Energy as a Service (EaaS) Market Research Report- Forecast till 2023
The energy as a service (EaaS) market witnesses rising sales. The market growth attributes to advancements in grid infrastructure and the rising need to provide clean and highly efficient energy supply. Besides, substantial investments to provide clean energy services to residential, commercial, and government sectors drive the market growth. Moreover, increasing demand for efficient management of different energy portfolio escalates the market growth.
According to Market Research Future (MRFR), the global energy as a service (EaaS) market is expected to create a valuation of approximately USD 51.8 BN by 2023, growing at 31.2% CAGR during the forecast period (2018–2023). Augmenting demand for energy supply, program management, energy use, and asset management boosts the growth of the market.
Besides, the increasing focus on providing demand for energy solution compiling federal policies and standards increase the size of the EaaS market. Additionally, the rising adoption of distributed energy resources (DER) and decarburization of the global economy foster the growth of the market. The spurting growth in the transportation sectors worldwide due to electrification, such as the proliferation of electric vehicles (EVs) and increased focus on sustainable energy, influence market growth.
Furthermore, advances in integrated distributed energy resources (iDER) push market growth, leveraging data analytics and artificial intelligence in the EaaS market. Conversely, high deployment cost to transform the existing grid infrastructure is a major factor projected to impede the market growth. Also, the lack of skilled expertise poses challenges to market growth. Nevertheless, increasing the deployment of microgrids worldwide would support market growth throughout the assessment period.
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The report is segmented into three dynamics;
By Component : Solution (Energy Portfolio Advisory, On-Site Energy Supply, Off-Site Energy Supply, Building Optimization, Load Management & Optimization Solution, others) and Services (Infrastructure, Technical & Maintenance, other Support Services).
By End User : Residential, Government, and Industrial (large enterprises and small & medium enterprises).
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global EaaS Market – Regional Analysis
Europe dominates the global energy as a service market. The region is primarily focused on large-scale renewable technology deployment, such as offshore wind that augments the market demand. Besides, the largest market share attributes to the presence of energy service providers such as EDF Energy (UK) and Schneider Electric SE (France) and increasing adoption of renewable sources of energy consumption. Moreover, substantial investments in grid and transmission infrastructures boost the growth of the regional market.
North America is another lucrative market for energy as a service. The market growth attributes to rapid development, such as artificial intelligence and data analytics, and increasing the energy demand. Increasing government initiatives and utility-scale policy in the region support the growth of the market. Additionally, the strong presence of several notable players and advanced grid systems in the region drives the growth of the market. Furthermore, the rising trend of renewable energy generation systems in the residential sector and increasing demand for power substantiate the regional market growth.
Asia Pacific energy as a service market is growing at a rapid pace. Factors such as the continually growing demand for energy due to the ever-increasing population and rapid industrialization & urbanization fuel the regional market growth. Moreover, the increasing emphasis on the low-cost power generation boosts the development of the regional market. Widening uptake of advanced renewable technologies and microgrids across commercial & industrial sectors increases the regional market size.
Global Energy as a Service Market – Competitive Landscape
Highly competitive, the EaaS market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage.
Players leading the global EaaS market are EDF Energy (UK), Duke Energy (US), Edison International (US), Southern Company (US), Engie (France), Schneider Electric SE (France), Siemens AG (Germany), General Electric (US), WGL Energy (US), Orsted (Denmark), SmartWatt (US), Enel X (Italy), Bernhard Energy (US), Solarus (Netherlands), Enertika (Spain), and Contemporary Energy Solutions (US), among others.
September 23, 2020 —- Eliq (Sweden), startup developing Customer engagement software, announced rising €5M in a Series A round of funding. The new funds would enable Eriq to bring more solutions to the market quickly. Moreover, the investment would help the company aggressively expand its sales and marketing efforts and accelerate product development in both Gothenburg and London. Eriq develops customer engagement software for energy suppliers, which use energy insights and self-service tools to drive engagement, satisfaction, and loyalty.
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Global Energy as a Service (EaaS) Market Research Report, by Component (Solution, Services) Services (Infrastructure services, Technical and Maintenance Services), Solution (Load Management) and by End user (Industrial, Government) — Forecast till 2023