According to the latest report developed by MarkNtel Advisors, the Global Energy-as-a-Service (EaaS) Market is assessed to grow at a CAGR of around 10.30% during the forecast period of 2023-28. Rapid urbanization and swift industrialization worldwide have resulted in the increased demand & utilization of electricity, hence to curtail the consumption of electricity and to minimize carbon emissions, companies have been increasingly adopting EaaS.
Furthermore, the report highlights that to reduce the utilization of fossil fuels and endorse renewable energy, the governments of several countries have been adopting disruptive initiatives for the transformation of the power sector. Moreover, besides the implementation of Distributed Energy Resources models, the governments of countries across the world have also been emphasizing technological upgradation in the energy sector.
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Additionally, the growing commercial & residential sectors and the emerging tourist sector have also provided a massive boost to the Global Energy-as-a-Service Market and the trend is likely to continue in the coming years.
Key Players Having a Robust Position in the Global Energy-as-a-Service Market
Engie, Enel X, Schneider Electric, Ameresco, Siemens, General Electric, Honeywell, Johnson Controls, EDF Renewable Energy, Edison, Alpiq, Veolia, Orsted, Centrica, WGL Energy, and Others are some of the major companies in the Global Energy-as-a-Service Market. These companies have a strong hold over the market and are constantly urging to capture the top spot in the market.
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Analyzing the Diverse Segmentation of the Global Energy-as-a-Service Market
A considerable market share was captured by the Commercial segment over the past years and the same trend is anticipated to continue in the forecast period as well given the large-scale establishment of hotels, malls, corporate offices, retail stores, and others. Moreover, to accommodate the rapid urbanization and swiftly growing population, regions, such as Asia-Pacific, the Middle East, and North America are expanding their commercial spaces by developing infrastructure and urban spaces. Also, the demand for the construction of new commercial & residential spaces to cater to rising urban population & tourists is further propelled by the development of smart cities in developing nations likeIndia, Egypt, Saudi Arabia, China, etc. Furthermore, the Global Energy-as-a-Service Market is boosted by the growth of high-rise commercial buildings resulting from economic development, business expansion, and globalization.
North America is anticipated to capture a substantial share of the Global Energy-as-a-Service Market owing to its extensive usage in numerous commercial & industrial segments. Moreover, several initiatives intended to enhance energy efficiency & cost efficiency have also taken place in the region such as the Grid Resilience and Innovation Partnerships (GRIP) Program launched in 2022 by the government of the US. Additionally, the substantial investments in smart grid and smart metering systems by the energy service providers in the US and Canada are also boosting the North America Energy-as-a-Service Market growth.
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