Energy as a service is a swiftly growing and newly developed model that offers various energy related services and provides energy optimization solutions across small, medium and large businesses. It also increases awareness toward better management and increased installation of distributed generation sources. The growth of the market is primarily attributed to factors such as new revenue generation streams for utilities, increasing distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects. Deeper operational and maintenance savings are the key factors offerings the potential opportunity for the market growth.
The "Global Energy as a Service Market Analysis to 2028" is a specialized and in-depth study of the energy services with a special focus on the global market trend analysis. The report aims to provide an overview of the energy as a service market with detailed market segmentation by service type, end user and geography. The report provides key statistics on the market status of the leading energy as a service market players and offers key trends and opportunities in the market.
- On the basis of service type the market is segmented into energy supply services, operation & maintenance, and energy efficiency & optimization, and others
- On the basis of end user the market is segmented into industrial and commercial
- Decreasing cost of renewable power generation and storage solutions
- Supportive government regulations for Energy Efficiency projects
- Dominance of existing centralized utility models restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The energy as a service market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the energy as a service market in these regions.
IMPACT OF COVID-19 ON ENERGY AS A SERVICE MARKET
The emergence of the COVID-19 has severely impacted the power industry, which resulted decline in the demand for energy as a service market in the year 2020. The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. EaaS projects offer energy efficiency as well as cost saving for long term. However, high capital investments in initial stages have led many companies to reduce such investments. Companies are already struggling to keep up with fixed costs and trying to survive the impact from COVID-19, any commitment to such huge capital investment is either put off, cancelled, or delayed. Thus, the impact on the EaaS market is high. However, from 2021, the ease in restriction and opening of manufacturing industries have fueled the market growth over the projected period. The supportive government regulations in terms of renewable energy generation, energy storage and growing adoption of distributed energy resources during the pandemic recovery period which helps drive the market growth.
The report covers key developments in the energy as a service market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in energy as a service market are anticipated to get lucrative growth opportunities in the future owing increase in R&D investments. The key players are adopting numerous strategies such as product launch, agreement, partnership, acquisition, and business expansion to stay competitive in the energy as a service market. For instance, in June 2021, Honeywell and Alturas announced collaborative effort to deploy battery energy storage systems to customers globally. In this partnership Alturus will provide dedicated capital and structuring for Honeywell's renewables & distributed assets projects
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the energy as a service market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Schneider Electric
- Enel X S.r.l.
- WGL Holdings, Inc.
- GENERAL ELECTRIC
- ENGIE Solutions
- Johnson Controls
- Honeywell International Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.