CHICAGO, May 31, 2019 /PRNewswire/ -- According to the new market research report "Energy as a Service Market by Services Type (Energy Supply Services, Operational and Maintenance Services, and Energy Efficiency and Optimization Services) End-User (Commercial and Industrial), and Region – Global Forecast to 2024", published by MarketsandMarkets™, 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, by service type, during the forecast period.
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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31 – Figures
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The commercial segment is expected to be the fastest growing segment of the Energy as a Service Market, by end-user, during the forecast period.
The commercial segment accounted for the highest CAGR during the forecast period. 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. For instance, in February 2016, Schneider received an Energy Savings Performance Contract (ESPC) project worth USD 4.2 million from the Yazoo County School District in Yazoo City, Mississippi, US. The project reduces the Yazoo County School District's utility budget by 26%, saving USD 92,000 in annual energy expenses or USD 2.5 million over the life of the project. In addition, different commercial building activities have unique energy needs, and energy as a service helps commercial owners by providing limited capital and technical expertise to implement energy efficiency projects. Of all, the commercial building types, mercantile and service buildings use most of the energy and this is driving the growth of the Energy as a Service Market.
North America: The leading market for Energy as a Service Market.
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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Energy as a Service Market. Some of the key players are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California). The leading players are adopting various strategies to increase their shares in the Energy as a Service Market.
Distributed Energy Resource Management System Market by Technology (Solar PV, Wind, Energy Storage, CHP), by Software (Analytics, Management & Control, VPP), by End-User (Government & Municipalities, Industrial, Commercial), and by Region - Global Forecast to 2022
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