Energy-as-a-Service Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The energy-as-a-service market size has grown strongly in recent years. It will grow from $64.57 billion in 2023 to $70.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid urbanization and from the rise in digitalization.

The energy-as-a-service market size is expected to see strong growth in the next few years. It will grow to $103.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rapid industrialization, the increasing government support, the increasing distributed energy resources and the increasing number of smart meters. Major trends in the forecast period include focus on artificial intelligence, virtual power plants, focus on battery energy storage, use of cloud technology, focus on new subscription-based services, strategic partnerships and collaborations and increasing investments.

Market Overview -
Energy-as-a-service (EaaS) is a business model whereby customers pay for an energy service without having to make any initial capital investment. EaaS models typically take the form of a subscription for electrical devices owned by a service company or management of energy usage to deliver the desired energy service.

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Global Rise In Energy Consumption Fuels Energy-As-A-Service Market Growth
The rise in energy consumption across the globe is expected to boost the growth of the energy-as-a-service market going forward. Energy consumption refers to the energy used to perform an action. Energy is required for transportation, lighting, cooling, and heating in buildings, as well as for agriculture, manufacturing, and mining. For instance, in April 2022, according to International Energy Outlook, a report released by the US Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, the total U.S. energy consumption in 2021 increased by around 4.7% compared to 2020 to 97 quads. Every energy-using industry saw higher energy use in 2021, with the transportation industry seeing the biggest annual rise in energy use of approximately 10.2%. Therefore, the rise in energy consumption across the globe is driving the growth of the energy-as-a-service market.

Competitive Landscape -
Major companies operating in the energy-as-a-service market report are Schneider Electric SE, Veolia Environment S.A., Engie SA, Enel S.p.A, Siemens AG,Honeywell International Inc., EDF, Bernhard Energy Solutions, AltaGas Ltd, Johnson Controls International PLC, China Shenhua Energy Company, Envision Energy, Mingyang, Gamesa, Shanghai Electric, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings and NTPC Limited, Centrica, E. ON UK., Npower, ScottishPower, Gazprom, Rosneft, Surgutneftegas, Novatek, CEZ, Contemporary Energy Solutions, Duke Energy, Edison International, General Electric Company, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc, Clearway Energy, First Solar Inc, PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc, Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, KEPCO Energy Service Company, CFE, Pemex, Shell, Baker hughes, Tenaries, Moka Power, SOLARVIEW, FLEXIMETAL BRASIL, RVT Energia, Wiseful, GreenStudio Energy Efficiency, DS-Engenharia-Solar, Oika Tecnologia & Inovação, Yellow Door Energy, Enova, Alfanar Energy, Solar Africa, Rensource Distributed Energy Ltd, powergen renewable energy, Powerhive, Daystar Power, Juabar

Technological Advancements Drive Innovation In The Energy-As-A-Service Market
Technological development is a key trend gaining popularity in the ginger ale market. Major companies operating in the energy-as-a-service market are focused on developing new technological solutions using artificial intelligence (AI) to strengthen their position in the market. For instance, in October 2021, Infosys Ltd., an India-based company that provides business consulting, information technology, and outsourcing services, and Bharat Petroleum, a globally integrated energy company partnered to develop and pilot an energy-as-a-service (EaaS) solution to aid companies in increasing the energy efficiency of their infrastructure and achieving their carbon reduction objectives. Infosys and BP intend to co-develop a digital platform that can gather data from various energy assets and use artificial intelligence to optimize the energy supply and demand for power, heat, cooling, and EV charging. The companies would test the digital platform at the Infosys Pune Development Centre which simulates a small city with multiple energy generation, storage, and consumption sites. If the pilot is a success, they plan to implement this strategy with some clients and on additional Infosys campuses in India to assist in managing energy and lower emissions.

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Key Segments -

The energy-as-a-service market covered in this report is segmented -

1) By Service: Energy Supply Services, Operation And Maintenance, Optimization And Efficiency Services
2) By Provider: Utility Service Provider, Third Party Provider
3) By End User: Residential, Commercial, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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