Renewable power generation and storage facilities are mushrooming up very quickly all around, due to the growing climate concern around the world. This has given a formidable push to the Energy market and has been the reason behind the increase in the energy as a service market.
COVID-19 has affected the energy sector uniquely, but as the energy sector forms the backbone of the fight against the coronavirus, it stands its ground against the slowdown. Energy market is capable to take a little shock along the way and is not going to be affected by the pandemic to a greater extent, as most of the countries have put up safety measures to guarantee the continuation of operations; however, it is going to be affected nonetheless.
Government boost to the renewable energy sources due to its multiple benefits like lower costs, reduced carbon footprint, environment-friendly, and energy efficiency is pushing the demands ahead in several countries. Along with this, increasing government investments in sponsoring renewable sources is going to engage demands and push growth rate ahead in the market.
North America is expected to be the largest regional market, due to the fact that it has major intelligent building and building automation vendors. Also, these key players are inclined towards growing this market by reducing costs for delivering services and enhancing the customer experience.
Energy as a Service is still in the nascent stage in several developing countries like India, Indonesia and others in Asia Pacific region. However, growing government push to renewable energy sources and housing projects is expected to boost the demand in the market/
Artificial Intelligence along with several other technologies like machine learning, big data among others are being used in the energy sector. It is also going to boost the initiative of using Energy as a service. These advancements will lead to the boost in growth of the market.
In May 2019, Schneider Electric Acquires Stake in AutoGrid to Accelerate AI Adoption in the Power Sector
The investment makes Schneider Electric a major shareholder in the company and establishes a co-innovation partnership focused on driving new AI and machine learning solutions for the utilities and commercial and industrial companies. This will Schneider leverage these technologies in Energy as a Service Market.
On January 09, 2020, Siemens Gamesa successfully completes acquisition of European Service assets and IP from Senvion
This transformational deal for Siemens Gamesa Renewable Energy’s Service Unit will strengthen its competitive position in Europe by adding approximately 9.0 GW serviced fleet and operations in 13 countries, increasing the total serviced fleet to approximately 69 GW globally. Acquired Intellectual Property (IP) allows Siemens Gamesa to offer competitive service solutions for other OEM business and grow its multi brand offering.
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