Energy-As-A-Service Market Expected to Reach US ~$120.65 Billion and CAGR 8.5% by 2029
The global energy-as-a-service market size is expected to reach USD 120.65 billion by 2029, according to a new study by Polaris Market Research.
Increasing investment in renewable power has been enabled by the intense focus on integrating clean power sources, its storage, distribution, and global pledge towards containing global pollution, consequently, global warming. Increased investments in clean power fuel the rise of power as a facility business.
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Global investment in renewable power climbed to US$ 272.9 billion in 2018, according to the United Nations Environment Programme’s statistics. This is the fifth year in a row that it has surpassed USD 250 billion. This sector is also benefiting from increased investment in storage solutions.
For example, the World Bank Group stated in September 2018 that it would invest US$ 1 billion to help developing nations accelerate investments in battery storage for power systems. This program intends to boost renewable power use to improve power security, grid stability, and access to electricity.
As per Bloomberg New Energy Finance (BNEF), the power storage market will increase to 942GW by 2040, garnering USO 620 billion in investment. As a result, high investment in renewable power sources and storage solutions will propel the industry forward over the forecast period.
Based on the end-use, the commercial segment accounted for the leading share in the industry in 2021. As per the American Council for an Energy-Efficient Economy, these businesses consume almost 19% of the power consumed in the U.S. Heating and lighting consume more than half of the power consumed by commercial buildings.
With power facility implementations being mandated throughout worldwide regions in the commercial sector, the commercial segment is predicted to have the greatest market share and the fastest expanding market. This is primarily due to large structural effects, specifically economic expansion. Commercial clients will also have access to their power efficiency through power as a facility, which will reduce their power consumption.
Market players such as Schneider Electric, Smartwatch, Honeywell, Enel X, EDF Renewable Energy, WGL Energy, Edison, Johnson Controls, Alpiq, Engie, Siemens General Electric, Veolia, Bernhard Energy Solutions, Entegrity, Enertika, Noresco, Orsted, Centrica, and Wendel Energy Services. are some key players operating in the global market. In June 2021, Honeywell launched a platform for battery power storage systems to assist users in forecasting and optimizing power expenditures. This product launch will broaden the company’s battery storage offering for power grid and power resource management.
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Polaris Market Research has segmented the energy-as-a-service market report based on service type, component, end-use, and region:
Energy-as-a-Service, Service Type Outlook (Revenue – USD Million, 2017 – 2029)
- Energy Supply Services
- Operational and Maintenance
- Efficiency and Optimization
Energy-as-a-Service, Component Outlook (Revenue – USD Million, 2017 – 2029)
- Solution
- Service
Energy-as-a-Service, End-Use Outlook (Revenue – USD Million, 2017 – 2029)
- Commercial
- Industrial
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