The Energy as a Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Energy as a Service Global Market Report 2024, The energy as a service market size has grown rapidly in recent years. It will grow from $64.93 billion in 2024 to $73.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to renewable energy adoption, energy efficiency initiatives, regulatory support, smart building and IoT integration, cost reduction and budget optimization, demand for sustainability.
The energy as a service market size is expected to see rapid growth in the next few years. It will grow to $116.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to increasing complexity in energy management, rise of decentralized energy systems, energy resilience and security, global expansion of east models, data analytics and AI integration. Major trends in the forecast period include integration with blockchain technology, technological advancements, decentralized energy systems, data analytics and predictive maintenance, demand response integration.
The increase in renewable energy generation is expected to propel the growth of the energy as a service market going forward. Renewable energy is energy generated from naturally renewing but flow-limited sources that are essentially infinite in length but limited in energy accessible per unit of time. The usage of renewable energy is increasing, and this will increase the energy as a service market. For instance, in September 2022, according to reports published by the Energy Information Administration., a US-based government agency, in the first half of 2022, 24% of US electricity generation came from renewable sources, up from 21% for the same period last year. Therefore, the rising demand for an increase in renewable energy generation drives the energy as a service market.
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The energy as a service market covered in this report is segmented –
1) By Component: Solutions, Services
2) By End-User: Commercial, Industrial
Major companies operating in the energy-as-a-service market are focusing on product launches, such as the Renewable Energy Digital suite, to optimize renewable asset performance and operations across onshore and offshore wind, hydro, and other renewable energy technologies. The Renewable Energy Digital suite is a comprehensive digital solution designed to optimize the management, performance, and maintenance of renewable energy assets through real-time control, deep insights, and technology-agnostic capabilities. For instance, in May 2022, General Electric, a US-based multinational company with several divisions, launched a new Renewable Energy Digital suite, Lifespan, offering a range of features that are highly beneficial for the energy-as-a-service market. This launch boasts real-time command and control, deep insights into fleet and site performance, condition-based maintenance, integrated user experience, data management, and technology-agnostic solutions. These features enhance the efficiency of managing renewable energy assets, supporting the energy-as-a-service market by enabling more effective, data-driven, and integrated management, ultimately ensuring the delivery of reliable and sustainable energy services.
The energy as a service market report table of contents includes:
1. Executive Summary
2. Energy-as-a-Service Market Characteristics
3. Energy-as-a-Service Market Trends And Strategies
4. Energy-as-a-Service Market - Macro Economic Scenario
5. Global Energy-as-a-Service Market Size and Growth
......
32. Global Energy-as-a-Service Market Competitive Benchmarking
33. Global Energy-as-a-Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Energy-as-a-Service Market
35. Energy-as-a-Service Market Future Outlook and Potential Analysis
36. Appendix
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