The global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from
an estimated USD 52.0 billion in 2019, at a CAGR of 10.8%. This growth can be
attributed to the new revenue generation streams for utilities, increased
distributed energy resources, decreasing cost of renewable power generation and
storage solutions, and availability of federal and state tax benefits for
energy efficiency projects.
The energy supply services segment is expected to hold the largest
share of the energy as a service market
The energy supply services segment is projected to have
the largest market share during the forecast period. This is mainly because of
the increase in offerings of energy supply, which includes distributed energy
generation solutions such as solar PV, combined heat and power, diesel and
natural gas gensets, microturbines, and fuel cells to improve energy supply,
which is also contributing to the growth of the market.
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Energy as a service model
mainly supports renewable energy as it lowers energy costs, reduces carbon
footprint, ensures high energy efficiency, and is environment-friendly. It
gives the consumers the flexibility of choice on ownership, pricing, and
financing. It also helps the operators customize energy generation designs
based on consumer requirement, which are modern and robust. It enables easy and
rapid integration of distributed generation and energy storage assets.
The commercial segment is expected to be the fastest growing segment of
the energy as a service market
The energy as a service
market by end-user is segmented into commercial and industrial users. The
commercial segment includes establishments such as healthcare, educational
institution, airports, data centers, leisure centers, warehouses, hotels, and
others. The growth of this segment can be attributed to the increasing need for
energy efficiency. This is expected to increase the demand for energy as a
service market during the forecast years. The US Department of Energy (DOE)
estimates that at least 25% of the USD 6 billion that colleges and universities
spend annually on energy could be saved through better energy management. The
energy as a service model helps the educational institutions save money through
energy savings. According to the American Council for an Energy-Efficient
Economy, these establishments account for about 19% of the energy consumed in
the US. More than half the energy used by commercial buildings goes
toward heating and lighting.
North America: The leading market for energy as a service
In this report, the energy as a service market has been
analyzed with respect to 5 regions, namely, North America, Europe, Asia
Pacific, and the Rest of the World. North America is estimated to dominate the
global energy as a service market in 2019 owing to the increase in energy
efficiency projects and growth in distributed energy resources in countries
such the US, Canada, and Mexico. The integration of distributed energy
resources with utility energy efficiency programs continued the growth of
energy efficiency in the region, which also helps in ensuring reliability and
meeting the energy goals. Private utility models have emerged because of the
growing power sector trend for energy as a service. Also, increase in energy
efficiency investments is further expected to propel the growth of the market
in the region.
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