Energy as a Service Market is projected to reach $7336.1 million by 2023, growing at a CAGR of 45.72%.

“The EaaS ecosystem comprises of energy solution providers such as GE (US), Siemens (Germany), Engie (France), WGL Energy (US), Enel X (Italy), Edison Energy (US), Orsted (Denmark), EDF Energy (UK), SmartWatt (US), Contemporary Energy Solutions (US), Enert”
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Energy as a Se

The Energy as a Service Market is expected to grow at a CAGR of 45.72% from 2018 to 2023, to reach a market size of USD 7,336.1 million by 2023. North America is estimated to be the fastest growing market for EaaS from 2018 to 2023. The market growth in the region can be attributed to the high demand for electricity and challenges in power sector such as electricity theft, energy efficiency targets compliance with federal carbon policy, and integrating various distributed generation sources. Due to these factors, the governments of the US and Canada are actively involved with the energy efficiency and management standards for the residential sector. The public and investor-owned utilities consider the reduction of energy cost and consumption as the top priority in their management strategies. For instance, the US Energy Policy Act 1992 focuses on increasing clean energy use and improve overall energy efficiency in the US. Moreover, the region plans to increase renewable power generation to 45% by 2025, according to EIA’s Annual Energy Outlook 2016. In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the Energy as a Service Market in North America during the forecast period.

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The report segments the Energy as a Service Market, by service type, into generation, operation & maintenance, and optimization & efficiency. The optimization & efficiency segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as increased productivity, rising profits, reduced energy costs, maximizing speed of equipment, reducing utility consumptions, and capital cost avoidance. Thus, optimization & efficiency service segment offers lucrative business opportunities for Energy as a Service players.

North America: the leading market for Energy as a Service (EaaS)

In this report, the EaaS 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 EaaS 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 EaaS 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 EaaS market in North America. The US is expected to hold the largest share of the EaaS 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 EaaS market in the North American region.

Based on end-user, the industrial segment is estimated to grow at the fastest rate during the forecast period. Energy as a Service helps the industrial customers to optimize energy systems, increase profits, reduce operating expenses, and improve working environments – without an initial capital investment. Energy as a Service can be scaled easily, shifting management and maintenance to the third-party vendor, allowing businesses to focus on critical business activities. Improving energy efficiency through enhanced equipment and process design and the adoption of energy management systems are the major factors driving the growth of the industrial segment in the Energy as a Service Market.

The growth of decentralized energy systems and need for clean, flexible, low-cost energy are expected to create new opportunities for power supply providers and energy optimization companies in the Energy as a Service Market. Upcoming smart cities and the need to improve productivity and efficiency of utilities are expected to create new opportunities for integrated solutions providers and cloud platform companies in the Energy as a Service Market. Utilities are also focusing on deploying digital technologies in restructuring their businesses. All these factors will drive the Energy as a Service Market during the forecast period.

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