PUNE, India, July 11, 2018 /PRNewswire/ --
According to a new market research report "Energy as a Service Market by Service Type (Generation, Operation & Maintenance, Optimization & Efficiency), End-User (Industrial Sector and Commercial Sector), and Region (North America, Europe, Asia Pacific, and RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated to be USD 1,116.5 million in 2018 to USD 7,336.1 million by 2023, at a CAGR of 45.72% from 2018 to 2023. This growth can be attributed to the rising energy consumption and price volatility and growing potential of renewable energy.
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Browse 41 Tables and 31 Figures spread through 101 Pages and in-depth TOC on "Energy as a Service Market"
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Industrial segment is expected to hold the largest share of the Energy as a Service Market, by end-user, during the forecast period.
Industrial segment is expected to lead the Energy as a Service Market in 2018 and is projected to have the largest market share during the forecast period. The growth of the industrial segment is primarily driven by decarbonization and energy efficiency standards. For instance, the Energy Policy Act 1992 focuses on increasing clean energy use and improving overall energy efficiency in the US. Similarly, Energy Conservation Law of China, 1992 focuses on promoting energy conservation, improving energy utilization, and protecting the environment from GHG emissions. There is greater scope of Energy as a Service model opportunities for industries to improve energy efficiency through improved equipment and process design and the adoption of energy management systems. These factors drive the growth of the industrial sector segment of Energy as a Service market.
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Energy optimization & efficiency services are expected to hold the largest share of the Energy as a Service Market, by service type, during the forecast period.
Energy optimization & efficiency segment is expected to dominate the Energy as a Service Market in 2018 and is projected to hold the largest market share during the forecast period. The energy optimization & efficiency services include the identification of energy saving potential and optimization of existing building energy services. The energy saving potential is identified after evaluating the existing energy systems in the building through an energy audit. ISO 50002 compliance defines energy-auditing process to create energy savings. It focuses on the largest energy users, identifying opportunities to reduce energy waste, improve energy efficiency, and optimize energy supply. All these factors have resulted in the largest share of the energy optimization & efficiency segment in the Energy as a Service Market.
North America: the leading market for Energy as a Service (EaaS)
In this report, the Energy as a Service Market has been analyzed with respect to four regions, namely, Asia Pacific, Europe, North America, and the Rest of the World. The Rest of the World includes South America, Africa, and the Middle East. The market in North America is expected to lead the global Energy as a Service Market in 2018 and is projected to have the largest market share by 2023. ISO 50001 is the energy management standard that helps the organizations to use energy efficiently. This standard helps organizations use energy more efficiently through the development of an energy management system. New incentive policies, increased commitment to reduce GHG, and climate change targets are contributing to the growth of the Energy as a Service Market in the region. Rising standards and initiatives by governments, increase in the number of smart cities, smart communities, and electric vehicles are also boosting the market for grid management and power efficiency, which in turn would create opportunities for the Energy as a Service market in North America. The US is expected to hold the largest share of the Energy as a Service market in North America in 2018. The energy efficiency services market in the US has grown significantly in the past decade. In 2012, it saved about 34 TWh of electricity, representing 2.5% of total commercial and institutional electricity consumption. Similarly, the ESCO revenues were an estimated USD 6.3 billion in 2015, more than double the USD 2.5 billion in 2004, as per the International Energy Agency (IEA). According to the International Renewable Energy Agency (IRENA), the share of renewables in the US energy mix would increase to 10% by 2030 as compared to 7.5% in 2010. The continued increase in renewable power generation and energy efficiency activities are expected to drive the Energy as a Service Market in the North American region.
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. The key players in the market are GE (US), Siemens (Germany), Engie (France), Edison Energy (US), Enel X (Italy), and EDF Energy (UK). The leading players are trying to expand in developing economies and are adopting various strategies to increase their market shares.
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