The global energy as a service market size is estimated to attain USD 172.9 billion by the end of 2027 and is anticipated to grow at a CAGR of 14.6% over the forecast period 2020 to 2027, according to a new report by Million Insights. Increasing demand for energy supply and growing awareness about green energy or renewable energy sources is boosting the market growth.
Fluctuation in crude oil price is projected to positively impact the market growth. Rising foreign direct investment and privatization is also contributing to market growth. Government across the globe is funding into various energy projects. This factor is projected to proliferate the demand for the market in the next few years.
For efficient energy management, companies are utilizing smart grids and smart metering solutions in power services. Enhanced infrastructure at power plants is expected to foster the market growth. Additionally, growing expenditure on oil & gas is projected to promote the growth of the energy sector.
Renewable energy source diffusion is increasing and is expected to boost the energy demand. Increasing adoption of distributed energy resource (DER), and an electric vehicle with a focus in sustainable environment. All these key factors are anticipated to bolster the energy as a servicemarket growth.
Asia Pacific is estimated to register a CAGR of 17.2% during the forecasted period. The presence of a large number of SMEs and large enterprises is contributing to regional growth. Energy is a key element used for electricity generation from fossil fuels.
Key players in the market areSiemens; Schneider Electric; Honeywell International Inc.; Engie; Veolia; EDF; and Enel X S.r.l.The companies contract with government and commercial institutions to provide microgrids.
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Further key findings from the report suggest:
• Asia Pacific is anticipated to grow at significant rate during the forecasted period. China has contributed to the largest share in regional market.
• In 2019, commercial sector accounted for USD 30.0 billion in the overall market.
• Commercial sector requires distinctive energy sources to manage smart grid and different energy projects.
• North America is projected to grow at substantial rate over the next few years.
Million Insights has segmented the energy as a service market based on service, end user and region:
Energy as a Service Services Outlook (Revenue, USD Billion, 2016 - 2027)
• Energy Optimization
Energy as a Service End-user Outlook (Revenue, USD Billion, 2016 - 2027)
Energy as a Service Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• Central &South America
• Middle East & Africa
• Saudi Arabia