Over a passage of time, the energy landscape has witnessed immense change, which has led to the search for better, sustainable, and smarter ways for navigating energy economy in the future. Due to this, many companies have been adopting the “Energy as a Service” (EaaS) model, which helps offer innovative solutions to control electricity consumption. EaaS model emerged in response to an ever-growing complex energy market.
Market overview
The global Energy as a Service market is estimated to be USD 1,116.5 million in 2018 and is projected to reach USD 7,336.1 million by 2023, growing at a CAGR of 45.72% from 2018 to 2023.
Based on type, the energy efficiency & optimization segment is expected to be the leading segment, owing to its advantages such as reduction of operating costs, energy savings, and increasing energy efficiency by improving the speed of energy equipment through monitoring. Among end-users, the industrial segment is projected to hold the largest market share, and is also expected to register the fastest growth over the next five years. This growth can be attributed to the increased investments for clean and efficient power supply.
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How is the market progressing, geographically?
Among regions, the EaaS market in North America is expected to lead the market in 2018, and is also expected to witness the fastest growth from 2018 to 2023, mainly driven by the increased energy consumption, government mandates on energy efficiency, and rising influx of renewable sources in the energy mix. In addition, rising standards and initiatives by governments, rising smart city initiatives, smart communities, and electric vehicles are also expected to boost the market for grid management and power efficiency, which in turn will create attractive opportunities for the EaaS market in this region. Among countries, the US is expected to be the major market for EaaS in 2018.
What is driving and restraining market growth?
The growth of the global Energy as a Service market is being majorly influenced by the following factors:
- Increasing energy consumption and price volatility
- Growing potential of renewable energy
However, dominance of existing centralized utility models and integration and deployment challenges are the factors expected to hamper the growth of this market to a certain extent.
Key players and strategies adopted for sustenance
GE (US), Siemens (Germany), Engie (France), Edison Energy (US), and EDF Energy (UK) are some of the dominant players operating in the global EaaS market. These companies have adopted various growth strategies such as new product launches and expansion in order to expand their global presence as well as increase their market shares.
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