Energy as a service (EaaS) is a subscription-based energy service in which users pay for energy without making any initial capital commitment. Grid access, technology, analytics, energy consumption, and personalized services are all part of Energy as a Service.
According to the US EIA- Energy Information Administration, global energy consumption would grow by about 50% between 2018 and 2050. The use of renewable energy to generate power is increasing. Expanding energy efficiency programs will drive market growth.
In recent years, the global energy as a service (EaaS) market has witnessed a series of product launches and approvals that have contributed to its growth. DataM Intelligence's in-depth market analysis reveals the major image recognition market drivers, challenges, trends, and opportunities.
Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the energy as a service (EaaS) market.
Market Drivers
The Rise in Energy Demand From Industrial, Residential And Commercial Sectors
Energy as a service is a business model in which consumers pay for consumed energy services rather than investing large sums of money in the production of power. Because of expanding population, industrialization, and urbanization, demand for energy as a service expanded in the industrial, residential, and commercial sectors.
According to the United Nations Department of Economic and Social Affairs, the world total energy supply (TES) rose by about 60% between 1990 and 2016, reaching approximately 568 EJ. In comparison, global energy production in 2016 surpassed 25,000 TWh. Asia-Pacific expects growth, with China's total energy supply increasing by 21% of global TES in 2016.
Emerging Market Trend
The rising use of digital technologies such as IoT, AI, and blockchain to enhance energy efficiency and lower costs is a prominent market trend in the global energy as a service (EaaS) industry.
Another trend is the growing desire for decentralized and renewable energy solutions, such as solar and wind power, to fulfill end-user energy demands while lowering their carbon impact. Furthermore, the trend toward customizable and adaptable EaaS solutions that can be adapted to suit end-users' individual energy needs is gaining traction.
Competitive Landscape
Significant players of the global energy as a service (EaaS) market are WGL Energy, Engie, Schneider Electric, Siemens AG, and Johnson Controls.
The major players are adopting several growth strategies such as platform launches, acquisitions, licensing, mergers and collaborations, which are contributing to the growth of the energy as a service (EaaS) market globally.
For businesses, investors, and decision-makers in the energy as a service (EaaS) market, conducting a thorough market analysis is crucial in staying ahead of the competition.
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