LONDON, March 21, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the energy-as-a-service market highlights increased renewable energy generation as the driver of future growth in the energy-as-a-service market. Renewable energy is energy derived from naturally renewing but flow-limited sources that are essentially infinite in length but have a finite amount of energy available per unit of time. The use of renewable energy is increasing, which will boost the market for energy as a service. For instance, according to the International Energy Agency, a France-based intergovernmental organization, the share of renewables in global electricity generation jumped to 29% in 2020, up from 27% in 2019. Also, renewable electricity generation in 2021 increased by more than 8% to reach 8,300 TWh. Therefore, the rising demand for an increase in renewable energy generation drives the energy-as-a-service market.
The global energy-as-a-service market size grew from $57.32 billion in 2022 to $64.28 billion in 2023 at a compound annual growth rate (CAGR) of 12.1 The energy-as-a-service market size is then expected to grow to $100.17 billion in 2027 at a CAGR of 11.7%.
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Per the energy-as-a-service market analysis, partnerships and agreements between companies are key trends that are gaining traction in the energy-as-a-service market. To meet consumer demand, companies in the energy-as-a-service market are entering into partnerships and agreements. For instance, in August 2021, the Engie group signed an agreement with Google LLC, a US-based multinational technology company, to provide carbon-free electricity in Germany. The agreement will help Google meet its carbon-free energy goals for its data centers, cloud regions, and offices throughout the world by 2030. Engie will assemble and negotiate an energy portfolio to supply Google with renewable energy (solar and wind) to ensure that all of its German activities are approximately 80 percent carbon-free by 2022. Engie SA is a France-based utility company that operates in the fields of the energy transition, electricity generation, distribution, natural gas, nuclear, renewable energy, and petroleum.
Major players in the energy-as-a-service market are Schneider Electric SE, Engie SA, Siemens AG, Honeywell International Inc., Veolia Environnement S.A, Enel X, EDF Renewable Energy, Johnson Controls International, Bernhard Energy, Edison Energy, SmartWatt, Entegrity, Enertika, Ameresco, Centrica, Ameresco, Duke Energy Corporation, Solarus, Spark Community Investment Co, and Contemporary Energy Solutions.
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North America was the largest region in the energy-as-a-service market in 2022. The Middle East and Africa are expected to be the fastest-growing regions in the forecast period. The regions covered in the energy-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global energy-as-a-service market is segmented by component into solutions, services; by end-user into commercial, industrial.
Energy As A Service Global Market Report 2023 –– Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights on the energy-as-a-service market size, energy-as-a-service market growth driver, energy-as-a-service market segments, energy-as-a-service market trends, drivers and restraints, major competitors’ market positioning, revenues and energy-as-a-service market share.
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