user is segmented into commercial and industrial users. The commercial segment includes establishments such as healthcare, educational institution, airports, data centers, leisure centers, warehouses, hotels, and others. 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. According to the American Council for an Energy-Efficient Economy, these establishments account for about 19% of the energy consumed in the US.  More than half the energy used by commercial buildings goes toward heating and lighting.

North America: The leading market for energy as a service

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.

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The major players in the global 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).

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